There are some times in life when it just pays to ask for help. You wouldn't start building a house without getting in touch with a builder first, so why should residential property investment be any different? Whether it's reliable property investment advice from an Authorised Financial Adviser or getting professional who specialise in managing rentals on your team, finding someone to help you with look after your housing venture is a great step.
Property management companies can be a really valuable resource – especially if you're performing a juggling act with your portfolio! But with so many firms offering up their services, how can you tell a good manager from the average? It's all about knowing what to expect. Keep these handy tips in your back pocket.
What does a property manager actually do?
A good manager can help you get the best from your residential investment property. They aren't just a pretty face – your property manager can help you with a whole bucket load of tasks. Think of them as a bridge between you and your tenants.
Typically they do things like receive and collect rent, deal with repairs and maintenance, as well as choose good tenants and manage any niggling disputes or problems that might come up. They'll also take care of the unpleasant business of terminating a lease agreement on your behalf if things go pear-shaped.
What can I expect from them?
A lot of their responsibilities will be outlined in the contract, so take your time over this and make sure you've got everything in writing. You'll need to enquire about things like rent, maintenance and inspection procedures, as well fees and even their code of ethics. For example, ask about their experience in managing properties in your area and how many staff are on hand to help you. Dive into the nitty gritty as well. Bring up cases of tenancy disputes and how they were resolved.
Don't be afraid to ask a lot of questions – this is the only way you'll find out what you need to know.
Here's to your financial independence!
Authorised Financial Adviser / Investment Property Expert
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