Protect your rental with professional management

When it comes to choosing a property manager for your investment property, remember that not all management companies are created equal. Many real estate agencies focus on sales, not lettings, which isn’t ideal if you’re the owner of an investment property.

Property management requires a long-term relationship, and an approach attuned to leasing and managing homes rather than delivering a swift, successful property sale. There are associated risks that come with an investment property, and investors need a property manager who will alleviate these risks using their experience and training.

So should you take a DIY approach or employ a property manager? It’s a personal decision and depends on your circumstances, but here is a list of key things a good property manager will take care of that make their services well worth the (tax-deductible) investment.

1. Find and vet high-quality tenants

Finding reliable and long-term tenants will save you a lot of hassle. A property manager will advertise the property widely and conduct viewings. They will process applications, follow up references from previous landlords, and interview tenants to find the best match, as well as running background checks on applicants using an industry database. All of this takes place as efficiently as possible to minimise the time the property lies empty.

2. Arrange landlord’s insurance

A property manager can help you choose the best insurance for your needs and arrange it for you. They will also ensure that your property meets all of the insurance provider’s requirements, such as smoke alarms, security and so on.

3. Conduct regular inspections

A property manager will arrange a regular inspection schedule, contacting the tenants in advance, arranging a suitable time and producing a detailed report, giving you peace of mind that your investment is being well maintained.

4. Organise timely repairs and maintenance

There’s nothing worse than getting an urgent call on a rainy Sunday night asking you to come and fix a burst water pipe. Property managers have long-term, trusted relationships with qualified tradespeople so can organise timely, cost-efficient repairs around the clock, striking a balance between high-standard maintenance and fair prices.

Property managers know their way around current legislation on matters such as smoke alarms and pool fences, giving you additional peace of mind.

5. Ensure tenants move in and out without problems

Organising key pickups, checking that tenants leave your property in good condition, dealing with any problems – moving tenants in and out smoothly is all taken care of by your property manager, which is particularly useful if you don’t live close to your rental.

6. Deal with disputes on your behalf

If any problems come up, property managers have the experience and knowledge to sort them out. They can manage disputes and issue breach notices if your tenant stops paying their rent or looking after the property. They can also attend an NCAT tribunal if needed on your behalf – but in most cases, they will ensure that it never comes to that.

7. Give you peace of mind

Property Managers are governed by the Department of Fair Trade in NSW, and they undertake professional training to become specialists. Laws around investment properties change regularly and are becoming increasingly complicated (such as in March 2020 when rules around rent increases became much stricter) and property managers keep on top of these to ensure their clients are complying with all current obligations.

Talk to us

Our team at Home Property Agents help anyone from first-time investors renting out apartments they lived in themselves, right through to seasoned investors with a multitude of investment properties (both residential and commercial) across Sydney.

We are not tied to one area of Sydney and have more than 30 years of experience in running our property management services, so have seen and overcome every scenario – good and bad – that comes with the territory.

We are excellent at troubleshooting problems and mitigating risks and costs, which is where many other property management agents fall down, particularly if they make most of their income through home sales.

If you’re looking for property management, market insights, a place to rent or invest in, or planning to sell your investment property, please do not hesitate to contact me, Anthony, or my father Gabi, at Home Property Agents.