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When considering a property manager to look after your property, investors should look beyond fees. The right property manager can mean the difference between a stress free experience and a regrettable one.

Depending on the area the property is located you can begin by researching different services on offer by agents in the local area. Rental providers can choose between full service agencies or dedicated property management companies.

As a Rental providers, when comparing fees, examine the services on offer rather than focusing on the rate. Understanding what it is you want from your property manager should be part of your selection process. Some things to consider might be;

• Is there transparency
• How is the communication
• Is there consistency of Property Manager
• Does the property manager have working knowledge of the legislation
• Does the property manager have knowledge of the day to day management requirements
• Does the property manager have knowledge of the market conditions

Fee structures can differ between agencies. Typically, it’s a fee based on a percentage of the rent, with rates usually varying between five to eight per cent and can be dependent on the area and the facilities on offer. Monthly administration fees are also structured into the fee structure.

Most managers will charge a one off leasing fee at the start of a tenancy, usually two week’s rent plus advertising fees as well as auxiliary fees, i.e. lease renewals, yearly statements and court attendances. Collaborating with a quality property manager is an insurance policy in itself. The phrase, “you get what you paid for” also applies firmly within the property management industry.

Many property investors choose to have their rental property managed by a property manager. Although self – management can be a cheaper alternative and save you thousands of dollars a year in management fees, it can often times be more stressful.

Managing a rental property requires many skill sets and can impede heavily on your time when issues arise. There is an investment of time as a property owner that you have to allocate when it comes to managing your own property. There is quite a bit involved in the process;

• Getting the property ready to advertise
• Finding suitable and reliable renters
• Vetting references
• Lodging bond
• Collecting rent
• Being on call 24/7 for emergency repairs
• Conducting property inspections
• Paperwork / agreements

Selecting the right renters is the most important step in the whole process if you are considering managing your own property. Bear in mind the process may not be as straight forward and simple as you think.

Some things to consider;

• Marketing your property to the public
• Correspond and answering calls throughout the day
• Arranging times for all interested parties to view the property
• Handling urgent matters such as repairs
• Screen potential renters
• Accessing renters databases

Then of course, once the renters moves in to be ready to deal with any issues pertaining to the property – neighbour or strata disputes, any repairs or maintenance issues. For strata residents, you will have to be knowledgeable in order to handle and follow up common property issues as well as liaising with strata managers. Being familiar with potential issues that may escalate to tribunal level and preparing for possible claims by the renters against you is important.

Going the option of having a property manager manage your property gives you peace of mind. With agent fees being tax deductible an agent managed property makes sense. Besides that, it allows you to free up quality time to spend focusing on other priorities than the day to day management of your investment property.

Ensuring your rental property is well presented and ready to be leased can mean the difference between attracting a good renters or a bad renters. There are several steps to factor in before advertising your property for rent to increase the home’s appeal to suitable renters.

• Deep clean the home – this means steam cleaning carpets and any hard to reach or easy to forget areas like window tracks, blinds, ceiling fans, heating/cooling vents and oven grills
• Repairs – identify what is broken and attend to it. Loose or broken shelves, wobbly door knobs, leaky taps, holes in walls, cracked tiles, lifting fly screens, unhinged doors, renew plastering, repair skirting boards and power points.
• Don’t forget the exterior – make sure gutters are cleaned, that there are no loose roof tiles, render freshly painted, lawns and garden well maintained, windows cleaned and any garage clutter cleared out.
• Renovate – if your property is a little on the outdated side you can add value by doing minor renovations. It doesn’t have to be an extensive refurbishment, select two rooms to renovate – the most common being the kitchen and bathroom. These rooms can be done on a budget and by making the investment it can add tremendous value to the overall property.
• Rental Provider Insurance – although the initial outlay can seem an unnecessary additional cost, if the worst were to happen, i.e. renters disputes, rental arrears, malicious property damage, prolonged vacancy periods and tribunal charges etc. in the long run, you will be relieved your investment is insured for any unforeseen issues that may commonly arise when renting out your property.

