Once you have purchased an investment property, there are a few important items to consider. One of those items is selecting a Property Manager.
A property manager essentially manages your investment property. There service consists of sourcing a tenant, regularly inspect the property, manage maintenance issues and collect rent to name a few. Given the time needed to complete these tasks and the strict laws in place, having a Property Manager a really important adviser.
A Property Manager charges a fee for their service. This should be taken into consideration. However, the management fees applicable compared with the sale value and capital appreciation of your investment property, is a real modest tax-deductible expense. Take note that cheap is not always better.
Before appointing a Property Manager, we suggest the following questions be asked in advance:
- Has the Property Manager taken the opportunity to learn and understand your goals and objectives. This may affect the type of tenant you seek, the income you want to generate and/or the length of time it’s to be leased.
- Have they got experience in leasing properties in the suburb?
- What rental income do they anticipate the investment property will achieve? How have the determined their assessment and have they reviewed this to other comparable properties?
- What needs to be done to the investment property (if any) to maximise the investment properties full income earning potential?
- Do they understand the current property market conditions to tailor the lease terms that best suit you?
- Have they provided advice relating to compliance and legalities that are imposed upon property investors before they lease a property? These obligations can expose you to legal action and compensation.
When appointing a Property Manager, don’t be afraid to ask questions about their service, fees and strategies they plan to implement to source an immediate tenant and minimise the expenses of your investment property.
We highly value a Property Manager’s service and have a number of excellent business that we can offer you.
Happy investing !!
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
Dec 2017
