Property Management Tips

Insights to property management tips and strategies

businesswoman with tablet and drawing real estate concept on wall

For property owners, investors and would-be investors, property management isn’t a taxing ordeal. You can still enjoy quality tenants, high rents and low vacancy periods. Here are 5 ways you can maximise your financial returns from your investment property.

1. Market smartly

A smart marketing strategy is effective in landing you the highest rents achievable and highest calibre tenants possible. For a successful marketing campaign, you and your property management company should have a winning game plan.

For starters, you need to make your goals specific, for instance, when you want to lease your property and how much you want to charge. Next, give your property manager a specific brief on your needs and expectations.

Lastly, be realistic! Overpricing your property will probably dent your strategy, thereby lowering tenant enquiry levels and increasing the vacancy cost. So, always listen to your property manager, do your research of the property market, and target precisely what you’re after and what works.

2. Realistic rents

Pricing your property above the local market could or most certainly reduce your campaigns enquiry, increase your property vacancy period and decrease your overall investment returns.
When searching for rental properties, tenants tend to take several factors into consideration, including the number of bedrooms or bathrooms, the distance from the city centre and most importantly the rents.

If your property is overpriced, potential tenants are likely to ditch it for a similar property across the road, which is more affordable. Consequently, your property will remain vacant eventually affecting your overall rental income.

That’s not all; your marketing campaign will prolong for a longer period and cost you a lot. So, it’s better to set a price – the right price – that’s in line with the overall property market to avoid the above problems.

3. Property management fees

Fees normally vary from company-to-company. So, before appointing one, make sure you know what they are charging. A majority of property management companies charge multiple fees including leasing fee, management fee, releasing fee, administration fee etc.

Others opt to charge a one-off fee that covers all costs to manage your property. Remember some companies may find it hard to offer you an exact figure for each year. So, make sure you know the full amount you are paying.

4. Legal issues

Every rental property is required to have at least two Residual Current Devices (RCD’s), have a barrier around private spa and swimming pools, have smoke alarms and meet minimum security standards, including window latches, deadlocks, etc. If your property breaches any of these requirements, you’ll be penalised with large potential fines.

5. Licensing

Considering the amount of damage destructive tenants can cause, default of rent and abandonment of property by ill or jobless tenants, and uncontrollable events like floods, fires, earthquakes, and storms; landlord insurance is highly recommended for every property owner. The insurance covers everything from theft by tenant, broken leases to accidental damages.

All in all, using a property management specialist can give you peace of mind knowing your property is in professional hands. Additionally, the property management process will be stress-free and have no potential conflicts or negotiations. Credit to 4rooms Property Management for these tips & insights. They constantly give out free content on the 4rooms Property on Vimeo & 4rooms Property YouTube channel.

How to Own a Successful Air Conditioning Business

There is always a demand for air conditioning services all year round. If you plan on starting an air conditioning business, or you have already opened one, then there are a few things you need to consider if you want to own a successful business.

How do you determine a successful air conditioning service provider?

A successful business should:

  • Show growth in revenue every year
  • Have a positive reputation among clients and consumers in the market
  • Make effective plans for the future
  • Have enough resources to accommodate its present business and increased business in the future

If you want your AC business to meet these criteria, you need to make some smart decision making for your business to grow and remain prosperous for many years.

Offer many options

air-conditioning-business-photo

In the air conditioning industry, customers have different needs. In some situations, your client may be best suited for air conditioning installation. Then you may have other clients who would benefit from air conditioning repair. You need to offer various options to be able to fulfil the needs of your customers.

Have professional technicians

A company that wants success has to act successfully. This means that your air conditioning service should hire professional technicians. Your technicians should:

  • Always be pleasant with customers
  • Be certified in maintenance, installation, and air conditioning repair of every manufacturer you carry
  • Be experts in the tools of trade and know how to use them
  • Understand how to get a job done correctly and keep the client happy

Finding a professional is not as easy as you may think. It takes a great deal of recruiting to get the right AC professionals. Be prepared to offer them competitive salary packages too. Accutemp Services in Adelaide have a great team of AC professionals, and have done the recruiting side of things successfully.

Advertising

If you aren’t advertising in 2017, you are losing money to competition. Get your name out there on the big social media websites, like Pinterest. There are many niche relevant business directories for air conditioning & refrigeration service companies that are definitely worth while for getting a listing. 

Premium customer support

You must offer on-site repair service or 24-hour technical support to be competitive. Being a successful company means giving your clients the best level of support. If your goal is to own a successful company, you need to emphasise on premium and professional customer service.

Take on all jobs

No job is too big or too small. Your business’s reputation is important in establishing success. If your company has a reputation of only taking certain types of jobs or repairing specific appliances, it will likely push customers away.

In the AC industry, there are many appliances to repair and different jobs to do. These jobs can range from putting a central air system into a hotel to air conditioning installation in a house. For your business to be successful, you have to be ready to do all jobs coming your way and have expertise in every type of system.

Customer satisfaction

When setting up an air conditioning business, you have to do much more than simply know the technology. A successful business should establish high expectations and then try to surpass those expectations with every job. Ensure your clients are satisfied with the work you do once they hire your services.

Success is found in how you treat your customers, how you sell your products, and how you service those products after the sale. If you want to run a successful business, you need to work hard every day and make sure all customers feel like they matter.

