A Property Management agency is a great resource to have on your side as a property investor. A good agency oversees the daily tasks and responsibilities of your investment property, and they are a great means to facilitate the smooth communication between tenant and property owner.
Your local agency can help you right from the start, by arranging public viewings of the property while also handling all applications and references from prospective tenants. They are especially helpful if you need a second pair of eyes to help you manoeuver the tricky waters of property management.
Property Management agencies also have access to the National Tenancy Database to ensure any prospective tenants do not have poor history with previous rentals, which can save you stress and worry down the line.
The agency will devise a shortlist of prospective tenants that meet the requirements and pass all the checks, which you can then choose from.
The Property Management agency will arrange the lease documentation; manage rent collection; coordinate bond lodgement; see to occasional maintenance; conduct quarterly home inspections on your behalf; and can manage utility expenses, such as water and council rates.
If you have trouble understanding the market rate for your property and setting the weekly rent accordingly, your agency can work all of this out for you and save you the hassle.
Tenants and property owners alike tend to prefer dealing with a professional body, as often people feel uncomfortable addressing issues directly with each other. And if a situation arises that requires court action, property managers are familiar with the legal proceedings and can even represent you at the hearing.
The Property Management agency charges a percentage of the weekly rent as their fee, and this is fully tax deductible as part of your business expenses each financial year.
So, how do you get the most out of your property manager?
Relevant industry experience is a must
Ensure the agency you decide to employ has key experience in order to maximise your occupancy rates and rental returns.
Standard of care
Try to find a Property Management agency who you feel comfortable with and one who will treat your rental as if it were their own. That way you can rest easy knowing that your property is being managed properly.
Assess their market reach
Always ask a prospective agency how big their tenant database is and whether it is specialised in any way to further qualify those leads. You want to ensure that they have a decent amount of relationships that could lead to tenants, so opt for the company that has a great track record and a solid market base.
Local knowledge is key
Always try to enlist an agency that operates in your rental home’s local area to ensure that they know the facts and figures that are relevant to you.
Above all, a Property Management agency offers you peace of mind as they are a professional body to help oversee the day-to-day tasks and responsibilities of your rental home. So, make sure you do your research and follow our tips to ensure you entrust the right people for the job.
Call your local Peard Real Estate office to find out what a good property manager can do for you!