From keeping across legislative requirements to ensure compliance, to doing regular inspections, to managing complex financial accounts, property management is anything but simple!
What Is Property Management?
Property management refers to the process of managing all aspects of a residential property.
"Property Management Is Just Collecting Rent"
A common misconception! Property management is much more than this. Ensuring the property is in good order and that tenants are happy is an artform and a whole lot of work.
Property Management Services Include:
• Advertising the property for rent;
• Managing & attending viewings;
• Screening tenants, including doing reference checks & reviewing rental history;
• Managing the condition report process from start to finish;
• Managing the tenancy agreement process & handling questions;
• Collecting & managing rent from tenants;
• Managing financial accounts related to the investment property & providing regular reports;
• Inspecting the property regularly;
• Organising tradespeople, in negotiation with the landlord, for urgent repairs & regular maintenance;
• Providing suggestions & advice to the landlord;
• Staying up-to-date with tenancy laws to ensure compliance.
Having a property manager means that you, as an owner, know that someone is "there" for your property should something go wrong.
On top of the essential services listed above, here are some added benefits that a good property manager can offer.
Added Benefits:
• Great local insights about the industry
• Detailed knowledge of local laws & legislations
• Trained professionals that "know" what to do and how to respond in any situation
In a nutshell, property management is about all thing's property in the time-frame between when you've bought the investment property, all the way until you sell it.
There's a reason why 80%+ of Australian property investors choose to bring on board a property manager.
80%+ Of Australians Use Property Managers Because:
• Self-managing a property is extremely time-consuming. It's obviously not worth it to quit your job to become a full-time property manager when you can hire a property manager to do it for you for a couple hundred of tax-deductable bucks a month.
• You have to settle disputes and issues yourself. It's an uncomfortable process and difficult to keep emotions out of it, meaning it can be hard to make rational decisions in this process.
• You have access to fewer resources and databases compared to that of a property manager.
• You're not always positioned to make the best decisions. Property managers can use their rich experience and expansive network to source better solutions for many situations.