In today's dynamic real estate market, finding the ideal investment opportunity can be challenging. For property investors looking for a stable, lucrative, and low-stress option, serviced apartments are emerging as the smartest move for homeowners. Here are some compelling reasons to why hiring a property management service for your serviced apartment is highly beneficial.
Finding tenants on your own can be a complex process, and without sufficient experience in the real estate industry, you might end up with a bad tenant. Allowing a good property management team with a vetting process can assist you in securing reliable tenants who will:
Rent on a long-term basis
Pay rent on time
Minimize the property's wear and tear
Cause few problems
A property management company that has been in the business for a long time, has seen thousands of tenant applications. This experience comes in handy, as they are able to quickly identify any red flags with a potential tenant. Allowing them to handle the vetting process also reduces the risks of exposure to rental scams that are directed at property owners.
Homeowners want their properties fully occupied so that it generates income and maximise their return on investment. However, this can be difficult if you have a high tenant turnover rate. Property managers manage all guest relations and marketing for your property, ensuring that there are shorter periods of vacancy. In the serviced apartment model, the responsibility of vacancy is shifted onto the property manager who leases out units from property owners at a fixed rate, ensuring that property owners receive rental income consistently.
An experienced property management company will have worked with countless service providers and contractors over the years. This means that they already know which companies can be trusted to provide excellent housekeeping and repair services. These established working relationships can lead to lower rates and discounts. In the case of maintenance, property managers:
Maintain the property
Contact network of contractors
Monitor work performed by contractors
The responsibility shouldered by the manager, spares the owner from handling maintenance requests and complaints from tenants. This translates to a stress-free investment experience and peace of mind regarding the upkeep of the property's condition.
Hiring a property manager saves homeowners a lot of stress and time. As an owner, you would not have to deal with:
Chasing down rent
Tenant queries or complaints
Property managers give you more freedom of movement, allowing you to go on with everyday life without having to worry about your tenants and your property. You also get more time to focus on other things than worrying about the micromanagement of your property.
What does ITC Hospitality Group do?
With over 15 years' experience in the serviced apartment industry in Cape Town, ITC Hospitality Group is committed to providing top-notch service and unforgettable guest experiences on the owner's behalf. With properties nestled in the breathtaking surroundings of Cape Town's City Centre, we adhere to high standards in one of the most beautiful and sought-after travel destinations in the world.
In conclusion, the smart investor knows that servicing your apartment can provide a compelling investment opportunity. With guaranteed rental income, excellent returns, minimal maintenance, and added comfort and space, they offer a unique and low-stress way to grow your portfolio. By entrusting your property to a reputable management service, you open the door to a world of benefits that will maximise the return on your investment and maintain your property. With our extensive years of expertise in Cape Town's serviced apartment industry, you can rest assured that your investment is in capable hands.