Why Use a Property Manager?
Effective property management is the key to protecting your asset. This is why it is important to have an exceptional property manager. Remember, it’s not just a property, it’s a significant investment and you want it well looked after. Furthermore, you want its value to remain high because you want the best rental return on your investment.
A good property manager will excel in the following:
Markets your investment properly so as to get the most exposure to the right kinds of tenants.
Management of all legal requirements. Ensures that all government legislation relevant to your investment property are complied with. Also ready to give you advice on your rights and obligations.
Monitors market trends. Ensures that your investment is getting the highest possible rental return. Carries out rental reviews and ensures tenants pay the rent on time.
Find the best quality tenant for your investment property. Follows strict and professional guidelines in tenant selection. This includes checking references & employment stability. To be sure that the tenant is capable of paying the rent. Also, ensures a good track record in their previous rental history.
Your property manager should also be able to:
Makes necessary preparations for the signing of the residential tenancy agreement. Also, arranges for lodging of the rental bond.
Confirms that the tenant understands the terms of the residential tenancy agreement. Also, ensures that the terms of the tenancy agreement are complied with.
Building A Good Relationship With The Tenant
A happy tenant is a tenant who stays. They are comfortable contacting their property manager immediately so they can fix any issues.
Acting as Negotiator to Any Disputes Between the Tenant and the Landlord
A good property manager manages disputes between landlords and tenants before they escalate.
Provides a good range of options for tenants to pay their rent. Manages if tenants are required to pay rent in advance. Monitors incoming rentals daily. Also, manages any rental delays effectively.
Looking After Your Investment
A good property manager knows your property, inside out. They conduct regular inspections of your property (as per the legislation) to ensure it is well-maintained. Also, forwards written report on its condition and any maintenance needed. Gives feedback to help you budget for larger items of expenditure that may be required. Furthermore, a good property manager provides an after-hours contact for emergencies.
Communicating well with you on your investment.
No need for you to interact with your tenant at all. Paying bills for you, invoicing tenants for user-pays water costs. Handles any maintenance required. He or she ensures work on the property is well done by directly dealing with tradespeople so as to obtain the best quotes. They can also provide statements for your tax return.
And if you decide to refresh your investment portfolio…
Your property manager should be able to liaise with your tenant and your real estate agent to make the sales process easier, smoother and faster. Or liaise with your mortgage broker regarding access for valuation purposes. Because these things can make it easier for you to refresh your portfolio.
The Right Management solution is one of the most important strings to your investment bow. Having the right property management ensures that your investment is being looked after in all aspects. Most of all they ensure that your investment property is always tenanted with only top quality tenants.
In conclusion, the Right Management allows you to have a safe and worry-free investment solution that is truly “Set and Forget”.