Property Management
Selecting the best agent to manage your asset
So you have just bought a house or apartment but need someone to manage the property. We have all seen and heard of the “tenants from hell” trashing rental property or just not paying the rent leaving the owner with a nightmare and financial disaster.
You need to choose an agent who will look after your interests like they were theirs. Easier said than done.
Qualities to look for in an agent
Ask what systems they have in place to manage their rent role. Tenancy checks, inspections throughout the lease, easy payment systems that have arrears alerts and allow the landlord 24/7 online access to their account. Tradespeople who are used to working in this field and where possible get a local agency.
Insurances
These days Landlord insurance to cover most of the possible problems for owners is both inexpensive and easily available. It covers you for tenant damage to your contents and building, loss of rent due to non payment and loss of rent in situations where the property becomes unliveable. Buy directly from the provider or through your Property Manager.
Property Management Fees
OK, so work on the old adage of “You get what you pay for” Fees vary from as low as under 5% to 7.5% + GST. Running a rent role requires a large investment in systems and people so expect to pay a reasonable fee to ensure your property is looked after professionally. It could save you a lot of money and stress choosing a great agency.