Six things your property manager should be doing
It is very important that your property is in safe hands
If you have an investment property or thinking about buying one, it is very important that your property is in safe hands and managed properly in order to be successful.
A great way to keep your property in check and reduce unnecessary stress is to get your own property manager. A property is usually a large portion of your total net worth, so it is definitely worth making the most of the knowledge and experience of a true expert.
Justin Ferguson, Principal of Ferguson Property Agents, explains the six key things your property manager should be doing:
- Accurate on-going condition reports: Continual documentation on the situation of your home will outline if there has been any extra damage over and above normal ‘wear and tear’.
- Periodical rental increases: Being an expert in the local market, your property manager should be familiar with how other similar properties are priced and the typical increasing percentages.
- Offering the landlord to come to periodic inspections: This allows you to bring up any concerns or changes that need to be made and to make sure your property manager really is doing their job.
- Offering updating sales appraisals: Your property is an important asset, if not the most highly valued asset in your life. If you don’t know what’s going on, that’s a big red flag.
- Making sure tenants are thoroughly screened: If your property manager isn’t doing this, you can end up in real strife. You want responsible people renting your property who are the ideal tenants.
- Continuing to keep the landlord fully informed during the re-rent process: You need to be informed on all aspects will certify that your property has been respected and left in a good condition, ready for the new tenant.
