Find your perfect match: choosing a property management company
Category General News
Owning rental property can be a fantastic investment, but it also comes with a fair amount of responsibility. Being a landlord goes beyond finding a tenant and collecting rent. Effective property management keeps your investment secure, minimises headaches, and maximises your return. Whether you own a residential or commercial portfolio, property management can make a positive impact on the way you run your business.
The importance of property management
With years of experience in property management, the team at Kellaprince Properties has seen the benefits residential and commercial landlords have gained with the extra support.
"A residential property is an essential element within an individual's bundle of long-term investment options, but it is subject to a cross-section of variable influences," says Grant Campbell, Residential Rental Director. "It pays to have a customised management approach with a view to maximising positive outcomes. Experienced, up-to-date, and well-resourced management will go a long way to ensure this. The end result, and one of our mission statements, is the preservation of the asset and regular collection of all income."
Another added bonus is that a reputable agency can help an investor achieve a neutral business-based relationship with their tenant. "This can truly enhance the potential for a profitable outcome and also removes any challenges that come with dealing with tenants directly," points out Campbell.
After acquiring commercial property, it is vital to ensure the value of a property increases in the years after acquisition. Amanda de Lange, Commercial and Residential Sales Director, says commercial property can see its worth increase after the acquisition, but only through good management and maintenance. "Using an experienced managing agent can ensure that proper maintenance budgets are submitted annually, strict credit control is done, and the property is kept fully tenanted as far as possible," she says.
Property management services on the market
According to De Lange, Kellaprince Properties has been managing commercial properties for some 40 years. During this time, they've built a service offering that caters to the needs of landlords. "Our experienced team handles property maintenance, letting, credit control, bookkeeping, and monthly financial reporting that will give you peace of mind," she says.
Campbell says that, in addition to offering in-demand services, Kellaprince Properties applies best practices from start to finish. "For residential property, we would start with a consultative process to understand the client's needs and even recommend a different path to that initially envisioned.
"Thereafter we would ensure high-quality marketing followed by rigorous vetting of applicants and completion of comprehensive documentation. One of these important documents is the electronic record of the condition of the unit prior to occupation, which is then updated after the tenant vacates the unit and is central to processing the tenant's deposit.
"Legal processes attended to by our retained attorneys are included in our services up to judgement and execution thereof. The full range of maintenance services are available from approved contractors," he says.
Tips for investing in property management services
Both De Lange and Campbell highlight choosing a property management company with a good reputation in the industry. "To evaluate their track record, you should always obtain references," says De Lange. "And if you're concerned about the cost, it's usually a relatively small fee. At the end of the day, it takes the stress off your shoulders when managing a property with expert care and full monthly accounting and reports."
Campbell also encourages prospective investors to reach out before buying a property. "By consulting an experienced rental agency prior to making a final choice, you can gain unique insights into the viability of a property as a rental income investment," he says.
The go-to choice in property management
To get a feel for a rental agency, Campbell says it's a good idea to visit their office. "This will give you insight into the scale of their operations and to some extent their professionalism. The agency should also have a rental department dedicated to rental management only and all practitioners should be properly qualified and registered."
De Lange believes Kellaprince Properties fits the bills for both residential and commercial property management requirements. "Our managing agents boast a wealth of experience. They currently manage commercial property portfolios for some 25 property-owning entities with a combined value of approximately R1 billion rand. Reach out to us to see what we can achieve for your residential or commercial property today."
Author: Kellaprince Properties