A lot of property investors are caught out thinking their Property Manager is doing a terrific job, just because the rent is coming in on time and they never have any maintenance issues from their tenant. Professional Property Managers should definitely ensure your rent is paid on time but should also be making sure your investment has the best possible tenant while gaining in capital value. The problem is most investors do not know what their Property Manager should be doing. Here are some tips to guide you:

1. Advertising for new tenants – The internet is where most tenants are finding their new homes now. This is the chance to make the first impression to your future tenant a good one. Pictures should be good and descriptions should give as much information as possible to entice your tenant to view. Abbreviations (eg. SL, WIR, WC, LUG, WMF, BR, SE) should not be used. Do you know what they all are?
2. Inspection for new tenants should only be conducted with your agent present. If they are handing out a key, how do you know the property has been locked up properly? On a cold dark day, your Property Manager should be there prior to the tenant arriving to turn on all of the lights and the heater. It is also an opportunity to conduct a mini interview with your potential new tenant prior to receiving their application.
3. Processing of the applications for your new tenant need to be conducted with great care. At a minimum, applicants should also be asked to supply two work and two personal references. These referees should be contacted along with checks to tenancy databases. Finally, a Google check never goes astray!
4. It is important to be clear to the tenants on what exactly they are signing, prior to them making the commitment. All confirmations should be in writing to save any confusion and issues as your tenancy is beginning.
5. Documentation is the key to your tenancy to minimise any loss at the end of the agreement. Tenancy Agreements need to be completed specifically with relation to your property – they should not be generic. As the property owner you should be receiving a copy of each agreement and a condition report that is completed on your behalf. Better still a DVD of your property is great to accompany the written condition report to stop any disputes at the end of the tenancy.
6. Routine inspections should be conducted at least twice in the first year of a tenancy. As the property owner you should be receiving a detailed report with photos of the condition of your property after each inspection.
7. Maintenance should be acted upon under your instructions. It is important however that you are kept informed at all times. Proactive maintenance such as annual gutter and drain cleans, gas appliance services etc should be recommended to ensure potential damage or injury does not occur.
8. Renovation suggestions and management should be advised by your Property Manager. Rough estimates and firm quotes can be obtained by your Property Manager as they have access to a wide range of tradespeople that they work regularly with. Renovations (both small and large) may attract you better rental returns, better tenants and greater capital growth.
9. Regular reviews should be conducted of any long term tenancy (over 12 months). As the rental market continues to rise you do not want to be caught too far behind the average rent for your property. It is important to reward a good tenant and keeping them means you save money on reletting costs such as letting fees, advertising and vacancy time so keep your rent slightly under market. Reasonable and at a minimum, annual increases are recommended.
10. Reward your tenants – after all they are helping you achieve your financial goals. Small gestures like prompt follow up, loan of a courtesy trailer, assisting with connection of services upon moving into a property, a thank you card after a great inspection and even a small Christmas gift are all things your Property Manager should be doing on your behalf.

The service Domain Property Advocates provides for both their Landlords and Tenants has been recognised with an award for the Victorian and Australian Property Manager of the Year. If you feel you are not getting the service you, your property and your tenants deserve, call the team at Domain Property Advocates. Melanie Dennis is the Director in charge of the Property Management Department and can be contacted by calling 9853 5599 or directly on 0416 218 003.

If interested in learning more about this update please contact me today!

Tags: agreement, coming in on time, condition, google, maintenance, Management, professional property managers, tenancy, tenancy databases, tenant need

As Domain Property Advocates continues to grow I will continue to provide superior service to those choosing to use property as their investment. It is an important choice of who to choose as the one responsible to look after your property. You can be sure that Domain Property Advocates will always strive to be the best.

This entry was posted on Monday, September 21st, 2009 at 11:46 am and is filed under Buying Property, Property Management. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.