A little help goes a long way
Lots of people with an investment property – whether they have one property or a property portfolio – choose to hire a property manager to take care of it. They do this because they want to spend their time enjoying the benefits of having an investment property, rather than spending their time wrapped up with paperwork and tenant queries. Before you decide how to manage your investment property, check out what a property manager can do for you.
Find your perfect tenants
Finding good, reliable tenants is key if you want to ensure your investment property doesn’t turn into a headache. First up, there’s advertising. From knowing where to list your property, to taking professional photos, to a killer description – good advertising goes a long way in crowded rental markets. Then, there’s hosting inspections, receiving and responding to applications, screening potential tenants, negotiating rent, and ensuring you will have the smoothest ride possible with people who care about your property.
Deal with the admin
Once you have tenants, you’ll want to make sure the paperwork is organised. A property manager can ensure that nothing is missed in those all-important contracts, and that you get no nasty surprises later down the line when you haven’t got it in writing who is responsible for paying the water bill. They can also visit the property and prepare ingoing/outgoing reports to inform you of the state of the property in between each tenancy, as well as collecting and keeping bond on your behalf.
Tenants will undoubtedly need some support when they are living in your property. Perhaps the fuse box will go, the shower needs fixing, or the property simply needs some maintenance. A property manager will be the first point of call so you don’t have to be attached to your phone all day in case something happens. What’s more, a property manager can collect rent on your behalf and ensure that payments don’t fall into arrears. No chasing up late payments for you.
Represent your interests
It’s always useful to have someone on your side in case the worst happens. If the tenancy doesn’t run smoothly and there is a rental arrears or some other disagreement, a property manager will be able to advise you on the Residential Tenancies Act about the best way forward. If the matter is taken to a VCAT hearing, a property manager can support you, prepare all the documents, and even represent you on the day.
Peace of mind
Ultimately, a property manager can give you peace of mind – which is the most valuable service of the whole process. Most tenancies run smoothly, but even if there are no problems, a property manager can take all of the everyday tasks off your plate so you can focus on enjoying life. If something doesn’t go according to plan, they will be there as a knowledgeable, experienced professional who is on your side.
Reventon property management
Reventon has a property management team who look after a number of our clients’ interests once they have purchased an investment property. Our property managers have years of experience, and have great relationships with tenants and owners alike. To find out more about the kind of service you could expect, check out our property management page or contact us for more information.