Property Investment Tips to Assist Your Landlords

There is a common perception that in order to own an investment property, you must be a wealthy investor with money to burn. The reality is that the opposite is more likely to be true, with many landlords overwhelmed by the actual cost of owning an investment property, which leaves many property managers wondering why the landlord was un-obliging over agreeing to a $100 repair.

As a property manager, it is essential to fully understand how much it costs an owner to own an investment property, and the type of investor they are in order to meet their needs, expectations and build the relationship (and of course provide better understanding and advice when convincing them to agree to the $100 repair).

There is fantastic 60 minute webinar within the Real+ membership called “Walking in the shoes of your investor” (presented by Fiona Blayney) to assist in training yourself and your property management teams on this important subject.

In this Real+ training webinar Fiona Blayney refers to the property management concept of Intentional landlords vs Accidental landlords.

• An intentional landlord made a decision to invest in property and has likely worked hard to own property, therefore has purpose and a plan.
• An accidental landlord may be one that has inherited property, has influence from parents, was unable to sell, someone who may be combining a household, or couldn’t afford mortgage.

Can you see that not only the needs of that landlord, but the financial motivations and challenges of the two will be very different? One group will understand the costs of investment much better, whereas the latter will not like or understand a lot of expenses.

We get amazing feedback from property managers on this training webinar – helping them to finally understand what it costs a landlord and see things from their perspective, making their lives easier not only in day to day dealings but also boosting their long term relationships with the client.

As a property manager it is important to understand what it actually costs the landlord to maintain an investment property, and the type of investor you are dealing with in order to build the relationship and have them trust in your service. But don’t try to figure it out on your own, next week, Real+ presents another property management live webinar on the topic. 

If you are Real+ member, click here to visit Real+TV where you can watch our webinar with special guest expert Chris Gray: Wealth Creation for Your Landlords.