If you own an investment property, you’ll know the value of a quality property manager. While management fees are an additional expense for investors, engaging a professional and proactive property management team will ensure that owning an investment property is a positive and hassle free experience.
In addition to asking about fees, communication, tenant selection and inspection schedules, consider the following aspects when evaluating a property manager:
- Are they specialists in the local market? A solid portfolio of local properties will allow your property manager to give you accurate advice regarding pricing your rental to maximise income while minimising vacancy. An experienced local agent will also have a database of quality tenants who are actively seeking rentals in that area.
- Can they recommend trusted local tradespeople for maintenance and repairs? What’s their policy regarding seeking landlord approval for the cost of these tasks?
- Can they help you to maximise your tax savings? Around 80% of investors don’t claim depreciation – a good property manager will help you organise for a depreciation schedule to be prepared, saving you money each year at tax time.
- Do they have a sound understanding of the Residential Tenancies Act and VCAT process? What’s their strategy if a pattern of rent arrears emerges?
At Greg Hocking, we understand the difference between simply collecting rent and working with you to maximise the value of your investment property. Call us today to find out more.