Property owners on our islands are facing increasingly complex challenges as time goes on. They operate businesses centred around providing accommodation, where their assets are the properties, and tenants are their customers. Although there’s no shortage of on-island advisors offering opinions with the owners' best interests at heart, at times it can be challenging to discern the best course of action.

Owners need guidance in understanding market trends, how to get the best use out of property, and how to manage tenant relationships effectively. They need to know how to get the most out of their business and how to protect it against various risks.

The management of short-term accommodation presents similar issues, albeit with a different business focus. Owners venture into the hospitality industry—a dynamic field that caters to the diverse needs and preferences of guests, where feedback greatly influences success. The skill and experience required for hospitality differs from traditional rental property management. Over time, we have seen property owners experiment with both short-term and long-term rentals, occasionally returning to long-term rentals due to the demands of the hospitality industry.

Every business reaches a point where it must consider: is it worth hiring a property manager? Can the owner delegate and step back? Will the manager do a good job? The answer to these questions depends on specific business activities and vary by property. Below is a list of some key property management activities, which require flexibility to meet diverse needs.

• Financial Management: Involves maintaining transaction records, generating financial reports, managing creditors and debtors, facilitating banks and accounting service providers, and ensuring tax and other obligations are met.
• Asset Management: Focuses on mitigating risk factors that may deteriorate or possibly destroy the property, including insurance requirements and understanding policies, as well as managing compliance, planned and emergency maintenance to uphold property value.
• Marketing: Entails targeting, attracting and securing the right tenants and guests, promoting the property, and developing pricing strategies to ensure healthy levels of occupancy.
• Guest and Customer Management: Involves managing relationships between property owners and their tenants or guests. It’s crucial that tenants and guests feel their expectations are met, while owners need to ensure they select suitable occupants. This includes evaluating tenant characteristics and needs, conducting reference and credit checks, and maintaining tenant relationships once they occupy the property.  Continuous monitoring of tenant behaviour and addressing issues like damages such as property damage and late payments promptly is essential for successful management.
• Supplier Management: Concerns managing the relationship of trade suppliers, such as building, electrical, plumbing, and utility providers alongside professional service providers such as accountants, and valuers.
• Legal Issues: While owners and property managers need not be legal experts, they must comprehend legal ramifications of running the business and ensuring the appropriate systems, agreements, and remedial actions are in place and taken.

Hiring a professional property manager is a strategic decision for businesses seeking to streamline operations, maximise investment value, and achieve cost savings. The intricate demands of property management require dedicated focus and expertise, which experienced property managers can provide. By efficiently managing complex tasks, they free up business owners to focus on strategic growth and core activities.

For those seeking expert property management services, whether for short-term or long-term needs, consider partnering with the team at Jeff Tikitau Real Estate. With over 35+ years of combined experience, their team empowers property owners to make informed decisions tailored to their specific goals. Their deep understanding of managing investment properties positions them as an invaluable asset and resource In enhancing the success and sustainability of your property ventures.

By considering different management options and respecting local customs and practices, property owners can find solutions that suit their unique needs and goals.

For more information: Jeff Tikitau