Investing can be very exciting, but can also be a little bit daunting, particularly when you’ve never done it before. Managing your own investment property can quickly become stressful, which is why many landlords choose to hand over management to a property manager. Knowing what to expect from your property manager is important. An excellent property manager will provide peace of mind, knowing that your investment is in capable hands.
High quality tenants
High quality tenants are an investor’s dream – they pay on time, stay longer, look after the property and cause generally less problems overall. Not only can they screen potential tenants, a good property manager is also capable of analysing applications and making executive decisions about potential warning signs. When viewing applications, your property manager should be able to determine whether the tenant is a good fit for the location and property. They should provide feedback on applications before you make your final decision on who the property is leased to.
People often say that no news is the best kind of news, but this is rarely the case when it comes to property management. You should expect regular communication, without being bombarded. Your property manager should call first, email later. Emails are fine to follow up, but you don’t want communication with your property manager to be solely over email. A lack of communication can lead to landlords being unaware of problems that arise in their investment properties.
In Victoria your property manager should undertake an initial inspection three months after the commencement of the tenancy, and every six months after that. These are an important way to keep up to date on the condition of the property and to ensure things are running smoothly.
Peace of mind
You should feel calm and confident that your investment property is in capable hands. Your property manager should handle all finances, maintenance issues, tenant enquiries and statements. Ideally, the tenant should not have your contact details – if something goes wrong your property manager should be the first port of call for your tenants. Your property manager will be across the in-depth legislation surrounding residential tenancies and without the education on this, you may find yourself in breach and at risk if managing your own.
If you are constantly stressed about the state of your investment property or find yourself doing half of the work, your property manager is not doing their job correctly. Ultimately your property manager should be making your life easier, so you can get on with doing the important things in life.
Have a question about your investment property? Speak with our property management expert Kellie Papworth today by calling 5261 4711