Owning investment property is an important step in your financial future. Using a Property Manager to manage your investment should help to minimise risk and maximise your returns. Choosing the right Property Manager for your needs is essential to correctly manage your property and ensure your investment works for you.
Helping you maximise your investment
A Property Manager will do more than just collect your rent – they understand the laws and legislation of Real Estate, find and screen suitable tenants, conduct inspections and organise maintenance where required.
A good Property Manager will also provide advice on increasing the value of your investment, ensure any disputes with tenants are dealt with quickly and efficiently, and provide a very high quality service which removes the stress for you. They will regularly review your rental, have access to comparable rentals and negotiate appropriate increases, while minimising vacancy periods.
Most importantly, a good Property Manager will assist you to preserve the condition of your property, increase its value and maximise income – that’s ultimately why you are investing in property in the first place!
Helping you manage your risks
A Property Manager is beneficial when it comes to drawing up leases and submitting bonds to the Residential Tenancies Bond Authority (RTBA). Unless you are in the Property Industry yourself, making sure your interests are covered legally can be a daunting task. With a professional to manage your interests and advise you on legislation, your experience as a landlord should be an enjoyable and rewarding one.
Understand what you’re getting for your fees
Whilst it is possible to gain discounted property management fees, eg; 6-7% of rental collected, this discount cannot be achieved without discounting service levels. Be aware of any hidden or unbundled fees that may creep in and also be aware of industry service level benchmarks if considering a low value, discounted service. A total, high quality Property Management service should mean the property manager conducts everything from
tenant interviews and reference checks to dispute resolution services, inspection reports and sourcing tradesmen for maintenance.
While paying a fair market fee for professional services is important, it should be only one of the deciding factors. You should always cynically consider an agent who tries to win business purely by discounting. If they are willing to give away their own money, should they be managing your assets? Therefore, it’s important not to only look for a Property Manager with low fees. This doesn’t necessarily mean you will save money in the long run – especially if they fail to look after your property well, choose unsuitable tenants or charge more for maintenance.
Remember, the Property Industry and its legalities are complex and ever changing. Ensure you adequately cover your investment and make it work for you by engaging a professional that delivers a high quality service.
To talk about the numbers on your property, call Ray White Tweed Heads on (07) 5599 2000.
20 questions you should be asking. Does your Property Manager: