Choosing the Right Fit for Your Investment
What to Look for in a Property Manager
When appointing a Property Manager, look for someone with industry experience, they should have a thorough knowledge of the Residential Tenancies Act and be up to date with changes in legislation. Be sure to do your full due diligence because costly mistakes can be made by incompetent Property Managers.
An experienced Property Manager should be able to advise on ways in which you can achieve the highest possible yield with the lowest vacancy. A well-presented property will attract a higher quality tenant, whilst using professional photography for online marketing campaigns will also capture a broader audience resulting in leasing your property to a viable tenant in a more timely manner. With current vacancy rates in the Geelong region currently sitting at 2%, you should expect your property to lease in approximately 8 – 10 business days. In some circumstances, this may be quicker. Ask your Property Manager what their average days on market are?
One of the most integral tasks a Property Manager will undertake is Routine Inspections. It is imperative Routine Inspections are carried out throughout the tenancy. The first inspection should be carried out at the three month mark of the commencement of a tenancy and every six months thereafter. You should be supplied with a fully detailed report including photographs. These regular inspections not only highlight how a tenant is maintaining the property or damage that may have occurred, these reports can be used in evidence for VCAT and any potential insurance claims. Ask if your Property Manager invites you to attend these inspections.
Getting Started with a Property Manager
If you are in the infancy stage of buying an investment, now is a good time to hunt around for the right Property Manager. A dedicated Property Manager should be able to provide you with an expected rental return and offer advice on the “letability” of a property. With market conditions varying on a regular basis, knowing what to expect before signing a Contract of Sale can be vital to buying a good investment.
Appointing a Property Manager to look after your valuable asset is something all investors should take seriously. There is so much more to the management fee you pay. As the old saying goes “pay peanuts, get monkeys”. Proficiency, experience and transparent communication are key attributes when it comes to handing your valuable investment in to the hands of a Property Manager.
If you have a residential investment property and wish to obtain an update on market conditions, ways in which you can achieve a viable return or simply wish to consolidate your portfolio, feel free to contact me, Emily Reid – 0411 497 783.