What to look for in a property

A checklist to help you determine your property wish list
 
So you don’t waste your time looking at properties that don’t meet your needs, here is a simple checklist of practical things to consider to help you determine your property wish list.
 

Location & Features of the Property

 
This, along with budget is one of the most important decisions you need to make.  It is worth spending time ranking the following features as Essential, Preferable or Handy.
 

Location

  • Close to work
  • Close to schools
  • Close to park
  • Close to shops
  • Close to amenities eg hospital
  • Close to sports grounds
  • Close to transport
  • Close to family and friend
  • Close to leisure activities

 

Internal Features

 

  • Number of bedrooms
  • Separate dining room
  • Separate children’s rumpus room
  • Open plan layout
  • Number of bathrooms
  • Modern kitchen
  • Built in wardrobe
  • Additional storage

 

External Features

 

  • Garden
  • Garage or off street parking
  • Outdoor area
  • Security
  • Low maintenance
  • Fully renovated /landscaped
  • Access to property

 
Follow us on Facebook, Twitter, Instagram and Linkedin @JimmickLimited

Property Investing Steps

8 Steps to Property Investing

 
Are you looking to buy an investment property, but not sure where to start?  Here are 8 steps to assist you through this important process.
 

1. Review your Personal Cash Flow and Budgets

 
An important step is understanding how much cash you have to invest in property and whether you can afford the cash flow impact on owning an investment property.  This can be as simple as listing all your assets including incomes and working out your expenses.  Work out how much you have as a deposit (making sure you don’t over commit), or how much you will need to save for a deposit.  Normally a lender likes you to have 20-50% deposit.
 

2. Contact financial institutions for Loans and Get Pre-Approval

 
Once you understand your personal cash flow and budget the next step is to talk to a financial institution for Loans to find out how much they would be prepared to lend you and what the interest rate would be.
 
It is recommended that you get pre-approval for an amount so you can go searching for a property with certainty based on how much you can spend. This will also dictate where you can purchase and what type of property you can purchase e.g. a house or apartment, new or old.
 
Also you should consider how you will structure your Loan, should you go for interest only or principle and interest? Should you lock the rates in on a fixed term or leave it variable or go half/half? The answers to these questions may depend on the economic environment at the time and as always, seek counsel from the professionals before making a commitment!
 

3. Set Your Goals

 
What are your goals? What are you looking to achieve?  It is important to be clear about these and talk to experts such as your accountant and financial advisor.  You need to consider your short and long term goals.  For example if you are looking to retire in 10 years, perhaps start with a 10 year plan then break it down to 5 yearly, yearly, bi-annual, monthly and weekly timelines.  This will help clarify what you need to achieve through your investments.
 

4. Talk to your accountant

 
You need to understand the tax implications of buying an investment property and your accountant is the best person to talk to about this.  Ask them to clarify the following:

  • Negative gearing implications and depreciation allowances on new buildings.  They will be able to advise if you are better off buying in a new or old building
  • If you are buying a property with someone else ask whose name should be on the contract as this may have impacts on any future tax benefits, land tax and stamp duty.
  • How much they believe you can afford to spend each week on an investment mortgage and the tax impact on this amount.

 

5. Find a Conveyancer or Lawyer

 
Most property investors enlist the services of a conveyancer or solicitor to handle the purchase process on their behalf.  While you are able to act on your own when making a property purchase, the process of documentation and settling can be complicated – and may seem daunting. Bringing in support and assistance from a qualified expert familiar with legal documents and legislation can make the process easier.
 

6. Create a Property Evaluation Model

 
By now you have clarity around how much money your lender will give you, your accountant has verified your budgets and you have the legal support team ready to go…but you don’t know exactly the type of property you are after.
 
This step is all about creating a property evaluation model – to identify what criteria in an investment property is important to you.  To do this you need to rank your key investment criteria such as the location – does it need to be near public transport, schools, shops, work and what is the walk score?  What do you value as important for the exterior and interior of the investment?  Such as type of building, size of complex, parking,  number of bedrooms and bathrooms, flooring, the properties aspect, quality of kitchen, backyard and outdoor entertaining and whether you want to renovate or not.
 
