Bali Nirmana Property Offers Helpful Tips For Better Real Estate Management
Many of us who have invested in the real estate market in Bali because the potential for the return on our investment seemed very promising. The projections were astronomical, the investment was reasonably affordable and the forecast for growth based on the increased number of tourist arrivals and the “World’s Best Holiday Destination” award from Trip Advisor indicated that our returns would continue to grow.
Well, what happened? Over the past few months I have had several conversations with property owners here who have struggled to get a clear understanding of why their returns seemed to have dropped in 2017-18, while tourism numbers are all pointing upwards. In my opinion, the answer is not simple, but many signs point towards an enormous increase of carpetbaggers who will rent your property from you for 6 months or a year and then turn it into their own business, renting rooms or the entire villa out to paying guests by way of the on line travel agencies like AirBnB, Trip Advisor and the like. With very little regard for your property, this new wave of scallywags will rent your villa out to anyone who can cough up the cheap rates that are advertised. Little concern is shown for the maintenance of the villa beyond what the paying guest may complain about and the needs of the staff are often ignored because the transient nature of your tenant is one that does not look beyond the end of their 6 or 12 month ‘commitment’. When you arrive back in Bali after an extended leave, you are shocked at the condition of your investment and you end up spending several days conducting the repairs and maintenance that would have normally been managed by your management company over the course of the year.
Let us help you get it sorted.
Helpful Tips For Better Real Estate Management
Managing rental properties can be a tedious process sometimes landing you into legal issues. As a property manager or owner, you should think about preventing problems even before they occur to have an easier time maintaining order. Apart from making your tenants feel worthy, you should also find ways of making the management process easy for you especially when handling large properties or multiple properties. When you are organized in how you handle your property, it becomes easier to keep everything in check and a few tips can help you put in the best measures into the management process.
Tip 1 – Get a professional property manager
If you are a property owner with little knowledge of how to go about management, you should consider getting a professional property manager to ease out the process for you. Professional managers with some knowledge and experience in the real estate industry will know exactly how to go about the process and find organizational solutions to ease everything out. When there is a manager in place, you will feel more at peace and have fewer issues to deal with. Bali Nirmana Property can bring over 20 years of management experience to our relationship.
Tip 2 – Embrace
There are very effective real estate management solutions available thanks to technological advancements. Real estate management software is among the best solutions you can find to make the process easy and organized. Such a solution can improve communications and payments and data maintenance for the property. With the right system you will have an easy time collecting, returning and holding security deposits, as well as inspecting and documenting rental unit conditions before move-outs. There is just so much you can do with real estate management software to streamline processes so look for the best solution. Or, you can pay a professional to do it for you.
Tip 3 – Handle tenants appropriately
First of all you should consider screening tenants before allowing them into your property. It is a simple way of keeping troublesome characters off your property. It is also important that you put tenant landlord agreement in writing to keep things clear and ensure that you treat all tenants equally and without any discrimination. Discriminating prospective tenants based on sex, race, origin, disability or even familial status can land you into trouble. It is also important to respect their personal privacy even if the property is yours by notifying them prior to entering their rental units. Handling tenants appropriately will save you from a lot of trouble especially legally.
Tip 4 – Keep the property in top shape
Regular inspections are very important so you can make any improvements and changes where need be. Recklessness on your part leading to safety and security issues can lead to hefty losses in terms of compensations. You should therefore make a point of making prompt repairs and consider having a security system in place to give your tenants the sense of security they deserve as well as ensure that their safety is not compromised in any way.
Tip 5 – Oversee managers
They should be competent enough to keep your property in check. It is therefore important that as a landlord you choose and supervise property managers. Background checks and clearly spelling out their duties will prevent issues cropping out later.
Please let us know how we may help you with all of you property needs!