Property Management

New investors often attempt to manage their own investment property. That approach can often end up costing more in the long run. People who don’t have the time, the knowledge or an interest in property management can get burned if they try to be their own property manager. While it can be tempting to save a small percentage of rental income by self-managing your property, the benefits of appointing a good property manager can far outweigh the costs.

As a property investor it is important to choose a property manager who will maximize the value of your property and “protect your investment” by choosing the right tenants who will pay you market rent and minimize your vacancy while ensuring regular inspections and maintenance are continually completed. Also knowledge about the area and advice relating to pest control, landlord insurance and legislation is vital.

If you treat your property investment as a serious business and want to maximize your returns, you will soon come to realise the importance of efficient property management. That’s because property management is a lot more than just collecting rents.

To help you select a great property manager here are some questions you should be asking them before deciding what agent you will trust with the management of your property.


Property Management – Questions to ask!

Does the agency have a dedicated rental department?

Property Management is often an “add-on” service provided by selling agents whose principal business is selling property. Often the management side of the business is left to inexperienced staff such as receptionists and junior staff. Ensure your agent has a dedicated property management department.

Are the directors/ owners of the business involved in the property management department and are they accessible?

If you can find an agency where the directors/ owners have an active role in the property management department then you can rest assured that the property management department is taken seriously.


How many properties does the property manager look after?

A property manager who looks after too many properties may not have enough time to devote the required attention to your property. Some agencies expect a manager to look after 250+ properties and this is far too many. Look for agencies that don’t load up their people and also where tasks may be shared amongst other staff specialists such as arrears and inspections.

Do they have staff available to show your property quickly and on 6 days per week?

With the amount of properties available on the internet it is imperative that your agent will show the property as soon as they get the enquiry within reason. Also being available for Saturday viewings is a bonus.  The days of telling a tenant they have to wait for next Fridays viewing at 2pm are gone and they need to have the flexibility to show your property when it best suits the tenant.

Does the agency hand out keys or do they attend the property with prospective tenants?

If the agency just hand out keys then move on! Too many things can go wrong with this approach with security being a major issue. Also inspecting your property with a prospective tenant means that the agent has a better opportunity to promote the property and actually get to “eye-ball” and meet the tenant.

What geographic area does the property management service cover?

While you need your property manager to have expert local knowledge, consider what your portfolio will look like in a few years time. Your properties may be spread out amongst different suburbs and in fact different states. Australia is now following the overseas trend in having agencies that are solely focused on property management and can cover larger geographical areas. With the advent of internet advertising and electronic banking offices no longer need to be located in the local shopping strip close to your property. If you can find an agency that can look after your entire port folio and has the skills and resources to do this then it will make the management of your properties so much easier.

How does the agency check prospective applicants for suitability as tenants?

Ensure your property manager has a thorough application process and a check not only work references, personal references and rental history but also subscribes to the major databases that check a tenant’s credit and rental history.

Do they have a system that checks rental arrears?

A good property manager should use a sophisticated trust management system that allows them to know the status or paid to date of all their tenants at any point in time. They need to have a procedure in place to enable them to monitor rental arrears and minimize late payments by regular communication with tenants as well as acting quickly when it comes to issuing notices. Some agencies have staff allocated specifically to maintaining this important function.

Do they have a system to ensure that your routine inspections are conducted?

This is an important activity in maintaining the integrity of your property and picking up any maintenance required or damage that has occurred before it is exacerbated and ends up costing you more stress and money. Find an agency that has a procedure for this and find out how regularly they will conduct these inspections. You also want confirmation as to what reports you get from these inspections. Again some agencies are now allocating this task to specific staff that can give you a second set of eyes on your property in addition to your property manager.

Will they go to court for you and what is their success rate like?

Unfortunately part of owning investment properties is that you might have to take your tenant to the tribunal to protect your rights as a landlord. If this happens you need an experienced property manager to represent you as well as an agency with a system for preparing cases for court as well as a good track record for getting results

Property Management – Where to from here?

Whilst there is a lot to take in and more to property management than meets the eye if you find an agency that meets with your expectations of all of the above questions then the investment property journey should be a fairly smooth one.

Remember that your property is a substantial investment and you need to look after it by appointing a quality agent, ensuring regular maintenance is undertaken and having Landlord Insurance in place.

At GPS we take pride in working with property managers that do meet the above standards and can help you in your wealth building journey. If you want information about your property management needs for your upcoming investment property or want to discuss changing agent please simply fill in the form below and we will ensure that someone gets in contact with you.

The stratvest system™ ushers in an era of professionalism and sophistication never before seen in property management, completely redefining property management.

“There is SO MUCH MORE to property management than just collecting the rent…”

That is why the stratvest system™ developed exclusively by Strategic is an absolute must for the astute investor who is serious about achieving:

  • maximum rental income and
  • optimal capital growth

Strategic genuinely understand the needs of the landlord and have developed a system that will…
…ensure the property delivers strong results whilst providing you with peace of mind !

The stratvest system™ combines 5 key areas:

  • systemised procedures,
  • complete transparency,
  • revolutionary interactive tools,
  • sophisticated reporting systems and
  • a highly developed management implementation system which is a break through in effective management control and the blue print to better property management.

The stratvest system™ is a must for the astute investor that demands effective results without compromise…we guarantee it.

Available is a range of advance tools to help you assess your investment properties which includes:

Rent Analysis – Analyses your property
Manager Assessor – Rates Property Managers
Rentability Analysis – Rental due diligence
Rental Hot-Spots – Locates growth areas

Better solutions

The stratvest system™ is without doubt the best available solution for all your property management needs. The stratvest system™ will deliver:

  • better rent
  • better tenants
  • better service
  • better growth
  • better results

Your guarantee

You can be assured that by electing Strategic as your preferred property manager that you will receive the best property management service… guaranteed