Transfer of management is simple and usually straightforward. If you currently have a property managed by another agent and for whatever reason are not satisfied with the service, all you have to do is fill out a transfer form and we will arrange a smooth transition of management from the existing managing agent. We then act as your agent and deal directly with your previous property manager ensuring we collect all necessary documentation, keys and any other paperwork.

As a property owner, you can have a say in setting your own rent but often the agent has extensive knowledge and experience on what generally constitutes the current market price, hence why you’ve hired them. It’s often common for rental providers to want to advertise their properties at a high price but if a property is priced too high it may be slow to lease. Understanding market dynamics and having a property manager communicate regularly with you about best leasing strategies can save thousands of dollars in lost rental income, particularly as tenancies change and mature over time.

Rental vacancy rates are minimal provided the rental property is priced and marketed correctly. The letting process can be fast if the advertised price is reflective of market conditions, that the property is well presented and it is represented by a professional agent. With that said, there is no definitive answer to this question as it can also be dependent on many other variables or unforeseen occurrences.

We service the following Melbourne metropolitan suburbs and areas;

• North West & City Fringes
• Inner East & Inner City
• Western Suburbs
• Inner South East Metro Region
• Inner Northern Suburbs

We currently manage;

• Residential dwellings
• Strata title apartments

Yes, you can apply for a property unseen. Although it is common practice, we advise an inspection of the property prior to accepting a tenancy agreement or have somebody show up and inspect the property on your behalf. We often accept renters applications prior to inspections to expedite the tenancy application process.

Breaking out of the tenancy agreement before the end of the lease is possible but bear in mind that as a renters, you are still legally required to continue to pay rent until a new renters is secured. In addition, advertising costs and a let fee of one weeks’ rent inclusive of GST are also at a cost to the renters.

All maintenance can be reported in writing by completing our Maintenance Form or via email. For urgent repairs, you can contact the office and explain the issue in – depth. If this is outside office hours, you can refer to your lease agreement and contact the nominated after hours’ tradesperson. Sometimes a call out fee is payable for the nominated tradesperson if the job is deemed non urgent.

Upon approval of your rental application, you will be required as a renter to pay the first month’s rent and bond within 24 hours. Email documentation will also be sent to yourself and your rental provider to inform of the tenancy and remove the advertised listing online.

Victorian legislation stipulates that a renter must give minimum of two week’s rent on a periodic lease and up to 28 days’ notice for fixed term agreements with the end date coinciding with the rental agreement end date. Your notice will be accepted from the day in which it is received and your Property Manager will advise instructions for you to vacate as per your rental agreement. Bear in mind, viewings for prospective renters may be necessary and your full cooperation will be appreciated.

• Make sure all sections of the application form are completed and that you’ve signed the privacy disclaimers. If all sections of the application are not filled out or signed will delay the Property Manager processing your application.
• If there are multiple applicants applying, be sure that all applicants have filled in and signed the application form as well and provided referees at the time of submitting application.
• Ensure that all applicable documents and forms of ID are current. If you are uncertain what documents or ID to provide be sure to enquire with your Property Manager to promptly to avoid delays.
• Referees should be aware that they have been nominated to be contacted for a reference.
• The more information provided on your tenancy application the higher likelihood of your application being approved.

A bond is a payment that rental providers can request at the start of a tenancy agreement, like a security deposit, to cover damage or other costs the rental provider may have to pay that may have been incurred by the renter at the time of them vacating. The bond and rent are separate amounts. If your weekly rent exceeds $900 the rental provider can request any set amount as bond. Most rental providers though will request bond equivalent to one month’s rent.

Routine inspections are periodic and a necessary part of the duration of the tenancy. We conduct regular routine inspections, the first inspection being at 3 months into the tenancy and then every 6 months on going to address any maintenance or repairs that may arise.