These steps help you clarify exactly what you are looking for and will enable you to assess potential investment properties against your must have criteria.
 

7. Searching for a Property

Doing your own research is important, after all it is your money and knowing about the specific market you are investing in is a good idea.  Talk to a local Jimmick Limited agent and find out about the local market you are considering buying in, what are properties selling for, how long are they on the market etc, gather information on the demographics of the suburb, its location to important amenities such as transport, shops, universities and schools and information on the recent sales and history of the area.
Plus keep an eye on the real estate portals such as jimmicklimited.com to see what properties are for sale.  But make sure you don’t become emotionally attached to the property, it’s an investment, and your focus should be on maximizing capital.

8. Engage a Property Manager

 
After purchasing your investment property, the next key decision you will need to make is whether you will employ a property manager to help you, or whether you’ll manage it yourself.
 
Although many investors are financially-savvy, when it comes to property purchase, dealing with day-to-day property issues or legal jargon they are left in the dark.  Jimmick Limited’s team of experienced property managers can help make sure you receive a reliable income stream, excellent capital growth and the best returns possible – as well as a guarantee of exceptional customer service.  You will receive regular and thorough property inspection reports, copies of all important documents and regularly review of the local market to help you achieve the best outcome.
 
A property manager costs approximately 7-10% of your total rental income, however the services and expertise offered by a good property manager is worth much more than this fee, plus in many cases the agent’s service fee is tax deductible.
 
Make sure you seek professional advice to determine whether property investing is a good idea for you and your individual needs
 
Follow us on Facebook, Twitter, Instagram and Linkedin @JimmickLimited

Interview Questions To Ask a Property Manager

Of course, that’s not to say that the interview isn’t a crucial part of screening your tenants. Like any interview, choosing the right questions to cut through the waffle and get the necessary information is a vital part of the property manager’s role.
 

  1. Are you the property manager who will be managing my property? If not who will it be?
  2. How many properties do you and your company manages?
  3. How would you market my property and attract the best tenants?
  4. How do you screen tenants?
  5. How many tenants on your books currently are in arrears with their rent?
  6. What action is taken if a tenant is behind on rent?
  7. What happens if my property needs urgent repairs / maintenance?
  8. How many inspections do you do each year and what is the cost for these?
  9. How do you communicate with landlords and how regularly
  10. What is the full cost of management?  Please detail all costs and fees and show where GST is payable?
  11. What is your estimate of the weekly rental potential of the property?
  12. How can you ensure I receive the best returns for my property?
  13. What differentiates you from other property managers?

 
Follow us on Facebook, Twitter, Instagram and Linkedin @JimmickLimited

Choosing a Real Estate Agent

Choosing the right agent is important. Here is what you should look for and questions you should ask.
 

Choosing the right agent – What to look for

 
A property, whether it is your family home, first home, investment or something in between, is often your most valuable asset.  As a real estate agent is responsible for connecting you to your desire home, choosing the right one is a big decision.
 
Their connections, local market knowledge and real estate expertise play an important role in ensuring you get the results you desire in the shortest time possible.
 
To ensure you’re choosing the best agent for the job, it pays to ask pertinent questions. You’ll need to feel comfortable with whomever you select when buying real estate.
 

Some Important Features of a Real Estate Agent

 
Local Agent:  It’s important that the agent you choose knows the area you are buying in and that they are aware of other properties for sale and properties that have recently sold.   Jimmick Homes has real estate agents right across Nigeria working in your local area.  They are experts at knowing the local market and can give you an honest appraisal on the expected value of your desired property and assess how it is placed in the market alongside similar properties.
 
Experience:  Does the agent display local knowledge of your area and do they have experience in the method of sale you are looking at using?  Can they show you any comparable previous sales?
 
Market Knowledge: The agent should be able to give you a local market report of your area and surrounding areas. They should know about property trends, schools, transport, demographics and the sorts of buyers looking for homes in the area.  Ask your local Jimmick Homes agent for our industry leading Local Market report packed with property information, trends and insights just for your neighborhood.
 
