Owning an investment property is big financial commitment. While many property investors have financial knowledge, dealing with day-to-day property issues can be challenging, and time-consuming. As a property investor, it can be difficult to balance the time between managing rental properties and other commitments. This is just one reason why property investors should engage a property manager to look after their investment property.
Property investors will want the property to be looked after properly, and will realise the multiple benefits of hiring a property manager, allowing them to receive a reliable income stream, minimising stress, and the fees are a tax deduction.
In this video, Joanne Danckwardt provides reasons why you should use a property manager to manage your investment property.
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Top 10 reasons why you should use the services of Property Manager to manage your investment property:
Advertising and Marketing
Your rental property can benefit from the expertise of a property manager with advertising and marketing. They ensure your vacant rental property is successfully marketed to the right target audience.
Tenant selection and screening
Tenant selection and screening represent some of a property manager's primary responsibilities. They have the experience as well as knowledge necessary to properly screen prospective tenants and manage rental applications, conduct background checks, verify employment and income, and contact references. A Property Manager will have a clear rental application process in place, ensuring that you only rent to reliable, trustworthy, and stable financially tenants.
A property manager will draft the lease agreement, which will outline terms such as rent amount, due dates, duration, renewal options, tenant responsibilities, and ensure all lease documents and lease renewals are correct and conform. They will also conduct and prepare a detailed condition report when the tenant moves in, which will include photographs.
Rent collection and arrears management
Collecting rent and managing arrears will be handled by a property manager. They will establish a reliable rent collection system, and communicate clearly the rent payment methods and due dates to the renter. They will send timely rent reminders and late payment notices where appropriate. In the event that a renter doesn't pay rent, they will also take care of any necessary legal proceedings.
Repairs and Maintenance
All repairs and maintenance for your rental properties can be managed by a property manager. This encompasses everything, from regular and scheduled maintenance to urgent repairs. Property Managers will respond promptly to requests, have access to reliable and professional contractors, and document all repairs and expenses. This will ensure your property remains compliant, and your property in a good condition.
Property Inspections
Your rental property will have regular routine inspections conducted by a property manager to ensure that sure everything is in working order, that the tenant is taking care of the property, and that any necessary repairs or maintenance have been carried out.
Vacating Process
A Property Manager will conduct a thorough outgoing inspection once the property has been vacated, and compare the property’s condition to what it was like when the tenant moved in. They will document any changes or damages beyond normal wear and tear, and determine if the tenant is required to return to the property to rectify issues, and return the bond.
Legislation
Property Managers have knowledge and expertise regarding the legislation and rules governing rental properties in NSW. Property Managers stay up to date with local laws and regulations, ensuring the property meets all safety and health standards, such as smoke alarms. They will also provide all the necessary disclosure and documentation, understand eviction procedures, follow legal guidelines, and maintain appropriate insurance coverage. They specialise in making sure that your rental properties adhere to all legal requirements and can manage any potential legal difficulties may arise.
Financial Reporting
A property manager will keep and provide thorough and accurate financial transaction and reports that detail the performance of your rental property. This includes details on the amount of rent received, costs incurred, and any invoices for repairs and maintenance that have been actioned, tracking income and expenses for tax purposes. These reports are valuable and time saving, especially for your accountant at tax time.
Expertise and Experience
Property managers have the knowledge and practical experience required to manage rental properties successfully. A Property Manager will stay informed about current market trends and rental rates to ensure you receive market rent and rent increases are regularly implemented. They will attend relevant educational programs and workshops to remain up to date on laws and regulations to ensure your property is compliant, and repairs and maintenance are managed in a timely and cost-effective way, and can offer advice on the property, such as deprecation.
Tenant Communications and Relationship
A property manager will act as the primary point of contact for a tenant, managing all inquiries, requests, or complaints regarding the rental property, and maintain an open line of communication. They will address a tenant concerns and enquiries promptly, provide clear channels for reporting maintenance issues, respect privacy, and handle tenant disputes professionally. A property manager will liaise between yourself as the owner, and the tenant to come to mutual agreements regarding the property, or matters such as wear and tear or damage on vacating and who is responsible.
