Many people in Victoria invest in property, but when you’re already busy with your day-to-day life, it makes sense to ask a property management expert to handle your investments for you and give you peace of mind.
The work of a property manager extends past just finding a tenant and making sure they pay their rent on time. To get the most out of a property manager, you should be fully aware of what they offer, and which of their services you would prefer to engage in.
Cost of Rent & Finances
By evaluating the property in terms of comparable rental properties in the area, the property itself, historical yield and market conditions, they can find out what the right rent should be. They can also help you attract a better rent price, and also offer accounting records, keep tax documentation organised and complete any returns that need to be done when the property is vacated.
They Market Properties for Rent
Marketing a property for the rental market is a tough job, as you want to attract the right clients. To do this, the manager will draw up information on the property and take images to showcase it as best as possible. They will then market the property to all the right channels, so you attract the demographic you’re looking for.
They Screen Tenants
The property manager will prove useful as they have the right tools to screen tenants. Some of these tools include background, reference checks, income tests, and personal interviews. The agent will also check tenant default databases, look into the rental history of the tenant and even undertake police checks if you require this or even the tenant’s social media.
Help The Tenant Have A Smooth Move
This includes things such as making sure the property is clean and ready for a tenant, and drawing up a lease agreement with all the relevant legislation and terms already in place. Then liaise with the tenant for a good move-in date. Draw up and get a condition report signed, as well as collect any bond and rent in advance. All these things are technical and time-consuming, so leaving them to the agent is a wise choice.
The property manager will undertake property inspections routinely, according to the management agreement and tenancy legislation. They can make sure to keep the owner up to date on the condition of the property and advise on current and future repairs as well as the maintenance that may need to happen soon.
They Collect Rent
The property manager will be useful when it comes to collecting rent electronically, providing receipts and following up on late or unpaid rent with the right penalties in place. They can always advise on if the rent needs to increase or decrease, and by how much, and make sure deadlines are in place to accommodate these changes.
Undertaking Repairs or Maintenance
Properties need maintenance, this is a fact. A property manager can help you work with a list of trusted providers for quality, affordable repairs. They can also help you have a maintenance schedule that will include preventative maintenance to save costs over time. They can then oversee these repairs occurring in real time. If an emergency repair is needed, the property manager can have things organised for the renter with less stress overall.
When it comes to seamless property management services, Established Property is the best choice for people in the Point Cook and Wyndham areas of Victoria. They can make life easier for you when it comes to your investments.