With a large number of buyers currently in the Lithgow market being investors, or using investment properties for their self-managed superannuation funds, it is essential that investment properties are entrusted to an agent who is going to look after the owner’s best interests and take great care of a property.
Property investment should be easy. You invest. You earn a return. Simple. Your property manager should take care of everything in between.
It all comes down to service. Professional, efficient, personalised, committed, expert, responsive, proactive service. Service that’s tailored to your unique needs, not a generic work instruction that follows the path of least resistance.
Whether you have a single investment property or an entire portfolio, you want your managing agent to focus on keeping it well maintained, tenanted and delivering maximum return. If you’re spending time on anything but your monthly statement and your annual return, your property manager is not doing their job properly.
A good property manager – a specialist – can be the difference between a headache and investment headway. You need a property manager who understand the needs of property investors and goes to great lengths to ensure those needs are met.
Key factors to successful property investment are:
Careful tenant selection; you don’t want just anyone renting your property to get it leased out quickly. It’s worth the wait for a better tenant than just leasing it to someone who may in the long run be more costly if they cause damage.
Expert lease negotiation; you want to make sure that your property is being leased at a fair market price. Even ask you agent for rental comparables.
Timely proactive communication; be sure that your agent is getting back to any queries from you in a timely manner. Even if your property is vacant, feedback is essential to keep you aware of what’s happening. It’s also essential that your managing agent is listening to the tenant fixing any concerns with may arise in a timely manner.
Effective marketing; your property should be marketed on the two main websites realestate.com.au and domain.com.au, along with in-house rental lists. Ask how readily will the agent be showing prospective tenants through your property.
Full rent arrears management; ask your agent how long they would let rent lapse into arrears and what processes they use if this occurs.
Inspections & maintenance; query how often an agent will be inspection the property and if they provide you with photos in their report. How do they select their tradesmen, are they licensed/registered and do they charge a fair price? Ask for quotes.
Comprehensive financial reporting; for taxation purpose, refinancing, or just to keep track of your investment and returns, keeping abreast with comprehensive reporting from your property manager is essential.
When all of these factors are effectively managed, the end result is an investment that remains well maintained and well tenanted, thereby delivering excellent return on investment without adversely affecting investor cash flow and peace of mind.
Property management is like sales in the respect that you can get a number of agents in to give you a rental appraisal and a presentation of what they have on offer for you. Don’t be too shy to shop around, remember it’s your investment, you want it kept safe.