Many property investors ignore the role that a professional property manager can play in preserving their property’s capital value and maximising its income.
With our property markets growing strongly and no shortage of tenants, many new landlords fail to address the relationship with their property manager as an ongoing business partnership.
Too many landlords choose their property manager on fees alone.
Others think they don’t need a property manager at all and can do it themselves.
This is possibly because they don’t understand that property management is much more than just collecting rents.
• As a property investor you have the choice of managing your investment properties yourself or delegating the day-to-day management to managing agents.
Engaging a property manager is the preferred option for investors in today’s more complex property market.
However, it is critical that you choose your property manager wisely as proactive property management can considerably increase the return from your investment property.
For our investor clients, GoReal facilitates your engagement with a property manager that is local to the area where their Investment Property is located.
To manage your property to minimise vacancies and maximise your returns GoReal suggests examining:
• Industry specific skills and knowledge such as knowing how to market your property effectively to get it exposed to the maximum number of tenants.
• Setting the rent at an appropriate market level to ensure quick leasing, the choice of a variety of good tenants and at the same time maximise the returns in these days of rising rents.
• Checking potential tenant’s references to ensure you have a reliable tenant who is unlikely to cause troubles.
• Drawing a fair and comprehensive lease to protect your interests as a landlord.
• Lodging the bond with the relevant authority.
• Handling repairs and maintenance with skilled, licensed tradespeople.
• Paying insurances and outgoings on behalf of the landlords who will work at fair prices.
• Keeping up to date with complex ever changing tenancy legislation.