Lots of landlords say ‘I can’t afford property management’, but they can ill afford the time to look after their property on top of everything else they do in life. The reason they can’t afford property management is that they are not getting all the rent they should from their property.
Here are some signs you are under-renting your property:
1. The phone rings hot/emails pour in when you advertise
2. You have queues of prospective tenants at the open home/showing.
3. Tenants offer to pay you more for the property.
4. The people who come to see it say ‘wow, I can’t believe how nice it is’.
5. People looking at your property are younger/not as financially established as you would have hoped.
While you could feel smug that your property is so great you are turning people away in droves, think of how much it is costing you. Ever $20 below market rent is $1,000 every year you are not getting for the property. Would you be happy to spend that much on advertising? Or accept that much rent-arrears without a second thought?
A new client told us they wanted $450pw for their Whitby property. We signed up a tenant for $530pw. That’s $4,000 extra each year! Did we just pay for ourselves? Heck yes, twice over.
If you have a vacancy coming up, ask us for a rental appraisal. You just might find that property management is effectively free for you too, or even find we are even paying you to manage your property with all the extra rent you get, just like we did for our Whitby clients.