Choosing the Right Property Manager for Your Investment.
Sometimes having a residential investment property can be a stressful and costly venture. Trying to understand the relevant acts or finding appropriate trades to ensure the property is compliant can all add up. But by appointing an experienced Property Manager, they can not only alleviate the stress but also guide you on ways to achieve a viable return. But how do you choose the right one?
Look for someone with experience.
When appointing a Property Manager, look for someone with significant industry experience. With experience comes knowledge, so whether it is what trades are best for you to use, how to approach tricky situations or even how best to market your investment, they will have all the answers for you.
They should also have a thorough understanding of the Residential Tenancies Act and be up to date with any changes in legislation. Be sure to do your due diligence here, as a lack of knowledge or understanding can sometimes lead to costly mistakes.
How do they market your property?
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 always attract a higher quality tenant, whilst using professional photography for online marketing campaigns will also capture a broader audience. Meaning your property is leased to a viable tenant in a more timely manner!
With current vacancy rates in the Geelong region currently sitting at 0.9%, you should expect your property to lease in approximately 8 – 10 business days. In some circumstances, this may be quicker. Ask your potential Property Manager what their average days on market are to get an idea.
When’s the best time to start the process?
If you are in the infancy stage of buying an investment, now is the perfect time to hunt around for the right Property Manager. An experienced 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 regularly, 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, as 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 to look for when you pass your valuable investment over.
If you have a residential investment property and wish to obtain an update on market conditions, discuss ways in which you could achieve a viable return, or are looking to consolidate your portfolio, feel free to get in touch with Emily Reid on 0411 497 783.