Just one investment property makes you a landlord… that means you're the owner of a small business. The business of property like all businesses needs managing properly... PROFESSIONALLY.
In the current climate with the often antiquated and strict legal requirements (especially with the current under resourced administration of the Residential Tenancies Act), the business of being a landlord can be an absolute minefield. Today thanks to the complexity of the law, the confusion that is being touted, the delays in hearings and the demanding nature of tenants, experience and resources are needed to avoid getting yourself and your business into unpleasant, risky and sometimes expensive situations.
How do I know this… Sylvia and I started our real estate business back in 1985. Typical of the time we started with a couple of sales… and then we had a couple of buyers wanting to rent their houses out. So we started a property management business. We slowly built it "brick by brick". Over 27 years it has grown to where it is today at 2,000 properties and has become one of the largest in this state – brick by brick.
So is it all about size? Biggest does not necessarily translate to best. What we do know however is that size does matter when it comes to landlords protecting their investment and scale is critical to achieving optimum returns under tough conditions.
Size matters when it comes to 1) contacts & connections – you need clout when it comes to negotiating lower maintenance costs and contracts, 2) marketing - dominant online marketing attracts the best tenants in the shortest time frames, 3) results - local offices and sophisticated databases record every detail and means we can maximize rental returns where smaller operators will struggle, 4) specialists and resources - competent, experienced relief staff and specialists to provide seamless around the clock management when things occasionally don't go to plan.
The game continues to change and the business of managing an investment property is changing fast – it makes me dizzy with the number of rental businesses changing hands at the moment. People with no experience are taking on large rental businesses without having learnt the lessons along the way.
Now here's the hard sell… we've had enquiries this week from people thinking of changing agents as rent roles have been changing hands fast and furious lately it seems. This in turn is often disruptive to the business of being a landlord. So don't sign any new agency without giving us a call first.
Why not ring me to have a confidential chat about the management of your investment property – there is nothing to lose and everything to gain. You may discover an enormous difference in the capabilities and experience of the various agencies. We're well practiced at making the transition to Toop&Toop painless while simultaneously driving enormous tangible benefits to the health of your rental business.
Toop&Toop Property Management are the first agency inducted into the REISA Hall of Fame… the highest accolade in the state. This doesn't happen by accident – it takes a lot of hard work, sweat and tears and mostly a lot of experience.
While we're talking investments, be sure to head down to Victor and the South Coast over Easter and pick up a bargain with one of our INVEST FLEURIEU Easter Monday Auctions. Organise your finances this week, go to investfleurieu.toop.com.au and check out the 20 auction properties - from shack to mansion – they're all going under the hammer Easter Monday.
Fleurieu rentals are available to lease long term and as holiday letting, or maybe you are a first home buyer looking to buy a great house within commutable distance from town... best buying in years.
Anthony Toop
Let us know any of your comments or questions about changing property management agencies.
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