It is no surprise that many individuals seeking an investment opportunity choose to purchase a commercial or residential property. It is a sound investment. However, often overlooked is the ongoing workload required to maintain that investment. At times, it can be the equivalent of a full-time job. When an individual has taken on an investment property, the desire to achieve a life balance often results in the outsourcing of the management of that property.
The workload in itself is certainly reason to appoint a property manager, but it is also worth considering the added value that this service offers. It should not simply be thought of as a service that removes a workload, but also one that is capable of nourishing the investment itself.
The strength of a long-term brick and mortar investment, such as a residential or commercial property, lies in the health of the building itself. However, this is the aspect that is at risk of being overlooked amongst the pressures of day to day administration. As our property managers run maintenance programmes for a multitude of properties they are able to maintain contacts and relationships with suppliers and service providers that gain lower prices and a faster response. In this way, the health of your building is easily maintained to benefit both your current tenants and also your future investment.
Perhaps you are an individual who is no stranger to owning a property as an investment. If you are looking to build or diversify your portfolio you may find that you come up against challenges that you have not before experienced. The differences between residential and commercial regulation and management are marked. At Curchod & Co we specialise in a multitude of disciplines which enables us to actively support a varied investment portfolio.
For both residential and commercial landlords, rent collection can be time-consuming and sometimes gruelling. By outsourcing this aspect of management, your income could actually be improved, especially if your portfolio is extensive. Curchod & Co property managers possess the expertise and experience to offer a bespoke service. This can result in higher rent collection rates and a more lucrative investment in the medium term.
Regulations and Contracts
As a responsible landlord, you must be certain that you have complied with all regulations concerning the application of your building. This stands both for residential and commercial occupants and covers responsibilities and lease terms. Initial contractual agreements offer protection for both parties and require almost constant administration. New lease negotiations, lease renewals, lease restructuring and regulatory compliance are all different aspects of managing your contracts with tenants. Our lease negotiators at Curchod & Co use their specialist knowledge to ensure that your investments are properly legislated for the future.
Of course, appointing a managing agent requires an extra outlay of cash. However, for the time saved and specialism gained by this one act of delegation, the value is considerable. A property manager may be able to reduce the length of time a property sits vacant and even decrease a property’s monthly energy bills by up to 30 per cent by analysing power use within a building.
Frequently, outsourcing to a property manager such as Curchod & Co can actually help to improve your tenant service and experience. As an individual balancing your investments with other professional or family commitments, it is likely that you will not want to be “on-call” all of the time. By engaging an organisation that can be present at short notice, you are more likely to avoid a rapid turnover of tenants and therefore prevent those dark periods when your property is not generating income.
As the pressure of modern living increases its demands on an individual’s time, it is important to consider which outsourced services offer the best-added value. The multi-faceted skills of Curchod & Co’s managing agents bring a plethora of benefits to a landlord which can maximise the return on a property investment.