Owning an investment property is a dream long held by many people and is seen as a pathway to a comfortable retirement,  it’s a bit like watching grass grow, it’s a long game.
When the excitement of the purchase has subsided there are many things to think about and put in place and hopefully, I can help with this.

A Property manager can play a crucial role in ensuring that your investment property is well looked after so you have peace of mind and feel that your investment is being managed efficiently. While some owners may choose to manage the investment themselves there are several benefits of hiring a professional Property Manager. 

Choosing a property manager.

Many people who buy an investment property just stay with the agent they purchased the property off and have their PM Dept look after it, is this the right move for you?.   Do some research in the area the property is and look for the following in your manager.

# How long have they been a Property Manager.

# What is the Manager to Property ratio, the old question is how many properties can a property
manager manage,   that depends on the person, the demographic, the support system in the business and the quality of the portfolio.

# What sort of credentials do they hold?.  A  Certificate or full licence

# Is the Property management department and the sales department all together with 1 team managing all the investment properties and the sales department.?

# What training do they undertake for ongoing professional development.

# What is staff turnover like, do they have a good culture so managers stay in the job.?

# Are they process driven, backed up by first-rate technology, soft wear and hard wear. task management V Portfolio. ? Task being the team is split up and each member is responsible for various tasks, so you may call to talk to your manager about a maintenance issue , a rent arrears and a lease renewal and find your talking to 3 different people. A portfolio means you have an individual manager who is responsible for your property and totally accountable to you for the outcome.

# How active are they on the internet, Facebook, Instagram and LinkedIn so your property is getting maximum exposure when available for lease.

# Does the business have a good foothold with longevity in the area and a good reputation, check Google, Rate my agent and ask your friends.

In todays fast-paced world, the Compliance for an investment property is huge and your manager needs to be all over every legislation,  Pool Compliance, Blind Cord, Smoke Alarm, Safe Housing, Dept of Fair Trading, Dividing fences and tree act of 2011 and many many more.

The majority of Investors choose a Property manager because:
They will take responsibility for managing your Investment in line with current legislation as set out in your Form 6 Management agreement,   They will manage the property and the tenant and can advise both parties on the rights and responsibilities for each party.

They are a neutral intermediary,  a less personal relationship with tenants allows for a good dose of professional objectivity to address issues at the property and to enforce the lease agreement.
Matters that may arise are late or nonpayment of rent, cleanliness, maintaining the property, eviction or matters that could void your Landlord protection and home insurance.  

Running an unauthorised business from the property, Subletting and leasing for Airbnb is a current issue we are dealing with.Professional Property Managers have the resources to help manage the process around all these issues and many more.

Basically,  a Property manager  can save you your time, your sanity and sometimes your marriage, 
Pitfalls of Self-management of your investment property.

# Tenant has your details and will call you day and night and don’t think they wont.

# Access to tenant default databases around Australia.  TICA & NTD

# The ability to check references completely. Credit check 

# Inability to check previous property ownership so see if they are telling fibs RP DATA 

# Inability to check work references, current and previous  

# An experienced  property manager's gut instinct- Invaluable

# Lack of knowledge on Legislation that is constantly changing - water compliance, smoke alarms, blinds cords, pool, Fait Housing.

# Access to correct documents to ensure the lease is current and bond is lodged correctly and legally to avoid substantial fines.

# A Property Condition report correctly filled in to protect you and your asset.

# A fail-safe maintenance system with accredited Trades on tap.

# No access to cost-effective marketing when the property is vacant, REIQ, Domain. Wide-ranging Social Media platforms.

# Landlord Protection insurance is hard to source for self-managed properties and will be more expensive.

# Missing the window for lease end and risking a periodic tenancy. New legislation 2022 Oct 1 has some issues with this.

# Becoming too close to the tenants which risks no inspections, no rent increases and no maintenance e reported.  Most tenants are very respectful but there is always the exception.

# There is so much more to your investment property than just collecting the rent.

Improved Tenant Retention

Property managers are responsible for ensuring your investment is well maintained not only by you but also by the tenants,  keeping a tenant happy and satisfied with the property will ensure they are willing to stay on and continue the tenancy which means less vacancies for you and no loss of rental income.
Disputes arise daily, they may be over the rent increase, lease length, maintenance, access, or other breaches of the agreement,  Property managers know how to handle all these so your interest are protected at all times. 

So.  With all that being said,  would you self-manage or hire a professional?

Call anytime if you want to have a discussion,  have a property that is under-rented, have problem tenants or just need a shoulder to cry on.