Is it time to consolidate your investment properties?
Whether you have one, three or ten properties, a key focus for any investor is to achieve the best possible return on investment. As your portfolio expands it may seem simpler let the sales agent retain the management, however, having multiple real estate agencies managing your properties can reduce the comprehensive guidance needed to maximise the value of your property portfolio.
If your property portfolio is spread across multiple agencies, it may be time to consider consolidating your portfolio and selecting one managing agency. The holistic approach to your property portfolio has added day-to-day benefits and the greater financial benefits can be very rewarding.
A single point of contact
As your property portfolio expands, having multiple agencies managing your portfolio creates the multiple points of contact you need to engage with. Each individual contact point requires its own amount of allocated time that includes meeting, reviewing, consulting, chatting and in some instances travel.
At Let’s rent we consolidate our landlord’s property portfolios under one property manager. This provides our landlords with the benefit of having one primary contact, reducing our landlord’s time commitments and administration burden. It provides consistency in the service we provide, communication and expectations. It allows our team to develop more personalised relationships with you and better tailor our services to meet your expectations.
Holistic strategic planning
By consolidating your investment property portfolio, your property manager can potentially gain a better understanding of your portfolio and help it grow. This possible growth can not only be applied to return on investment (through increased rental yields) but through the expansion of your portfolio as a whole too.
The monitoring of your assets to ensure that you have sufficient return on investment from all of your properties is a goal that you both mutually share. Informed decision making, collaboration and financial stability are just some of the benefits of using a single property manager.
Improves cost effectiveness and time efficiency
Fees can range depending on the property type, location and value of the asset and it can be tempting to go with the cheapest managing agent, however, this more often than not will cost you in the long run. Remember the old saying, you pay for what you get?
The good news is consolidating your property portfolio has added financial benefits! When it comes time to negotiate your management rate, having your entire portfolio managed by one entity will certainly provide you with more bargaining power. If you have various Property Managers looking after single assets, they are more likely to charge you at the highest market rates. If you consolidate these, you will be able to reduce the fees to a highly competitive cost structure.
Whilst there are many good Property Managers in the industry, consolidating your investment properties will allow you to manager a single contact rather than multiple. There will be no more scrolling through your email or your phone trying to figure out which property manager belongs to which property, a single point of contact will have your time constraints heavily reduced, making property investing a much more fun experience.
Specialist property managers
A common occurrence that can come with property investment is to simply go with the company that the property was purchased through. Yes, the purchasing process can be a stressful experience and it may seem easier to lets the sales agent retain the management of the property, however, this can be a costly mistake.
Examining the market and comparing what different property management agencies offer is a vital step to take. An exceptionally low management fee may seem like a great deal but you may be missing out on better service and more strategic long-term savings opportunities. It is also important to choose an agent who is interested in looking after your property, not simply retaining the management until you are ready to sell.
Whilst it can be a lot of work, it is incredibly important to find a property management agency that is right for you. A crucial part of buying an investment property and using property management is getting the best possible service, at the best possible price – at Let’s Rent, we are specialist property managers with a single focus on how to holistically manage your property portfolio. We pride ourselves on our unprecedented level of service and the successful management of your investment.
If you would like to learn more about the benefits of consolidating your property portfolio with Let’s Rent call Jennifer, our Client Relationship Manager today.