See them in action: An excellent way to assess an agent is to see how they perform at an open for inspection.   At the inspection watch their behavior, were they on time? Do they stand at the door and welcome attendees and capture their details?  Do they highlight the property’s features and could they answer any question you put to them?  Did they follow up after the open for inspection offering more information? And was their marketing of the property of a good standard?
 
Trustworthy: Honesty and trust are key to any good relationship – especially in real estate.
 
Approachable: You’ll need to find an agent who you feel comfortable with, who will listen to your concerns, answer honestly your questions and who is approachable by you and prospective buyers.
 
References: Don’t be afraid to ask for references and referrals, as speaking with past clients can give you an idea of how the agent has performed previously.
 
Professional expertise: Can they clearly outline the activities they undertake and offer a guarantee of service?  Can they show you their recent results including sale prices, time on market etc?
 
Follow us on Facebook, Twitter, Instagram and Linkedin @JimmickLimited

Why Choose Jimmick Limited

  1. The Agency

Jimmick Limited is Nigeria’s largest provider of property management services. Jimmick Limited is Nigeria’s most recognized brand, meaning, more people come to us when thinking about a property transaction. This gives us more property developer to work with when we are negotiating a new property for you.
 

  1. The Team

Dedicated and highly trained property investment management professionals are committed to providing you with the best real estate service and advice.
 

  1. Market Leaders

Our agency is one of the market leaders in the area. With unquestionable excellence in property investment management and leasing and managing in excess 1,000 properties, Jimmick Limited has established itself as a market leader.
 

  1. Marketing Success

You only get to the top by results, and in property investment management that means a high return rate.
 

  1. High Profile

Highly distinctive service delivery attract enquiry.
 

  1. Internet Services

Jimmicklimited.com can assist you with all your real estate needs.  Our website regularly has over 500 thousand visitors a month!  For us this is a real marketing advantage.
 

  1. Listing Lists

Detailed lists are dispersed each day via email.  Using up-to-date technology, our lists display photographs and detailed descriptions of properties available for sale to help maximize prospective investors to our listed properties.
 

  1. Network

Our agency is able to offer a full service network via our network relationships and technology.
 

  1. History

Jimmick Limited has been servicing the area since time past. During this time we have built a reputation of providing outstanding service to our clients throughout many phases of their life-long dealings with property.  They come to us first as investors and first land/home Buyers. They return when they upgrade to second or third homes, and we see them again as property investors.
 

  1. Training

All Jimmick Limited staff regularly attend training, both external and in-house, and are fully briefed in all facets of industry related Legislation. Our philosophy is to provide the best service with ethics and to ‘best practice’ standards.
 

  1. Newsletters

Regular newsletters are produced and distributed to our large customer base, which includes present and past sellers, investors, financiers, legal advisers, building contractors, etc. We keep our clients informed.
 

  1. Referral

Jimmick Limited is committed to providing best practice property investment management services to clients and customers. We receive numerous accolades for our service from both property investors and tenants alike. Many tenants hand their investment properties to us to manage because of our professional services delivered throughout their tenancy.
 

  1. Commitment and Care

Jimmick Limited is committed to excellence and results. We care about each customer and their personal needs and we strive to work hard to achieve their goal. We understand the importance of communication with our customers and ensure prompt feedback and relevant information and advice is provided.
 

  1. Communication

We understand that communication is the key to our relationship with you and whether it is ‘good’ news or ‘bad’ news, we won’t keep it from you. We also keep you updated with progress and activity reports, relating to your property and tenants. Direct email access to your property investment manager is a quick and efficient option available to you.
 

  1. Peace of Mind

Our experienced property investment managers handle the task of maintaining your investment, through routine inspections and rent reviews. Our goal is to increase your income and ensure your investment is working for you with minimal hassles.
 
Follow us on Facebook, Twitter, Instagram and Linkedin @JimmickLimited

What to look for in a Rental Property

A checklist to help you determine your rental wish list
 
So you don’t waste your time looking at rental properties that don’t meet your needs, here is a simple checklist of practical things to consider to help you determine your rental wish list.
 

