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What Do Successful Property Investors Have in Common?

Many people throughout New Zealand invest in property. It can be for residential purposes, for renting out, or for resale purposes. If you want to get into property investment it is worth knowing what traits successful property investors have in common? Let us take a look.

The real estate industry that takes a lot of patience to be in because everything from property appreciation to development of property takes years of time altogether. Most successful property investors also are in possession of a lot of properties and enlist the services of property managers and property management companies to help them handle their investment portfolio. If you are a novice property investor and are wondering if you need the services of a property manager, here are a few pointers that can help you decide on the matter.

• The higher the number of properties you hold, the better is the return you get from hiring a property management company. This idea is based on economies of scale and also the fact that more the number of properties you hold, it is more difficult for you to efficiently manage them on your own.

• Many a time we buy properties when they are available at a good deal and we feel that they will be a great investment. It is possible that the investment is pretty far away from your current location, making it difficult for you to manage it from such a distance. It is in these cases that property managers and property management companies become a boon to real estate owners. They can handle the investments locally and take better care of it than the owner could from such a long distance.

• Do you have the time and expertise to find good tenants. A property manager not only finds tenants for you but does background and financial checks on them, as well as taking responsibility for rental collection and ongoing communication with your tenant.

• If your income from your property is not the main source of income for you and you have a daily job then you will appreciate the services of a property manager even more as they will organise all the admin, financial and maintenance side of rental property management. Similarly if real estate is indeed your primary income source and you dabble a lot in the buying, selling, renting and renovating of properties then it is safe to say a property manager or a property management firm will be quite a boon for you.

• Since hiring a property management company will eat into a portion of your rental income, you should look into the cost aspect to decide whether or not it is a comfortable arrangement for you. Property managers generally charge you 5 percent to 10 percent of the amount you receive as rent but there is always room for negotiation.

If you are looking for property management companies in the Dunedin-Otago area you can contact Click Property Management to find out more about your options for rental investments in these areas. Just visit their website at www.clickpropertymanagement.co.nz. The Click Property Management team specialises in Dunedin property management and rental properties throughout the Otago area.

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