Investing in property will undoubtedly be one of your biggest business ventures. To maximise your likelihood of success it is important to manage your investment correctly, which ultimately optimises your investment return.
As with all areas of investment, if it is not your area of expertise you would be well advised to hire a professional with specialist skills in Property Management.
If you need financial advice you hire an accountant. If you needed to install a new hot water service, you would employ a plumber. If you need to service your car, you employ a mechanic. Managing your investment property is exactly the same, you need a Property Manager.
Here are our top 4 benefits of employing a Property Manager:
1. Time – Property Managers are dedicated day in day out to manage your investments, this is their main focus of each day. There are a lot of things that have to be dealt with in a rental property and you are often required to multi task. Good Property Managers set up their weeks so all tasks are completed on time, such as; checking rents are paid up to date, completing routine inspections, completing rent reviews, conducting vacate inspections, arranging repairs/maintenance.
2. Choosing the right tenant – Property Managers adhere to a strict open for inspection and application process. Property Managers will get to know as much information about potential tenants when they first meet at the open for inspection. For an application to be submitted on the property, agents ensure they receive 100 points of identification, 2 current pay slips, contact details of current living arrangements/references and contact details of current employer. Once all information is received all reference checks are made and information is verified. Agents then also conduct a tenancy check on each applicant on the National Tenancy Database to ensure the tenant has a clean rental history even if they have not listed all previous rental history on the application form. This information is extremely important.
3. Determining Rental Cost – Property Managers see a wide variety of properties each and every day in their core area, including properties currently managed within their office as well as potential properties to list. With this ‘street’ knowledge and access to market research tools, Property Managers are more than equipped with the right tools and skill to ensure landlords are receiving maximum return on their investments.
4. Legalities & Skill – Property Managers are trained for skill and legislation. This is what they specialise in and have fantastic knowledge when it comes to the law and regulation of Property Management. This knowledge and skill is specific and valuable. If you have an issue with your pet, your take it to a qualified vet as this is what they are trained to do, just like a Property Manager is trained to manage your property.
To find out more on how you can maximise your return on your investment property, whether it be a single property or an entire portfolio contact Samantha Newton from Ray White Craigieburn on
03 9308 2277 / 0434 524 883 or email firstname.lastname@example.org