Tips for running a successful car detailing business in Adelaide

Car detailing is a time-consuming process but can be a very profitable business. If you have a passion for cars, you can easily start an auto detailing business. But to run a successful business you need more than just love for rides. This type of business is competitive; both full-service car washes & dealerships offer this service, you need to start outclassing your competitors as soon as possible. Not sure how to go about it? Here are tips for running a successful car detailing business in Adelaide.

1) Find a suitable location to establish your detailing shop. The location should allow your workers to easily manage many vehicles at a time. Observe the number of detail shops present in the region to determine how many vehicles you may have to manage at a time. This enables you to decide the space needed to accommodate that demand. Reduce customer waiting times to achieve success in the detailing industry.

If you do not have the resources to establish your shop, consider mobile car detailing. Make appointments with clients to bring your car wash team and tools to their homes.

2) Determine your target market. Detailing is usually a service for people who do not have time to detail their cars. Limousine services and taxi drivers are also a potential target audience that needs regular detailing to maintain their fleets. Once you identify your target market, tailor your services to their needs, and your business will surely succeed.

3) Invest in the tools, supplies, equipment and solutions that produce the best results. Customers may be very specific about the types of tools and products a car detailer uses on their cars. Fluid communication with vendors is necessary to keep your auto cleaning supply levels reliable.

4) Hire workers who are experienced in the detailing business. It is essential for a brand new operation to provide top-notch services – you need new customers to come back often and refer you to other drivers. Once you achieve desired level of success, you can hire car detailers with less experience and have your main employees train them.

5) Advertise your auto detailing business over local radio stations, in the local newspapers, and online. Offer sales promotions and specials on specific days to attract new customers and maintain a consistent client base. Use other significant marketing techniques like employees and signs on the street to attract passing drivers. Adelaide Automotive Detailing are a successful detailing company in Adelaide, and take advantage of online platforms like Twitter & Vimeo to drive new business.

6) Maintain your car wash shop in top condition. Keep in mind that this is a cleaning business; therefore your shop appearance must reflect your attention to detail and commitment to being clean.

7) Look at the websites of other car detailers to get an idea of the services they offer and what they charge for them. Underpricing your services is not a wise idea to attract more customers. Make sure you offer affordable prices for your detailing services.

Running a prosperous car detailing business is not only about experience, fair pricing, and location. The owner of a successful detailing business knows that every auto-detail job is critical to the business’s success.

How Asbestos is Removed

Asbestos is a common material used in vinyl flooring tiles, ceiling tiles, wall boards, attic insulation, textured walls and ceilings, insulation of boiler pipes, wall plaster, and other building items in homes. Asbestos is different from other home construction materials, like insulation and drywall, because it can cause both cancerous and non-cancerous health problems if damaged or disturbed. When damaged, asbestos releases small fibres into the air. Once inhaled, the fibres can pose a serious health risk. Therefore, you should always contact a reputable asbestos removal company as soon as you suspect the presence of asbestos or if you plan to remodel, renovate, or demolish your home. You can complete the removal yourself, but it is very risky because even small disturbances on suspect materials can release dangerous fibres that become airborne. Asbestos containing material can be confirmed through laboratory sampling and testing, or inspection before beginning the asbestos removal process.

The Process of Asbestos Removal

Once asbestos has been found in the home materials, the materials are further inspected to determine their condition. If they are in good condition with no plans of disturbance, they can be left intact. However, if the materials are in poor condition, such as being ripped or cracked, it is recommended to remove them.

In certain cases, homeowners may want the material completely removed, irrespective of their condition to keep their mind at peace in their home. If you decide to remove the asbestos containing materials, make sure you hire a certified asbestos removal company with professional personnel.

First, the professional will identify any area or materials containing asbestos. This includes roofing, walls, popcorn ceilings, siding, flooring, attics, insulation, textured paint, vinyl floors, artificial gas fireplaces, steam pipes, hot water heaters, and more. Once identified, the sample is tested, which involves the material being checked under a microscope, or air test. The material is left intact or enclosed if it is in good condition. It is removed if there is any damage or flaking. The contaminated materials are well-packaged in bags which are sealed and loaded into a bin or truck. To avoid asbestos contamination, the room is wiped, vacuumed, and cleaned. The materials containing asbestos are dumped in landfills that accept asbestos.

The asbestos removal area or room should be completely sealed off using industrial-grade plastic to prevent fibres from escaping and keep people out. Large HEPA filter fans are set up to block fibres from contaminating other rooms in the home. In some asbestos conditions, the professionals should wear protective equipment. The technician can use air scrubbers and a low-pressure sprayer to wet the dusty areas to prevent inhaling fibres.

The asbestos removal process is heavily regulated, meaning that the professionals providing this kind of service should wear specific protective gear like respirators. Apart from being certified, these professionals are also required to adhere to very strict rules regarding inspection, removal, and disposal.

Asbestos removal should not be handled by homeowners. Anyway, once the asbestos removal process is complete, you can continue with your renovation or remodeling plans. Finally, you end up with a beautiful home that is free from potential dangers linked to asbestos.

We hope you found our edition of Clare’s Adelaide Guide to be beneficial for your household. Stay tuned for subsequent blog posts on home improvement in Adelaide.