Location & Features of the Property

 
This, along with budget is one of the most important decisions you need to make.  It is worth spending time ranking the following features as Essential, Preferable or Handy.
 

Location

 

  • Close to work
  • Close to schools
  • Close to park
  • Close to shops
  • Close to amenities eg hospital
  • Close to sports grounds
  • Close to transport
  • Close to family and friend
  • Close to leisure activities

 

Internal Features

 

  • Number of bedrooms
  • Separate dining room
  • Separate children’s rumpus room
  • Open plan layout
  • Number of bathrooms
  • Modern kitchen
  • Built in wardrobe
  • Additional storage

 

External Features

 

  • Garden
  • Garage or off street parking
  • Outdoor area
  • Security
  • Low maintenance
  • Fully renovated /landscaped
  • Access to property

 
Follow us on Facebook, Twitter, Instagram and Linkedin @JimmickLimited

What to look for in a Landed Property

A checklist to help you determine your land wish list
 
So you don’t waste your time looking at landed properties that don’t meet your needs, here is a simple checklist of practical things to consider to help you determine your land wish list.
 

Location & Features of the Property

 
This, along with budget is one of the most important decisions you need to make.  It is worth spending time ranking the following features as Essential, Preferable or Handy.
 

Location

 

  • Close to park
  • Close to shops
  • Close to amenities eg hospital
  • Close to sports grounds
  • Close to transport
  • Close to leisure activities

 

External Features

 

  • Garden
  • Garage or off street parking
  • Outdoor area
  • Security
  • Fully renovated /landscaped
  • Access to other property

 
Follow us on Facebook, Twitter, Instagram and Linkedin @JimmickLimited

Why Use Jimmick Limited for Property Management

Jimmick Limited has a team of experienced property managers who can help make sure you receive a reliable income stream, excellent capital growth and the best returns possible – as well as a guarantee of exceptional customer service.
 
Whether you are overseas or based in Nigeria, you’ll want to make the most out of your real estate investment. You may have plans to purchase an investment property, or already own a home or apartment to rent out to tenants. Either way, Jimmick Limited can help you maximize your returns – offering a mix of investment and property management to address every possible circumstance on your behalf.
 

  1. Experience on your side – our experienced property managers understand the real estate market and are experienced at screening properties, reference checking and reviewing property history to ensure you receive high quality investment.  You of course have the final say as to your choice of property.

 

  1. Avoid unpleasant confrontations – We are a buffer between you and the land owners – our property manager will help deal with problems such as documentation and other payment challenges through to damaged property.

 

  1. Investors have someone to talk to right away – if an issue happens with the property; our property managers are more accessible to address problems at all hours of the day.  Our negotiating power with tradespeople ensures you get the best price on all listings.

 

  1. Decrease investors turn over – We know how to keep investors happy and happy investors are more likely to want to stay and refer more investors.

 

  1. On time purchase – Our property managers will work to ensure payment are broken down and made as flexible as possible to suit investor’s needs. Consistent

 

  1. Less stress – someone else is managing your property and so you don’t have to worry as they will do most of the work for you.

 

  1. Strict legislative requirements – private owners are bound by the same legislative requirements as property managers in their dealings. This means that if you are taking the task on yourself, you will need to stay up to date with constantly-changing legal requirements.  So choosing a Jimmick Limited property manager to manage your investment property is a wise decision that will save you time and money over the long term.

 

  1. Comprehensive Insurance – You’ll also find that investors who request the help of a property manager may be eligible for more comprehensive insurance cover and other advantages.

 

  1. Qantas Points – When you appoint Jimmick Limited as your exclusive property manager you will receive special give away and bonuses to spend on a holiday of your choice.

 

  1. Reduce your Risk – By engaging a Jimmick Limited property manager you reduce the chance of having a bad property therefore lowering your risk of lost income.

 
Follow us on Facebook, Twitter, Instagram and Linkedin @JimmickLimited