Property can be an excellent investment, but it does come with some risk. Firstly, you need the right tenants who will take care of your property. And secondly, you need to understand market trends and legislation to ensure you are optimising your income and avoiding any legal issues.
So what does a property manager actually do?
This is a question we sometimes hear from property owners who need to rent out a property, sometimes a family home, for work or personal reasons.
Here are some of the things you can expect from your property manager.
Effective property marketing
A real estate agency will market your property across the main platforms and on their own website, ensuring that it reaches the widest pool of tenants.
Interviewing and vetting tenants
Once the applications start rolling in, we will assess them and conduct interviews and background checks to ensure they are of good character and will look after the property and importantly, pay the rent.
Conducting regular inspections
One of the main concerns that owners have when renting out their property is that it will be well maintained and any problems will be dealt with before they become bigger (and more expensive to solve.)
If you are time-stretched (aren’t we all?) or living overseas or interstate, you won’t be able to check in on your property, which can lead to problems – particularly if your tenant doesn’t let you know about them. Property management reduces the risk of expensive problems, because regular inspections will pick up on any issues.
Organising repairs and maintenance
With a local property manager, you don’t have to worry about phoning around for quotes or trying to arrange for access to the property. We have trusted local tradespeople who are happy to work for us, we have a set of keys, and we are across all property-related issues, meaning you can be assured that your property is well looked after.
Handling your record-keeping
All property management services are tax deductible, and we will send you a statement at tax time, as well as forwarding on any receipts for maintenance that you can claim.
Understanding all legislation
This is a big one. How much notice do you need to give a tenant? Is the pool compliant? How much bond can you charge and where does it need to be lodged? Can you say no to pets? We will take care of these things for you to avoid any legal issues.
Another big part of our job is staying across any changes in legislation so you don’t get caught out. With a raft of changes to rental laws brought in by the NSW government this year that are set to roll out in 2025, and a new rental taskforce in place to enforce them, a property manager will give you peace of mind.
Helping you out when it’s time to sell your home
As real estate agents, we can also help you with the sale of your property if it’s time to let it go. A rented property often needs to be vacated and given a facelift prior to sale, and these are other things we can organise for you.
Should I handle my own property management?
Yes you can, and many people do, but in our experience it can be a false economy.
From creating an advertisement and vetting the avalanche of applicants to dealing with a tap that suddenly stops working, there is a lot to think about, and an experienced, locally based agent should save you money and stress in the long run.
Talk to the professionals
We manage many homes for our clients here and have an excellent understanding of what tenants are looking for and what they need from their homes. If you’d like to learn more about our property management services, get in touch with the team at LJ Hooker Mona Vale today. We’re here to help.
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