Maloney's Property: Five things to look for when selecting the right property management for your rental property.
9
Mar

Maloney's Property: Five things to look for when selecting the right property management for your rental property.

When choosing a real estate agency for management services, the property management team must be innovative, proactive, automotive, knowledgeable and convenient. If you’re thinking of investing in leasing, your property management team are responsible for the well-being of your most significant investment!

Innovation

Technology is now an essential investment for all agencies. Property managers and owners reap the benefits of advances in property management technology. Online systems and applications ensure all property and tenant information is recorded on your property manager’s database—making tenant applications and checks much quicker and easier. An online portal gives landlords and tenants access to information, such as leases, rental receipts, and financial statements for tax returns, whilst allowing them to input information, such as maintenance issues or requests.

Proactivity

It is imperative to be proactive when it comes to property management. If you are an astute investor looking to buy in Canberra, you will research the property before purchasing it. You would therefore expect the same forward-thinking from your management service and property manager. 

The right property manager should be proactive in keeping you ahead in the game in the Canberra real estate industry and markets:

  • Rental rate: When first leasing your property, you will work closely with your property manager to set a rental rate that attracts the right tenant. A proactive property manager will have a firm eye on the market and always be aware of the rental rate you can command for your property, as well as the supply and demand of rental stock in your area.

  • Inspections: Regular inspections are the best way to keep on top of property maintenance and give you peace of mind that your tenants are looking after your property.

  • Local knowledge: A proactive property manager will also have their ear to the ground regarding local developments and properties that compete with yours.

Automation

Many parts of the leasing process are repetitive and easy to automate. Intelligent automation can start at the beginning of the leasing process when potential tenants’ details are captured online and input into the database. Interested parties can be notified when properties meeting their criteria become available and are open for inspection.

Similarly, property managers can automate rental payments—or overdue rent reminders, rent receipts and property inspections once a successful tenant is secured. Such systems allow your property manager to focus on performing thorough inspections or following up on outstanding rent or repairs.

Knowledge

Your property manager should know the current market and how it can be leveraged to achieve the best ROI. The property manager will know your suburb and demographic thoroughly and offer valuable insight into how best to market and present your property; attracting your ideal tenant is an art.

An experienced property manager will know the right questions to ask to identify the most suitable, reliable tenant for your property, as well as being able to see through any potential issues with tenants to avoid problems further down the track.

Your property manager must have a strong and targeted marketing plan for your property to obtain the best available tenants at the highest rental return possible. Your marketing plan, developed by your property manager, should include specifically targeted advertising material such as online listings, photographic images, ads and brochures. Knowing what platform/s is the best place to advertise your property in your area. For example, a knowledgeable property manager would recommend property portal Zango; it will achieve the same results as Allhomes for considerably less. When it comes to marketing your property, an experienced property manager recognises the importance of attention to detail and being organised.

Convenience

Regardless of how close you live to your investment property, one of the main benefits of engaging a property manager is convenience. 

As a landlord, you want assurance that you know your obligations as a landlord and that your property will be tenanted and maintained with minimum input from you. An experienced property manager understands that you’re busy and don’t need to be involved in the minutiae of your property's day-to-day running (unless requested) and will establish when you want them to contact you.

They will also:

  • Set-up quick and easy direct debit payment from the tenant to you, thereby removing; lag-time in receiving payments and complicated admin processes;

  • Provide clear, concise rental statements that are easy to understand come tax-time;

  • Conduct regular inspections, provide feedback and address any maintenance required;

  • Source and manage reliable tradespeople to undertake any work required;

  • Follow up on lease renewal for reliable tenants;

  • Regularly review rental rate to ensure you are always getting the best return;

  • Keep you updated on changes and developments occurring in your suburb; and,

  • Make the transition from another agent smooth, quick and easy.

 

Carefully considering how your prospective property managers or estate agents stack up in terms of innovation, proactivity, automation, knowledge, and convenience will set you on the right path to finding the best fit for your property.

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