How we understood the significance of Property Management
It all began when we bought our 1st property and had approached a management company… needless to say that the relationship went downhill due to many excuses in filling the property with tenants. The area where the property was located had an occupancy rate of almost 90% and we couldn’t understand why it was not filled.
Our assessment!!!
….they were not familiar with the targeted market and did not know how to position the property to attract the intended market!!!
We moved from agency to agency and were faced with different woes…”This month your electricity was too high” unnecessary charges billed to us which meant that even though the property was running it was running at a loss and had made us believe that we should then sell…
Why do we have to sell when our approach was to invest? Many of us have had these types of questions unanswered. This led us to the beginning of being SMART and creating a transparent seamless management company that will ensure that value is what is the main focus and that management will enhance that value not take from it.
Understanding that property investment is of no value if the property management doesn’t work because this part of the business is the backbone of your investment and path to the growth of your portfolio.
