Benefits of having a third party manage your property
Investing in property can be one of the smartest financial decisions you can make. Yet often, people underestimate how much time and energy must go towards managing every aspect of your property ownership – from advertising your property, finding tenants, conducting maintenance, to calculating appropriate rental increases and conducting repairs…the list goes on and on and on. But this doesn’t mean that anyone who’s busy with running their own business or a particularly demanding career shouldn’t invest in property. Finding a great third-party property manager to handle your day to day running of your investment property can be a great option for those looking to save time and money. Better yet – consider investing in a property brand that provides these services for you as standard, such as Quest Properties.
Here are just some of the many benefits that having an expert property manager look after your investment for you.
You’ll have higher quality tenants, and little to no vacancies
One of the most time consuming parts of owning an investment property is finding suitable tenants to occupy it. After all, you want to find someone with a good track record, as you want someone to look after your valuable property. But finding the time and money to advertise the vacancy, as well as making sure you properly interview and screen potential tenants can be hugely time consuming and stressful. That’s where a property manager comes in. They can handle all of the nitty-gritty tasks of finding occupants, such as advertising, tenant screening, conducting regular property inspections throughout the duration of the lease, handling security deposits, collecting rent, and even evicting tenants in more serious cases where things just aren’t working out. Big-name companies like Quest will even pay you your rent every month, regardless of whether the property is occupied or not – a huge financial burden off your shoulders.
You won’t have to worry about carrying out repairs on the property yourself
The costs associated with regular maintenance and upkeep of an investment property can really add up in the long term. But with a company like Quest, you won’t have to spend your time and money facilitating ongoing maintenance on the property, or organising repairs if something is faulty. With Quest, any non-capital repairs are the tenant’s responsibility, as are all furniture and fittings. They’ll also give you plenty of notice of any planned upgrades on the property coming up in the near future, so you have time to plan ahead.
You’ll have the best expert tradesmen already on hand to make any repairs
When the time does come to carry out repairs (it’s usually inevitable with most properties), using a third party property manager means that they’ll already have an arsenal of plumbers, builders, and repairmen at their disposal. These will be reputable tradespeople with a proven track record, so you can be sure that only the best work is being carried out on your precious investment property. It will also save you the time and hassle of having to research, call or ask around to find the best handymen for the job.
You won’t have to review rent annually
Part of ensuring your investment remains profitable is conducting regular rent reviews and increasing prices are necessary. But how much of a rental increase should you calculate each year? A property manager can help you with these sorts of questions. Better still – Quest has fixed annual rental increases of 4% (or CPI with 5-year market reviews) automatically built in to their business model – so you can be assured that you’re always getting paid the full value of what your investment is worth.
For more information about all the benefits of having your investment property managed for you, contact Quest Properties today >>
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.