TIPS ON RENTAL
Tips on Managing your Investment Property
Managing your investment property
There are many advantages to using a professional property manager rather than managing as an owner. For example, we have a disciplined tenant selection process, and through the course of their day to day work meet many prospective tenants from which to choose the best for your property. Our experience usually allows them to ask the right questions as well as being able to "read between the lines" in relation to the answers.
Things to keep in mind when investing in property and choosing a property manager:
Confirm the term of the rent or lease reflects the current market environment, as well as your investment goals. The supply and demand of rental property can vary significantly within the term of a lease, as does going market rent. If you are looking for stable yield, you may be willing to sacrifice on monthly rental for long term continuity of revenue. A professional property manager can advise you on how to extract the best return on your investment property.
Check the detail re: tenant-landlord responsibilities in the Special Conditions of your lease. Tenants may ask you to arrange and pay for repairs that are actually their obligation.
Is all of your paperwork in order. Know your rights and obligations upfront, keep receipts and copies of correspondence between you and your tenants. Know where you stand with keys , lease agreements , terms of lease etc otherwise your property manager can handle this for you.
Things to consider when investing in a property Checklist for Choosing a Property Manager
R.E.D Property provides you with a checklist of questions you should ask when considering which property management team to appoint.
1.How would your agency market my property for rent?
2. How much information is obtained from applicants and what information is verified?
3. Would your property management staff personally show prospective tenants through my property?
4. What documented systems are in place for property management?
5. How do you deal with rental arrears?
6. What’s your process for dealing with repairs and maintenance and do you charge extra for this?
7. What steps do you take to ensure that all contractors working on the property do the job that they have been paid for?
8. What steps do you take to ensure that all work on my property is competitively priced?
9. How frequently will you inspect my property?
10.What’s the experience level of your staff members who will be renting and managing my property?
11. How and when will you deposit the rent monies and account to me via rent statements?
Why deal with R.E.D Property?
We have a proven track record
With R.E.D Property you can rely on our proven track record to ensure you get the best result.