Good Property Management increase to 5x efficiency

Good Property Management increase to 5x efficiency

 

The Importance of Good Property Management

Property management play a major role in managing your real estate property. As with all types of investment, putting your hard-earned money into real estate can bring with it some major risks. Whether it’s an unexpected slump in the market or a rising strained rental affordability, there’s always a chance you might lose when you play the property game.

Effective property management can be one of the best ways to lower the risk and get ahead. So, what does that look exactly like? Individuals interested in pursuing a property management career may also read this article to understand the importance of good property management and consider the following points in their careers.

Return On Investment (ROI)

A good property manager knows how to maximize the rental returns for your investment property. If you have the right rental income, your property will work towards a better ROI. Your property portfolio will work like a well-oiled machine when the property manager you are using is performing for you. Efficient property management and an investment return, therefore, go hand in hand.

Often, the investment goals you have as an investor should be factoring in the approach taken. Experienced property managers would therefore also appreciate the tax benefits of owning an investment property. If done correctly, this may lead to expenditure reduction such that there is minimum outlay and the full benefits come in tax time.

Improving The Quality of Life of Others

To buy, to rent, and to move. All three can be hard on people. Providing tenants with good property management greatly increases their quality of life. A tenant who knows that you are available and can meet their needs will focus on certain areas of their life, such as family growth or personal career, and be happy to give you a good price.

Safety For All

Good management of properties ensures the safety of other tenants. You are responsible for screening applications and preventing the securing of a lease by any suspicious tenants. You do have the duty to protect your tenants from crime and other possible hazards. A good property manager should do proper screening of tenants.

With the RentGuard system, RentGuard rental solution provides a hassle free on rental collection with credit or debit card to  deduct the tenants rent. Then, deposit it to landlord bank account. Receipts and invoices are automatically sent via email which serves as a proof .

In a few clicks,  upload your payment slip on the system and your landlord is notified automatically now. The system officially registers every transaction. It also emails receipts to you after payments.

Proper Planning in your property management

Good management of properties not only looks great in the present but also in the future. A property manager should take a sensible approach when handling a client’s portfolio to ensure the financial performance continues to be excellent. A great move is to advise an investor to keep their asset on top of its maintenance.

A property manager can be familiar with the best and most cost-efficient suppliers in the local area to reduce maintenance costs. This is your money, so it needs to be handled carefully.

Maintaining Healthy Relationships

The ability to establish and maintain good relationships lies at the height of significance for effective property management. It is important to be able to bond and form a good relationship not only with the property investor for which they work but also with the tenant for whom they are responsible. Good communication is key for this to occur.

When effective communication is combined with the regular contact required for a property to succeed, an investor can stay informed with their property manager and form a better level of trust. You can relax and depend on them in this environment because you know the work they do behind the scenes.

Source: https://kangapropertymanagement.com/

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Digital Rent Payment During COVID-19: RentGuard offers RM 50 cashback to your Tenants.

Digital Rent Payments During COVID-19: RentGuard offers RM 50 cashback to your Tenants.

The COVID-19 pandemic has put financial strain on many Malaysians. In the rental world, that has meant a surge in late and partial payments. This has serious repercussions for landlords and property owners who, just like their renters, need to pay the bills, too. Fortunately, while landlords have been barred from evicting tenants in many states due to the current health crisis, that doesn’t mean there aren’t options. Digital Rent payment is the option to go.

Continue reading “Digital Rent Payment During COVID-19: RentGuard offers RM 50 cashback to your Tenants.”

Post-pandemic property management: 5x Efficiency with Automation.

Post-pandemic property management: 5x Efficiency with Automation.

COVID-19 has changed just about everything in our lives, from how we work, to how we live, to how we interact with others. When it comes to property management, many processes and policies have shifted to support property managers and residents. We’ve seen the real estate industry rapidly transform, and come to rely heavily on mobile technology to carry out tasks, stay connected, and maintain business continuity. While these adaptations were initially a temporary solution to COVID-19 challenges, many are likely to remain long after the pandemic passes. Let’s take a look back to see how property management has changed in the past few months, and how these changes will impact the future.

Continue reading “Post-pandemic property management: 5x Efficiency with Automation.”

