FOUR REASONS YOU NEED AN ASSET MANAGER
Having invested in a property and entered the rental business, you should be excited because you are on the path to financial freedom. As you set out to lease your property, have you considered the following - what are the current market rents for the area and for your type of commercial premises? – How do you know if the tenant you choose is legitimate and trustworthy? – Do you have the time to chase rental payments, set out outgoings budgets, and manage all maintenance and repairs?
This is where a reliable and professional Asset Management team can really benefit you as a Landlord. Here are our four reasons why you should hire an Asset Management company, like LJ Hooker Commercial South Sydney.
1. Secure Quality Tenants and Market Value Rents
LJ Hooker Commercial South Sydney have a highly professional team of Sales & Leasing agents who specialise in obtaining quality tenants, as well as market value rates for all our clients. Our agents have extensive knowledge of their property portfolios, and offer sage advice to our Asset Management team at lease commencement and all other market rent review dates within the lease term. Our agents always carry out background reference check on all prospective tenants, to ensure we place the highest calibre of tenants in our clients’ investment properties.
2. Arrear Management
Once a tenant gets into arrears, there is a very small window in which to either turn it around, or have your tenant vacate. If a tenant is left to get into serious arrears, this will create an incredible financial burden for the Landlord. Even with a three month bond, the costs can be huge, including cleaning fees, rubbish removal and any vacancy after the tenant moves out, on top of the arrears they have already left you with. LJ Hooker Commercial South Sydney are very proud to confirm that we have zero arrears on our portfolio. We have a very stringent process, which ensures we flag arrears quickly and act on them immediately. We ensure we provide all the necessary notices in line with the lease clauses, and keep our clients informed along the way at all times. Our strategy is to mitigate any financial loss that arrears may cause our clients.
3. Total Control of all Outgoings
There are several outgoings associated with an investment property, and whether you decide to enter into a Gross or Net rental with your tenant, the outgoings will need to be paid regularly and charged back to the tenant on a Net rental lease. The management of this can be time consuming for busy landlords. Your Asset Manager will pay all your outgoings and on charge where relevant. They will ensure all outgoings are paid and recouped on time each month. The invoices can be sent straight to your Asset Manager from each vendor, so you don’t have to worry about any part of the outgoings process. Each month you will receive a copy of your statement, along with a copy of the invoices paid for that month.
4. Maintenance & Repairs
Repairs and Maintenance can cause major headaches for any Landlord, especially if you don’t have access to any reliable contractors. At LJ Hooker Commercial South Sydney, we have a database of preferred contractors across all areas of property and facilities management. We can organise call outs for all emergency jobs, as well as provide multiple quotes for any larger repairs and maintenance. We can manage the process all the way through, and ensure all works are carried out to the highest standard.
If you would like to speak to us today about the management of your Commercial Asset, please contact Dan O’Brien on 0404 860 747 or Aoife Bill on 0468 877 564