18 May What To Expect From Your Property Manager!
It is so important to find a property manager who will knows their market well to ensure they will maximise the return on your investment and do the best job of keeping the tenants happy and will get you involved only when you want to be.
A property manager’s role includes marketing your property, coordinating the payment of rent, selecting tenants, organising leases, liaising with trades people for repairs or maintenance. This is why it is so important to find a property manager who will knows their market well to ensure they will maximise the return on your investment and do the best job of keeping the tenants happy and will get you involved only when you want to be.
There are other subtle elements of property management that often go unnoticed, which could be referred to as ‘tenant management’ or ‘relationship management’. Good relationships, clear communication and better service go a long way towards keeping tenants in a property to minimise rent-free periods making it easy for an investor to own a property without having to think about it often.
There are different types of investments, but also different types of investors. So, while some landlords live interstate or overseas, others live around the corner from their asset. Some have no connection to the premises, while others once considered the property their home and are very attached to decision making.
Investors should make it clear from the outset just which camp they fall into and exactly what they expect and find a property manager who is happy to involve them to the desired degree in decisions and maintenance. It is important to have that communication and an understanding of where you are coming from.
What is the total management costs?
Unlike the fees associated with selling a property, there are ongoing fees that are presented when appointing a property manager. Usually, the three basic fees you will incur are:
– A Management fee (a commission percentage of the weekly rental figure)
– A Letting fee (often one or two weeks’ rent)
– An Administration fee (usually a monthly fee for administration)
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