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What should your property management company offer?

By The Lodge Real Estate Team on 2022-03-30
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Managing a property can take a lot of time, from finding the right tenants to making regular inspections and undertaking maintenance.

Employing the services of a Property Manager means you can let the experts focus on protecting your investment, while you focus on growing your property portfolio.

There are many property management companies to choose from, and not all of them offer the same level of service. We recommend doing your research to make sure you’re choosing the right property management company to protect your investment.

Checklist

Here are nine essential criteria we believe all trusted property management companies should meet.

  1. A property management fee is charged only on the rent collected
    Make sure the property management fee is charged only on the rent collected. As a general rule, property managers usually charge between 7 and 9 per cent of the rent collected. They’ll also charge you for any repairs carried out on your behalf.

  2. Rent money is collected in a secure trust account
    A trusted property manager will keep your rents separate from the operating
    expenses of the business by collecting and dispersing it in an audited trust account.
    Make sure your property manager uses a trust account.

  3. The tenant application process is comprehensive
    Finding the right tenants to occupy your investment is essential. Choose a property
    management company which carries out comprehensive tenant checks, including
    credit checks, tenancy tribunal checks, social media searches, criminal history
    checks, and local and international tenant history searches while adhering to the new privacy laws.

  4. The property management fee includes advertising for tenants
    Make sure your property management fee includes advertising for tenants,
    otherwise you could end up with a surprise bill.

  5. Online advertising is used to find tenants
    Online advertising drives the majority of all tenancy enquiries, so make sure your
    property management company uses at least three online channels.

  6. A robust missed rental payment process is used
    With multiple mortgages to pay, collecting rent on time is probably one of your
    highest priorities. Ask prospective property management companies to talk you
    through their process for collecting missed rental payments.

  7. A comprehensive pre-tenancy inspection is carried out
    Make sure your tenancy gets off to the right start with a comprehensive pre-tenancy
    inspection, with the results well documented. This can help save time and stress
    when the tenancy comes to an end.

  8. A written property inspection report is provided to you on a regular basis 
    Property inspections are vital for protecting your investment. You should receive a
    written inspection report that meets the requirements within your insurance policy.

  9. Statements are issued once a month on the status of your investment
    Ask prospective property management companies how often you’ll receive a
    statement on the status of your investment. Quality companies should provide this
    information monthly so astute property investors can stay informed.
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