Protect your interests
There’s a rising number of property management firms available to cater to demand, but are they all equal?
Different stakeholders have varied real estate needs – whether it’s an investor looking to grow ROI, a property owner looking to increase income generated from leasing, or a tenant looking to find a new home to live or work in. All these stakeholders have a choice of how they go about fulfilling their requirements – some handle it independently, while others choose to hire a property management firm.
As someone in the field, I would recommend working with the latter for many reasons, the most important of which is that professional property managers are involved in and understand various layers, ranging from staging and marketing to contract management, procurement and management of service providers, including facilities management and maintenance companies, as well as financial management for larger property portfolios.
There’s a rising number of property management firms available to cater to demand, but are they all equal? Definitely not. Doing your due diligence prior to entrusting any individual or organisation with your real estate needs is important, as this choice can have very rewarding consequences, or lead to financial loss. Partnering with professional property managers will ensure:
An understanding of the intricacies of the real estate landscape, current market conditions and trends, relevant legal rules and frameworks, and, most important, risk factors that may impact property investment performance. An extension of the property’s lifecycle and increase in its value over time by ensuring regular maintenance to keep the asset in excellent condition.
Management of vendor relationships – a timeconsuming and knowledge-intensive task. Correctly priced properties to maintain a sense of competition in the market while attracting the right potential tenants, resulting in higher occupancy rates and tenant retention. Implementation of smart, automated technology to raise the value of a property. Assistance in identifying and assessing trustworthy renters who will care for the property. Verification of documents for tenancy or sales transactions before they are concluded to protect the interest of all parties. Protection from illegal or fraudulent tactics. The number of real estate scams have increased in recent years, causing homeowners and tenants significant financial losses. Although regulatory authorities have strict laws in place to protect consumers from such activities, working with licensed agents is the most effective way to avoid falling victim to scammers. Licensed agents provide the highest level of service and are required to carry liability insurance.
“ALTHOUGH REGULATORY AUTHORITIES HAVE STRICT LAWS IN PLACE TO PROTECT CONSUMERS FROM SUCH ACTIVITIES, WORKING WITH LICENSED AGENTS IS THE MOST EFFECTIVE WAY TO AVOID FALLING VICTIM TO SCAMMERS”