Why Do You Need A Property Manager?
When dealing with a rental property an owner or agent needs to be fully aware of the constantly changing legislation within the industry. Property Management in itself is regulated by six different state and federal legislations:
The Residential Tenancy Act
Property Agents and Motor Dealers Act
Property law Act
Trade Practices Act
Racial Discrimination Act
Our rental department is constantly aware of any changes within
these Acts and implements change quickly and efficiently so as not
to leave your property outside the legal guidelines. A Property
Manager offers you a mediator when it comes to dealing with tenants;
they deal with the everyday requests of a tenant so as to put a
buffer between you and your investment.
The real estate market is constantly on the move; a property manager that deals with the market effect everyday has a strong hold on its current condition, and therefore is in the best possible position to offer sound advice when it comes to obtaining the maximum return for your property whilst obtaining a low vacancy rate.
Marketing your Investment
When trying to find a suitable tenant, our office is dedicated to get your property out there. Exposure is a sure way to get a property rented as soon as possible. Included in our management we offer the following services.
Readily available to all prospective tenants that come into the office; it offers a detailed property description, rental amount, availability date, and recent photo of all current listings.
In the age of computer technology this is probably the most effective marketing tool we have, with the number of Internet inquires growing monthly. Our available properties for rent are listed on websites such as realestate.com.au and domain.com.au.
For Rent Sign
For those lessors that are agreeable a “For Rent” sign can be placed on your investment property for added exposure.
The RIGHT tenant is a sure way to minimise any future risks you might face with your investment. Therefore selecting a suitable tenant is one of the most crucial aspects of looking after any investment property. Our property managers have access to the latest technology to help you protect your investment. Once a tenant fills in an application form thorough checks are performed on all potential tenants, taking into consideration their employment history, ability to pay the rent, and both their personal and rental references. Our Property Managers also have access to defaulting tenant databases such as TICA (Tenancy Information Centre of Australia) and Barclays.
All applications are put to the lessor to gain final approval.
Rent Disbursement and Statements
Most importantly is the payment to you of the Rental Monies held within our Trust Account. Disbursements are made at the end of the month. These funds can be transferred directly into your nominated bank account, and should be in your account on or before the first working day of the following month. A detailed statement is also issued at the end of each month, with a breakdown of all rent received, maintenance and commission paid. These comprehensive statements as well as a detailed break down at the end of the financial year should make accounting time easy.
Our property managers understand that your investment property is exactly that…. “an investment”. Therefore regular reviews of the rental income generated by the property, and how it compares with other properties in the market is essential. With their strong local and market knowledge our team is capable of advising you of a realistic market opinion within the current conditions, not only at the beginning but also throughout your tenancies.
Our office highly recommends to all landlords that they consider a Landlord Insurance Policy. This insurance covers the lessor for a variety of situations in which they can be left out of pocket. Most financial institutions have this type of insurance available. As a lessor you are required under the legislation to have a minimum of $5,000,000 Public Liability Insurance.