Ways To Increase The Value Of Your Rental Property in this Pandemic with a Low Budget

Ways To Increase The Value Of Your Rental Property in this Pandemic with a Low Budget

There are smart ways to improve the value and marketability of your rental property, and maybe even find that dream tenant. It doesn’t have to cost a lot, either. It doesn’t matter where a property is located, what the local market is like or what average rents are. With a few simple changes, even the most stagnant rental property can be improved upon. Continue reading “Ways To Increase The Value Of Your Rental Property in this Pandemic with a Low Budget”

Property market on steroids’: Asia-Pacific’s real estate boom sees buyers bidding up prices

Property market on steroids’: Asia-Pacific’s real estate boom sees buyers bidding up prices

KEY POINTS

  • Housing prices have shot up across cities in Asia-Pacific this year, fueled by record low interest rates amid the pandemic.
  • “It’s a property market on steroids,” one real estate agent told CNBC.
  • The current boom has been due to low interest rates, loose monetary policy and “uneven distribution of wealth” during the pandemic, says Regina Lim of JLL APAC.

Continue reading “Property market on steroids’: Asia-Pacific’s real estate boom sees buyers bidding up prices”

Benefits of hiring a property management company?

What are the benefits of hiring a property management company?

One of the greatest advantages of having a property management company is convenience and saving time. This works great for property owners who don’t reside close to the property or don’t wish to manage the property by themselves. This way, they will be free to take on other responsibilities, with possibly extra time to acquire more properties. There are also other benefits including:

Continue reading “Benefits of hiring a property management company?”

How to Rent Out Your Property

How to Rent Out Your Property

Step 1: Decide if you will go DIY or get a realtor for you to rent your property

 

So if you’re worried about how to get tenants, the RentGuard support team are here to find the best tenants for your property and we will monitor your tenants as well as their payments and make your life so much easier. Our hassle free technology system is comprised with an automated rent collection making your life simple and easy.

A realtor will make things a lot easier for you because they will handle the majority of the process while keeping you informed. This is especially true with our trusted agent service. Photos will be taken for you and marketed online, with consistent refreshing making sure that the property stays on the first page of the site until it’s rented out.

Step 2: Set your rent property pricing

Without a realtor to advise you on the price range for your property type in the area, you’ll have to conduct research yourself. This can be done by driving around and calling the phone numbers on the for rent signs and banners. You can also visit online property listing sites, and filter them to see similar details to your property. If you’re still not sure, call a few real estate agencies and inquire about the rental prices for your property type in the area.

Take into account the negative and positive attributes of your property, as this can affect the price. A negative attribute would be having a sewage drain located right behind the property, while a positive attribute would be that it is only a five-minute walk to the LRT station.

The research you conduct, along with the list of negative and positive attributes, will help you to determine your price.

Step 3: Give your property a makeover

You need to make a good first impression on potential renters, so consider fixing up your place. The truth is, we’re often used to the quirks of our home – water stains on the bathroom floor, paint peeling in the living room, the doors that don’t lock all the way – but these are the things that may turn potential tenants away.

Expect to spend up to a few thousand on repairs and improvements. The exact amount would depend on the upkeep of your house and if you want to do any major refurbishments and renovations to the property. The general rule is to give the whole place a new paint job and a deep clean. Also, make sure you fix door knobs and grease the door and gate hinges. Make your home look as clean and new as you can.

Step 4: Identify your ideal tenant

If your property is a four-bedroom house near schools and office buildings it’s safe to assume that your potential tenants will be a family. If it’s a one-bedroom studio apartment, then you might expect either a bachelor or a young couple.

Why is it important to know what kind of tenant will prefer your property? It will help you decide whether you would want to rent the property out as either semi or fully furnished, or with no furnishings.

Step 5: Schedule a viewing

If you’ve hired an agent, then they will show potential tenants around the property. However, if you’ve decided to do it yourself, then you should take a few precautions. Make sure to have someone with you during viewings and to secure valuables if you haven’t moved out yet.

Keep in mind that you have to show them that this property can easily be their home. Set the stage, come early, and make sure to tidy up and if you’re still living there. Try to take down family photos and declutter. After all, you’re trying to get them to envision themselves living there.

Potential tenants will surely ask questions during the viewing regarding any renovations, or the number of tenants you had previously. This is so that they have an idea as to the condition of the house. Make sure to answer them honestly.

During this time, you’ll also want to clarify certain details that would be written into the tenancy agreement, such as who pays if there’s a leak in the roof. You’ll also want to clarify how long the potential tenant wants to stay. Will it be a two- or a three-year-long lease or shorter.

Step 6: Get the deposit and sign the tenancy agreement

Lastly, secure the tenant with a deposit and a tenancy agreement. You’ll have to collect a deposit (worth about two or three months’ rent) while the agreement is being written out and amended if needed. Then, the only thing left to do is sign the agreement.

There you go, you now have a tenant in six easy steps! We’re sure you’re eager now to start the process and to start earning a side income. Just remember to respect the tenancy agreement and your tenant’s privacy.

Source: https: https://ohmyhome.com/

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