When it comes to managing your property investment, the devil’s in the detail. But having a deep understanding of your aspirations and a good sense of direction is just as important as being thorough. As property investors ourselves, we at Position One have practical and fail-safe insights to share. We are experts on the kind of attention and determination people need to master as they become involved in investment property management Brisbane owners need.
There’s more to the property investment business than buying the right property at the right price in the right location. Successful property investors also run a tight ship. In fact, efficient, consistent, and smooth property management is essential in today’s competitive property sector. So, finding the best investment property management Brisbane has to offer is crucial for a rewarding portfolio. But, how do you find the best companies? Who in your area is suitable to hand over the management of your real estate portfolio to?
How to Find Investment Property Management Brisbane Owners Can Trust
When you go into the property management business and start to build up your portfolio, you must have a clear sense of purpose. A good investment property manager can understand and emulate those aspirations. But as you’re handing over such a large chunk of your tasks to someone else and you have little interaction with your tenants, you may feel that there’s no way to really assess and adjust the performance of the investment property management you have engaged.
Make or break
Time and again we’ve seen good investors, well on their way to building their wealth. Then, disastrously, they’ve been driven out of the business because of their frustration with poor management performance. At Position One, we understand that overseeing tenancies and maintaining properties is only the beginning. A successful partnership between property investors and managers depends upon a whole host of factors. What makes or breaks a property investment isn’t the free rental appraisal. Rather, it is the pro-active advice managers offer to their clients. Good property managers help owners to increase the capital value of their properties and boost their rental revenues. That’s why we advise landlords to look for the following services from prospective investment property managers:
Routine Inspections and Advice
Managed investment properties should enjoy routine inspections. This starts with the property manager’s initial visit at the start of the lease. It then continues all the way through to the day the tenants vacate the premises. It is also commonplace to conduct regular check-ups – either quarterly or bi-annually.
A good property manager should be able to carry out these inspections. Furthermore, they should report their findings to the investors in real time using secure and reliable technology. Based on these condition reports, your property manager should be able to advise you on various factors. Good investment property management Brisbane should be able to give you up-to-the-minute advice on the type of lease arrangements you should look for. And, they should also be able to come up with pro-active end-of-lease or renewal solutions.
Detailed Inventory and Condition Reports
In between tenancies, investment property managers are tasked with drawing a very detailed report on the property’s inventory and the condition it’s in. This thorough description of every item of furniture, fitting, furnishing, decoration, as well as every appliance and device serves as a safeguard against disagreements between landlord and tenant concerning damage and wear. Good condition reports usually come with photographs. The photographs should stored safely in the company’s database. Then, they can be made available the tenant and investor at the start of a new tenancy.
Effective and Meaningful Communication
Throughout the tenancy, it’s important to maintain an adequate level of communication between tenants and property owners. Effective and prompt communication both before and after the lease agreement is signed is critical. This will minimize friction between the two parties and make the tenancy more enjoyable for both sides. It’s not unheard of for tenants to have a hard time getting through to an agent to report an issue with the property. Or, for the agent to get back to them with a reasonable solution. As a property investor, you should aim to work with management companies that are willing to not only match industry standards in terms of communication and dependability, but also beat them. In today’s property market, there’s no room for bad reviews from tenants. Tenants who want to report serious issues but hit a brick wall when they call the property manager are not happy tenants.
Fast and Dependable Contractors
Most investment property managers have exclusive contracts with local tradespeople to help keep their investors’ costs down. But up-front costs aren’t the be-all and end-all. You need access to expert assistance, so that the property’s issues don’t reoccur. To get the best bang for your buck, ask for the list of tradesmen your property manager works with. Be sure to look into their reputation, expertise, and dependability.
Today’s property managers also tend to outsource their tenant screening services to companies. These companies have access to banking, credit, and solvency information and tax records. If you can afford to be picky with prospective tenants, then it may be wise to give your property manager the green light to pass on your prospective tenant’s information and return to you with any red flags.
Round-the-Clock Access to Your Data
It should come as no surprise that today’s property investors need round-the-clock access not just to their financial statement, but also to quantifiable performance data. Based on strict policies on rent arrears and tenant background checks, as well as metrics to gauge the performance of contractors, tenants, and the managers themselves, investors have the power to take matters into their own hands and make their own business decisions. It’s only with a comprehensive and transparent service package like this that property owners can hope to find and secure the best investment property management Brisbane can offer.