Australian’s love affair with property is legendary but one of the keys to building a great property portfolio is to find the right Property Manager. There’s much more to managing property than finding a tenant, collecting rent and organising maintenance when required.
Additional value comes in developing a relationship with a property manager who will help develop a business plan to ensure your investment property will grow in capital value over time.
The key value added elements of a property management service should include:
- an regular routine inspection with written report
- a negotiation for the renewal of the tenancy agreement,
- an annual market appraisal and rent review,
- preventative maintenance items (scheduled, non-urgent and improvements).
- coordinating other services you may need for the total management of your investment.
Property management fees average between 7-8% and while it’s important to shop around, it’s not about saving 0.5% on the fee, it looking for a quality of service over and above market expectations, and the agency’s dedication to increasing the capital value of your property.
While we work with many Property Managers on behalf of our clients, there are some that we are happy to recommend because we have seen the value they deliver. We also have a checklist of the questions you should ask any Property Manager before you engage their services. Please contact us if you would like further information.