Property Management

So after many years of thinking about it - you have decided to buy an investment property. Well before the property settles you need to employ a Property Manager.

 

A Property Manager many years ago was the girl who didn't want to go into sales and was happy to answer the office telephone, take the rent and do lts of clerical work.

 

Times have changed.....and Property Management is now an extremely specialized field of the Real Estate Industry.  No longer is it the poor sister of the sales division, and no longer does the girl on reception, juggle it all.

 

Days gone by, a Property Manager would physically visit a property and collect the rent from the tenant and now we have amazing technology available to us which allows tenants to pay their rent by BPAY, direct debit and in some cases via credit card. Tenants too have busy lives and they don't need the inconvenience of having to physically go into an agents office to pay the rent.

 

Did you know the average day requires a Property Manager to develop and have a full understanding of the following?

 

  • Social work
  • Understanding maintenance (including plumbing and electrical) regulations
  • Brand new properties and the 7 year building guarantee
  • Negotiate between owners and tenants
  • Common Law
  • Residential Tenancies Act 1997
  • Victorian Civil and Administration Act
  • Ability to budget
  • Smoke Alarm maintenance
  • Duty of care
  • Owners Corporation Act

 

And whilst the above outlines the many legislation requirements a good Property Manager needs to possess, it doesn't include tasks such as;

 

  • Meetings with owners
  • Routine inspections with tenants
  • Co-ordinate maintenance and meet with trades people
  • Ensure the rent is collected and transferred into your account in a timely manner
  • Secure new tenants and prepare new tenancy documentation
  • Marketing
  • Complete ingoing condition inspections
  • Complete outgoing final inspection reports
  • Understanding of landlord insurance, prepare and lodge claims
  • Review the rent on an annual basis
  • Prepare End of Financial Year reports

 

As this list of tasks can vary from day to day, week to week - don't forget the re-occurring task of taking telephone calls and responding to emails.

 

One should never underestimate the true value of a good Property Manager and the relationship you will build with them over the many years you have your investment - the small percentage you pay each month, really is value for money and plus, it's a tax deduction!