Would you invest in a different region?
Many people do it and you may already be one of them. Investing in property is a big decision, both financially and otherwise, but investing in unfamiliar territory can seem daunting to some. But you’ve done the hard yards– the hours of research, gained valuable advice from professionals and possibly even the long-distance trips to view suitable properties.
Everything has led you to purchasing your property; and now it is the time to enjoy the returns on your investment.
Ensuring you’re getting the most out of your investment is a continuous task and managing a property can be challenging at the best of times. But it doesn’t need to be so. With the experience and professional skills of your property manager, and through regularly engaging with them, you will ensure that their local knowledge and expertise will back your investment decision.
Being a distance away may seem as though it might make things more difficult, but if you put your property in the right hands, distance will make little to no difference to its successful management.
How will an interstate or regional property manager help you? The same way your local property manager will, and that is by providing exceptional service:
Knowledge: Having local knowledge is second to none and can provide you with up-to-date information of the state of the local market from personal experience. This will prove particularly beneficial if investing interstate, as rental laws can differ between States and Territories.
Finding the right tenant: We say this a lot, but there is a big difference in finding a tenant and finding the right tenant. Sometimes the first application received is not the best one. Trust that your property manager will undertake the correct checks to ensure the potential tenant is the right fit.
Rental price: Having a thorough understanding of median prices in the area and a solid understanding of what your property has to offer within the market, will enable your property manager to set a competitive rental price.
Maintenance: The use of technology makes distance a non-issue and often speeds up the process of tending to damage and maintenance work as required. Your property manager will be able to look after this without the need for you to be present.
Communication is a priority; and with the use of technology, distance is of no concern. Whether overseas, interstate or just down the road, your property manager will ensure any communication between tenants and landlords is managed efficiently and timely.
Having the right person manage your property is a vital part of ensuring one of your biggest investments is cared for. If you are considering investing in a different location, let us help connect you with the best in the business, in your new location.
SOURCE: RE/MAX Australia
