Have you ever wondered why there is a need for property management in Australia? We live in a privileged society, with a highly regulated property industry. Property and tenancy legislation is in place, and we have protection offered to both tenants and landlords. All around the country, including right here in Brisbane, we have a healthy rental market. There is a wide choice of properties, and a constant demand for new rentals.
But we have all heard the horror stories – on all sides of the property equation. For example:
- Tenants who have damaged a rental property and failed to make good on repairs
- Landlords who do not adequately maintain their property to the detriment of the tenants
- Property managers who fail to keep landlords informed of vacancies, and so on.
These scenarios are no longer necessarily a part of your rental experience because of the rise of specialist property management agencies in the Brisbane area. Fortunately, no longer should you expect a real estate sales office to provide the best property management solution.
Typically, property investors spend considerable effort in finding exactly the right property in exactly the right location. Or at least – we hope they do! Trouble is, oftentimes investors would give little or no thought to the management of that property. Neither was consideration given to the most appropriate tenants, or the correct rental appraisal. In the old days, a property investor might choose a property manager from the same company as the sales agent, in the mistaken belief that the sales agent would understand the local rental market. Whilst this statement is true of the property sales market, it is not always a given that the sales agent would be acquainted with the rental market.
Or the investor might try to reduce costs by choosing the cheapest property manager, or do away with a manager altogether, and attempt to do their own property management.
Times have changed in Property Management in Australia
As we all know, purchasing a rental property in Brisbane, or anywhere in Australia these days has become a serious investment, so that much hasn’t changed. Fortunately, the options to find a professional property management agency have improved significantly with the rise of specialist – or dedicated – property management agencies.
If the purchase of an investment property is serious business, then the management of that property should also be viewed as a serious business, because you need to maximise the return on that investment. A specialist property manager is more like a business partner, to assist you in the business management of your investment, and to provide the best advice in how to maximise your return, and to provide you with the best outcomes and long term advice.
What is Property Management?
Property Management in Australia is the process by which a property owner can assign responsibility for the property to a qualified manager. This is usually in the event that the property is leased or rented to a tenant. The appointed property manager will usually be accountable for controlling, operating, managing and overseeing all aspects of the land, and the building/s on the land.
Why Do I Need Property Management
We really are blessed to live in a country like Australia with a high standard of living. Along with excellent social amenities, we have a high standard of housing available. We are blessed to have ample opportunity to work, rest and play.
We live in an orderly sensible society – so why do you need a property manager to look after a rental property?
The answer is that there is a lot more to managing a rental property than simply collecting the rent payments each week. Property Management is more about correctly matching the needs of the tenant and the landlord, as well as the type of property. No two properties are exactly the same, and neither should you expect your property manager to be a one size suits all solution.
So do some research to find a good property manager in Brisbane. Be sure to ask some questions of the property management department!
- Do you offer specialist property management services?
- Do you provide a dedicated property manager to manage my property?
- How much experience does your property management team have?
- Are your property management team property owners themselves?
- Are your property management team investment property owners themselves?
- What areas do you specialise in, or have experience in, in Brisbane?
- How do you screen prospective tenants?
- What is the procedure for handling rental arrears?
- How do you appraise my property for the weekly rental?
- Do you provide inspection reports?
- What is your maintenance policy and who are your preferred contractors?
- Typically how many rental properties is each property manager required to manage?
Do I need a Property Manager?
It is a common conundrum for many landlords. It seems that there are some who fail to appreciate the relationship with their property manager is actually akin to an ongoing business partnership. Historically, investors would spend hours searching for properties and doing due diligence on potential property purchases. However, as soon as a deal was struck, the same investor would spend minimal time in the selection of a property manager. Unfortunately, this is generally in the mistaken belief that rental returns will flow automatically. Or worse – that they would be able to manage the property themselves. Almost always, this is not the case.
Landlords tend to decide on a property manager due to the costs of the property management services offered by prospective managers. But this fails to take into account the success rate for finding tenants, the vacancy rate for keeping tenants, and the overall costs of managing your property in the long term. This selection method also completely misses the point about the level of maturity and experience of the property manager.
Some property owners decide to try without a property manager and try to do the property management tasks by themselves. This is risky when they may not realise that property management is much more than just visiting your property every now and again.
Maximise returns from your property – minimise vacancies!
Not only is there more to property management than just doing a cursory visit, there is more to reducing the vacancy rate of your investment property than meets the eye. To effectively maximise the return on investment from your investment property, it requires specialist property management expertise from your chosen manager. Because we live in the information age, it is no longer a requirement that your property manager be located in exactly the same Brisbane suburb as your investment property. However, it is reasonable that you expect your property manager to have experience in that location and good knowledge of the surrounds.
Here is a list of some of the factors that should be important in your choice of property manager:
- Location specific experience in your Brisbane suburb
- Industry specific knowledge in the marketing of your property
- Location and industry skills at rental market appraisal in Brisbane
- Choice of rental rate to match your property with the best tenant
- Selection of tenant to meet the long-term objectives of both the tenant and the landlord
- Choice of lease agreement to be fair to both tenant and the landlord
- Screen prospective tenants to find the most reliable tenant for the type and location of the property
- Policy for conduct of repairs and maintenance
- Professionalism as a business partnership to maximise your return on investment.
Why choose Position One Property?
At Position One Property in Brisbane, we pride ourselves on providing specialist property management services to our loyal clients. We strive to be your number one business partner in property, and we aim to deliver the best return on your property investment.
We achieve this ambition by matching the best tenants with the best and most appropriate rental properties in Brisbane. Furthermore, we believe that by accomplishing the best outcomes for tenants and landlords alike, that we will achieve the best long-term outcomes for all of our clients.
What this means is that Position One Property management services are the best choice for your investment property. This means we take very seriously the responsibility for the property under our management. At Position One Property, property management is our business specialty. Most of all, we strive to earn the right to be your trusted business partner in the management of some of your most significant investments.
We Treat Your Property Like Our Own
At Position One, we treat all of our clients as valued customers, and that includes tenants and landlords alike. The reason is that we treat each of our managed properties as if it were our own property. That means we manage each and every occurrence with the importance that you would place upon your own property.
We will keep you informed and up to date, whether it be:
- a routine inspection,
- rental appraisal,
- preventative maintenance,
- or an impending vacancy.
If you wish to be involved in making decisions or prefer to leave it to us, we understand. We keep your priorities uppermost in mind.
Are you new to the property investment market? Or you have an existing property with an existing tenant? Or any situation in between these two? We can discuss and arrange a tailored solution to meet your needs, and to help you maximise the returns on your investment property.
Get in touch with one of our Brisbane property management specialists today at Position One Property on 07 3843 4511!