If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence.
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Engaging the services of a property manager means you, as the property owner, can save time and reduce your stress. This keeps your rental property is taken care of, which lets you focus on other matters that are important to you. For property investors who want to be sure that their rental properties are managed successfully, using a property manager can be a smart investment. Property managers have the expertise and experience to handle all elements of managing rental properties, saving property investors time, minimising stress and costs, and maximising rental income.
If you’re not a One Agency JD Property Agents client, but would like more information on our property management service – contact us on 4285 7400 or jdpropertypm@oneagency.com.au. We are always happy to answer questions and offer advice, or offer a free rental property appraisal.
We hope these tips have been helpful. If you feel you could benefit from our experience with property management, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, we’d love to talk to you. Our number is 0426 264 771 or 0455 147 755. We look forward to talking to you soon.
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What are the top 4 things property management clients value?
In the ever-evolving world of property management, clients value certain qualities and services that distinguish outstanding property managers from the rest. Whether you're a landlord with multiple rental properties or an investor seeking to maximise returns on your investments, the objectives that are sought from the management of your property tends to be the same. Here is what some of our property management clients have shared are the top things they truly value when it comes to their investment property. 1. Excellent Communication One of the most consistent praises among clients is excellent communication from their property management team. Kris, for instance, highlighted that “great communication, prompt action on instructions and sound advice has afforded peace of mind”. It was a similar story for Patrick, who emphasised that everything needed to secure the best new tenants for his rental property was done. “Great communication throughout the whole process of changing tenants,” he said. Effective communication ensures that landlords are informed about every aspect of their property management, from tenant enquiries to maintenance updates, fostering trust and transparency in the landlord-property manager relationship. 2. Prompt Action and Responsiveness In the fast-paced world of property management, prompt action is invaluable. Kris appreciates the "prompt action on instructions," indicating that swift responses to queries and requests contribute significantly to client satisfaction. Andy , who has experience in the real estate market for more than 30 years and worked with a number of agencies in the area, echoed this sentiment. "My previous tenants, which Joanne recommended, were an absolute charm and left the property as good as when they entered," Andy said. "While they recently vacated, new tenants moved in the same week.” He said while the last tenants moved out due to downsizing, he praised the team for being “quick in managing the advertising campaign and very thorough with the selection process and recommendation”. 3. Sound Advice and Professionalism Another key theme that emerged from feedback from clients was how they valued property managers who offered sound advice backed by industry expertise, along with professionalism. Maggie described Joanne and the team as “streets ahead of any other agency I’ve had dealings with over many years in Sydney and Wollongong”. “Their commitment and personal touch are consistent and their professionalism always first class," Maggie said. "During our purchase period, ALL the staff were available for support and during a difficult market period they have sought a tenant for us and guided us through the process. "I look forward to a professional ongoing relationship.” This demonstrates the importance clients place on the professionalism and expertise of their property management team. 4. Personalised Service and Genuine Care Beyond professional expertise, clients value property managers who demonstrate genuine care and personalised service. And that goes for landlords and tenants, as expressed by Roger. "Regardless of my rental status, Joanne and her staff... were very respectful and made my experience trouble-free and quite enjoyable,” Roger said. He described the team as "extremely confident”, that he felt he was "always in safe hands during the process” and they “demonstrated a willingness to be of assistance and in an extremely professional manner”. “It was very pleasing to be find an agency that treated both landlord and tenant in such a respectful and efficient manner,” he said. This personal connection fosters a positive client experience and builds long-term relationships based on trust and mutual respect. What is it that you value? Is it also effective communication, prompt action, sound advice, and personalised service? By prioritising these qualities, property management teams can cultivate strong relationships with clients and deliver exceptional service that exceeds expectations. As evidenced by this glowing feedback, the right property management team can make all the difference in maximising the value and success of real estate investments. If you’re not a One Agency JD Property Agents client, but would like more information on our landlord services, contact us on 4285 7400 or via email. We are always happy to answer questions and offer advice, or offer a free rental property appraisal.
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