Choosing the best property management agency is a critical part of a smooth-running investment property.
Many investors focus all their time and effort researching the property markets to secure a top investment, however, they let themselves down by spending very little time researching the best property management agency that can preserve their property’s value and maximise their rental income.
Too many landlords choose their agency on fees alone. Others think they don’t need an agency and can do it themselves. This is possibly because they don’t appreciate that property management is so much more than just collecting rents. And great property management can save landlords thousands of dollars!
A professional property management agency should minimize your vacancy, maximise your return, and all while preserving your property’s value.
It requires: –
- Industry specific skills and knowledge such as knowing how to market your property effectively to get it in front of the largest number of ready tenants.
- Setting the rent at an appropriate market level to ensure timely leasing from the choice of a variety of good quality tenants.
- Checking potential tenants’ references to ensure they are reliable and are unlikely to cause issues.
- 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.
- Keeping up-to-date with complex ever changing tenancy legislation.
When choosing a property management agency, you want it to be a long and successful association. Your chosen agency should have a dedicated property management department with experienced business owners who have an active involvement in the day-to-day business. This will help ensure you have a well-run investment that produces superior results.
After you have chosen your agency, you should establish a collaborative relationship and agree on your working parameters. Explain to your agency how involved you want to be in the ongoing management of your property. Make it clear what they are allowed to do without referring back to you, and when you do require them to contact you. This will avoid many of the misunderstandings that arise between Property Managers and Landlords.
When it comes to property management you should choose carefully, as
a smart and proactive property management agency can considerably increase the return from your investment property, while keeping it running smoothly.
For more information on our professional property management service, call our award-winning experts on 4628 7444.
