3 Moments of Truth for a Property Manager

What makes the difference between a good Property Manager and a great one? The following 3 factors play a large part in how well your property is managed and, ultimately, your return on investment.

Monthly statements
A great Property Manager knows the value of providing timely and accurate statements to their landlords. These statements act to provide both important information and accountability. It shows the Property Manager is taking the management as a serious monetary investment on behalf of the landlord.

Change of tenants
How a Property Manager deals with the change of tenants in a property is equally important. Their commitment to filling a vacancy to reduce loss of rental income is an indication of their experience and how hard they are willing to work for you.

Maintenance and Mid-term Inspections
A great Property Manager deals with maintenance requests and mid-term inspections on time and with professionalism. They will advocate for the landlord when necessary and provide all required information to ensure the landlord can make informed decisions on any maintenance issues that arise.

How to Change a Property Manager

Are you unhappy with your current Property Manager? Do you feel like you're not getting the results you were promised? Here are some things you may not know about how you have the control when it comes to managing your investment property.

You don't need to wait until there is a change in tenancy. As long as written notice is given to your current Property Manager within the period stipulated on the signed agreement, you are able to change to one that is going to work harder to deliver the best service. It's important for a Property Manager to have a good relationship with the tenants in your property so if this is an issue, addressing it by changing Managers will go a long way to keeping your tenants happy.

The thought of having to deal with more paperwork is enough to put landlords off making the switch to a new Property Manager. The right Property Manager will ensure there is little disruption to your tenants and ensure a smooth transition and take care of paperwork for you.

10 Key Property Features that Determine Rental Price

When deciding on the purchase of an investment property, it is essential to consider how attractive a property will be to potential tenants. Here we talk about the top 10 features that tenants look for in a rental property and how these can affect your rental income.

  1. Bedrooms
    Typically more bedrooms in a property result in a higher rental income. However, the size of each bedroom is equally as important. A good rule to follow is that no bedroom should be less than 75% of the size of the other bedrooms.
  2. Number of Living Areas
    A second living area is enticing for tenants, as long as it is located a reasonable distance away from the main living area.
  3. Bathrooms
    The number of bathrooms should be in proportion to the number of bedrooms in a property. Bench space and storage are also important, particularly if the bathroom is to be used by more than one occupant.
  4. Presentation
    The more recently a property has been renovated or built the higher the weekly rent return will be. Modern kitchens and bathrooms are most important along with a tidy, low-maintenance outside areas. Interior paint schemes should be kept neutral and without themes or murals.
  5. Floor Coverings
    Modern carpet in light earthy colours is acceptable as long as it is in new or near-new condition. However, shag-pile carpet should always be avoided.
  6. Busy Roads
    Usually, properties on busy roads take longer to acquire tenants and bring in a lower rental income.
  7. Car Accommodation
    Secured or locked car accommodation is most favourable, with covered off-street parking also an advantage.
  8. Security
    Security screens and lockable windows appeal to tenants, particularly to females. Security alarms generally add very little value unless the property is at the top end of the market.
  9. Built-in Wardrobes
    Built-in wardrobes in units and townhouses are much more common, and are now expected by tenants.
  10. Appliances
    Some added extras such as a dishwasher or air-conditioning can increase your rental income.

Keeping these 10 features in mind when you are searching for the right investment property will help you focus on the return from your investment and go towards keeping long term tenants happy in your property.

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