While most home buyers spend a lot of time and effort researching potential investment properties, many are surprisingly uneducated when it comes to the role of their professional property manager.
Despite what some people might think, a property manager does much more than collect rent. A good property manager will play a vital role in preserving the property’s capital value and maximising its investment returns. In order to do this, a property manager must have industry specific knowledge about the geographic market, the owner’s investment plans and the property itself.
When you employ a professional property manager they should maximise the return on your investment by providing the following services;
A property manager’s first responsibility is finding tenants for the property. They should conduct a thorough check of all references and employment history before recommending a tenant to you. A property manager should also check with the current agent to ensure the tenant is paying their rent on time and that they are keeping the property in good condition.
Manage the rental income
A property manager needs knowledge specific to your property market in order to set the rent at a level that will minimise vacancy time and maximise rental returns. Any proposed adjustments to the rent should be presented to the landlord, along with all supporting documentation.
Prepare relevant documentation
A property manager must prepare all lease documents for approval by the landlord. This includes drawing a comprehensive lease to protect the interests of the owner and tenant. It also includes lodging the rental bond with the relevant authorities and keeping up to date with changing tenancy legislation.
Manage the upkeep of the property
A property manager is responsible for contracting skilled and licensed tradespeople to handle repairs and maintenance of the property. They are also able to pay insurances and outgoings on behalf of the landlord.
With a focus on capital protection, annual return and asset growth, Templeton Property believe in building strong, professional relationships with each client in order to maximise their property investment. If you have purchased an investment property in Brisbane and are looking for a professional property manager, look no further than Templeton Property. Visit them online for more information.