Have you just stepped into the property investment world? Investing can be an excellent experience that will benefit you in years to come, but without exceptional management it can quickly become your worst nightmare!

 

There are many positives that come with an investment property that can bring wealth into one’s life:

-The value of your property will grow over time and if the investment is well chosen, it could be a fantastic financial move that benefits you in the long run. You won’t only benefit from steady capital growth but you will also receive monthly rental returns from your tenants.

-You are able to insure your asset against most risks like fire/damage/tenant leaving or breaking the   lease.

-You don’t need a special qualification or a lot of knowledge to invest in a property, unlike opening up a business. Anyone can do it!

-You are in in control of your property investment, unlike other investments. You are able to make all of the decisions and control your rental return.

-If your property is negatively geared it may provide tax benefits for you.

With all of the positives come the negatives and to minimise any negative experience you may have, you need a good property manager!

What makes a good property manager?

Property management is nowhere near as simple as collecting rent and organising maintenance.

A landlord paying management fees should expect their property manager to have their best interest at heart and to conduct a business plan on how their investment property can grow in capital value for them. Elements of this could be annual rent reviews, routine inspections, negotiating renewing tenancy agreements and recommending maintenance (non-urgent, scheduled and improvements) just to name a few.

When looking for a property manager, you should come up with a list of questions that will determine who you go with.

Some good questions could be:

How many properties do you manage and how many staff members do you have managing them?

Property manager to house ratio should be at a reasonable number. Generally, more staff mean that your investment will get the appropriate amount of attention it needs. An under staffed rental team may mean that you risk limited communication with your property manager as they are flat out dealing with a huge rental role. Let’s be honest, there is nothing more frustrating than waiting on a phone call from a week ago or having to continuously follow up because of that lack in communication.

How do you address maintenance issues?

You should know how maintenance issues are dealt with, make sure that they have a system in place that suits you.

How is rent paid to you, can it be flexible if need be?

Make sure that your property manager’s way of paying your rent to you suits your lifestyle and schedule.

What kind of rental programs are used?

Ask about the rental programs that are being used in the office, how are they aiding in the management of your property?

How are the rental properties split? Are there support staff?

Great property management usually comes from a great team working environment. It is great to have a property manager that is highly skilled but in case they are away sick, with clients or out on appointments you want to be sure that someone else will be able to help in the interim.

There are many qualities, attributes and skills that property managers should possess and one of the most important should be exceptional communication skills. Life isn’t perfect and things don’t always go to plan. Having a dedicated property manager who can get back to your phone calls promptly and keep you constantly updated when things go wrong, can make any bad experience a whole lot easier.

Do your research, ask as many questions as you need to and make sure you chose the property manager that best suits you!

 

For Rental Management enquiries call Professionals Ryder Real Estate on 9743 6400 and speak to one of our helpful, friendly staff members!