You might think that once you’ve settled on your investment property all that’s left to do is find tenants. Then you can kick back and relax.
However, once you become a landlord there are numerous rights and responsibilities that you need to familiarise yourself with and uphold. Beyond understanding all the relevant legislation, you need to be available to pay bills, conduct inspections, organise repairs and above all, keep your tenants happy to ensure the rental payments keep coming in. Much like the process of finding and securing your investment property, managing it might seem overwhelming,
Fortunately, managing the property doesn’t have to be. By outsourcing the management of your investment property to a real estate agency, you can virtually eliminate all stress associated with owning an investment property. With our property management team on board – you really can kick back and relax.
Here are six things a property manager will do on your behalf:
Find, vet and secure tenants
The first thing a property manager will be able to do on your behalf is find, vet and secure the right tenants. Your property manager will have all the skills and knowledge to firstly advertise your property online to reach potential tenants. From here, they will dedicate time to coordinate inspections to allow interested parties to view the property.
Post inspections, property managers will take the time to carefully assess each applicant. Furthermore, they have access to a tenancy database which allows them to view the rental history of prospective tenants. Using this tool, a property manager will be able to advise you on the best applicant for your situation.
Conduct regular inspections
Once the tenant has moved in, your property manager will inspect the property on a regular basis to ensure the tenants are taking good care of it. Your property manager will provide you with a detailed report including photos and make note of any repair work that might need to be tended to. Your property manager will keep a record of all reports to ensure at the end of the tenancy nothing is left damaged or broken.
Manage all repairs and maintenance
It is inevitable that throughout the course of a standard tenancy there will be repair requests. These requests could be small, such as fixing a running toilet or they may be serious, urgent issues like a burst hot water system flooding your property. Either way, outsourcing the management of your property means that whenever an issue occurs, you won’t have to worry. Your property manager will coordinate the repairs as per your instructions, all while keeping you informed.
Take care of bills and paperwork
Beyond collecting the rent each month and taking care of lease papers and inspections reports – your property manager will take care of paying any bills on your behalf. Whether it is rates, water bills or invoices from any tradespeople, your property manager will keep on top of these for you.
Provide market advice
The real estate market is always shifting. Your property manager will be dedicated to keeping their finger on the pulse when it comes to market updates. This means they will be able to provide guidance on things like rental increases to ensure you achieve the highest return on your investment. Our sales team is also always on hand if you want an updated value of your investment property in the current market.
Maintain a professional relationship
Navigating the many property laws and legislations is undeniably complex. By using a property manager means laws and legislations are always upheld. Fortunately, property managers have a wealth of knowledge when it comes to tenancy laws which enables them to mediate any issues between yourself and your tenant that may arise. This expertise allows your property manager to maintain a professional relationship with your tenants.
We have a team of dedicated and professional property managers to assist with all your property needs. Contact our team today on 02 6361 0133