Some Wellington property investors enjoy the benefits of a full-time career in investing, but many find themselves falling into the countless traps that create long-term issues and an unwanted workload. Identifying these traps and solutions can help you make more time for the more enjoyable things in life.
Expanding Too Quickly
It’s true, expanding in real estate will increase rental income - but we all have our limits. Expanding real estate portfolios too quickly without a management system in place is a common trap investors make, causing immense stress on resources and on landlords themselves when issues such as interest rate rises or tenant complaints occur. This can create a high workload for even the more experienced rental property investors in Wellington, which can cause stress and lead to selling otherwise good properties.
Solution
Take the time to re-examine your strategy and goals to create a clearer picture of what you need from your properties. Look into how much time and effort you realistically have for your Wellington rentals, and downsize your portfolio if needed, or consider consulting a Wellington property manager to manage your properties and help create a stress-free path towards profits.
Becoming a Micromanager
It doesn’t matter if you have one property or one hundred properties, micromanaging is an indisputable trap that will turn all your rental property investments into a full-time job.
Solution:
Focus on the big picture and let the little things be – consider what will ultimately impact your investment’s future, and what won’t. The more you let go, the less time you waste on small things that won’t make a difference, leaving you more time to focus on the fundamental improvements – making a significant difference to the profitability and to the amount of time spent on the property. Feel free to contact one of our offices for an obligation-free discussion about improvements that could be made to your investment property.
Believing Being a Landlord is Easy
Being a self-managing landlord isn’t easy, it’s a job that requires experience and skill in managing properties, and people. It’s also a job that sometimes requires you to drop everything and act, which can interfere with a career and family life. Unfortunately, becoming an investor doesn’t necessarily mean you are cut out or have the time to be a landlord – a trap too many fall into, turning real estate property investing into a stressful, overwhelming burden for many investors.
Solution:
Your time is valuable, so hiring a professional Wellington property management team isn’t admitting defeat. It allows you to spend your time on higher payoff activities than managing properties. Career advancement and portfolio growth are the benefits of being an investment focused landlord over a management focused one. You’ll benefit far more from growing a larger portfolio than saving management fees on a smaller one.
If you're considering Property Management get in touch with us today. Locally owned and managed, we offer residential property management services across the entire Wellington & Hutt Valley region.
We take care of investments, offering peace of mind and a personal service to investors and tenants alike. Our solutions are backed by industry-leading technology and proven systems that promote both excellent property care and strong investment returns. Taking on all aspects of the landlord’s role, we guide our clients with professional, tailored advice using our extensive experience and insight in the rental market that can only be built over time.
If you would like to chat about the possibility of working together, or to receive a no-obligation, FREE Rental Appraisal get in touch with our team today.
Quinovic Johnsonville | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Hutt Valley | Wellington
Call Helen Vance - 027 487 8103
Quinovic Kent Terrace | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Wellington Property Management