Many people who own investment properties trust the management and care of their asset to a licenced real estate agency. There are many responsibilities involved in the day to day running of a rental home that may not be known to an owner, whether through lack of know how or experience. Time is a precious commodity, and a dedicated Property Manager can save an owner the hassle and stress of dealing with tenants, maintenance and rent collection. They can assist with legal matters such as having to evict tenants, advise of changes to legislation that may affect the owner and their property and ensure the home is being care for and maintained to as high level. Some tasks they perform include-
- Advertise the property for rent, including organising professional photos.
- Organise an ESC (electrician safety certificate) to make sure the property meets electrical compliancy.
- Organise a pool barrier approval certificate with the local council.
- Showcase the home to potential tenants and conduct home opens.
- Process applications and conduct reference checks.
- Prepare a tenancy agreement/lease renewal
- Negotiate and collect rental payments.
- Lodge and collect bond payments.
- Conduct an ingoing report with photos.
- Carry out regular inspections.
- Arrange for repairs and/or maintenance.
- Provide monthly statements and financial statements to the landlord.
- Pay council rates and taxes (from the rent).
- Issue termination notices to difficult tenants.
- Conducting final inspections to compare the property at the end of the tenancy.
Choosing a Property Manager that fits your needs means asking the right questions. Get a free appraisal done so you can meet the Property Manager on site and ask about their experience, how they can meet your requirements and what their fee structure involves.
Also ask them to provide a Sale Appraisal, which may be needed for your accountant if you have been living in the property prior to leasing it.