Managing Your Property Chores

How Can a Property Manager Help?

Many investors underrate the value they add, but a good property manager can play a pivotal role in the success of your investment.

Many Australians have barely enough hours in the day to manage their own households, with work, kids, groceries, home maintenance and other chores to attend to.

But once you purchase an investment property, you are responsible in many ways for managing your tenants as well.

If you would rather not deal with the day to day chores of renting out a residential investment property, you may want to consider using a property manager.

Finding the right one is crucial since their responsibilities will be wide ranging – from liaising with tenants to keeping your property safe and secure.

What Are Your Expectations

First, you will need to consider your expectations for your property manager’s roles and responsibilities. Depending on how much time and money you want to commit, there are two options: a leasing only or a leasing and maintenance agreement.

As with all investing issues, the next step is to do your research. Find out the rental amounts for properties in the area where your investment is located, and familiarise yourself with relevant tenant-landlord laws. Note that these differ from state to state.

Do Your Research

Next, speak to property managers at several real estate agencies and see how they respond to your questions. Do they reply quickly or do you have to wait days or weeks for a response? This is a good indication of what your future relationship will be like.

See if you can get some recommendations from people you know who may have investments or from some of the property professionals who are already advising you.

Always check how many properties the agency and each manager has responsibility for. Most industry professionals suggest that no more than 100 properties should be managed by one person if they are to provide an adequate level of service.

Understand What They Do

It is also important to check the property manager’s processes. How does the manager go about finding new tenants? What kind of background checks do they complete? And how do they handle disputes with tenants?

Before you enter into an agreement with a property manager, make sure you thoroughly read your rental agreement. Make sure you are able to release yourself from the relationship if they are not doing a good job.

Finally, be sure to keep in regular contact with your chosen manager for at least the first 12 months to ensure they are doing everything possible to make your investment successful.

Finding and Keeping Good Tenants

Attracting and retaining the right tenant for your investment property should be one of your most important objectives.

Rental vacancies are low but that doesn’t mean property owners can relax when it comes to choosing tenants.

Good tenants are still the key when it comes to maximising the return on your property investment. Consider the following recommendations when looking to attract and retain the right people for your property.

Be fair: Rental prices have sky-rocketed around the country but that doesn’t mean you should jack up the rental on your property. Use the average price of rental properties in your area as a guide: if you go too high you’ll limit the number of applications you receive.

Think about how you advertise your property: Focus on the best features of your investment property and don’t forget to include the attractions that are close by, for example shops, schools, pubs, restaurants and public transport.

Check references: Ask all applicants to provide a reference from their previous landlord and give them a call. You’ll need to ask questions about the condition of the property on the tenant’s departure, whether or not they paid rent on time and if there were ever complaints from the neighbors.

We buy houses in Hialeah.

Make your property pristine: When applicants are inspecting your property it’s essential that it’s in tiptop order if you’re hoping to attract the best tenants. Fix all problems and make sure the property is clean and gardens are neat and tidy. Splashing out on a fresh coat of paint is well worth the effort.

Be a good communicator: If your chosen tenants are keeping the property in good order and are meeting all their repayments on time they’re well worth hanging on to. To make sure your tenants stay satisfied, keep on top of any repairs that need to be made, investigate any requests and give your tenants plenty of notice if you are going to call around or make an inspection.