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.