Property investors who choose to use a residential property manager to take care of their investment benefit from a number of management services that take the time and hassle out of renting.
If you are a property owner in the Western Suburbs of Brisbane, you will be pleased to know that Colleen Miles takes care of property from Indooroopilly, Toowong, St Lucia and she’s also a Kenmore, Chapel Hill, Brookfield, Pullenvale, Karalee, Karana Downs, Barellan Point and Mt Crosby property manager.
If you are considering enlisting the services of a property manager, it will help to know exactly:
- what a such a service can do for you,
- what services you can expect to receive, and
- what are the key responsibilities that your property manager can take off your hands.
At the point you choose to rent, your property becomes more than a house or unit: it becomes a business, with all the time consuming paperwork, overheads and legal obligations that owning a business entails. Property management services should support you in this process, taking over your legal responsibilities and carrying out key tasks on your behalf. Here is a list of the key services you should expect your management service to provide.
Marketing Your Property
Your property manager’s role starts before you even have tenants paying you rent. The management service you choose should be actively marketing your property from day one, so its important that your agent has an established network and an active and respected presence in your local area. Brisbane Western Suburbs property management agencies such as Colleen Miles Property Management were established in St Lucia and Indooroopilly – and Colleen manages her property in Brookfield, also. When it comes to finding local tenants fast, this kind of local presence is a definite plus.
Boutique property agents Colleen Miles Property Management not only know the Western Brisbane suburbs area, but they know the management services business inside out.
Part of the marketing is your property itself, which is why a great agent knows how to create a property people will love. A good investment property manager will be able to advise you on the most important improvements to maximise the rental value of your asset.
What Should Be Done When Tenants Are Found
A great property manager would never just hand over the keys and leave it at that: your agent’s responsibilities are to protect your investment and keep your property safe. This starts with careful vetting of prospective tenants, the provision and completion of a tenancy agreement, and the correct handling of a security bond. According to the legal framework with which landlords are obliged to comply, all bonds and deposits must be lodged with the Residential Tenants Authority (RTA), which a property manager must do on your behalf.
A responsible agent will also accompany new tenants to the initial property inspection to oversee the completion of an Entry Condition Report. Properly filling out this report at the beginning of a tenancy is an essential step to overcome any future disagreements, with the tenants and the agent (on your behalf) reporting on the condition of the property and its contents and grounds. Tenants are allowed to disagree with the agent’s perception, so video or photographic evidence is recommended to avoid later disputes.
Legal Responsibilities Of A Residential Property Manager
Owning an investment property does not automatically make you an expert. Did you know, for example, how much notice you are supposed to give a tenant before popping by? Or how many days you have to deal with a reported problem or carry out necessary repairs? Important details such as this are laid out in law to respect the privacy, health and safety of your tenants, and you can be penalised if you or your business fail to comply.
Residential tenants’ rights are supported by the RTA in Queensland, who administer all matters relating to the Residential Tenancies and Rooming Accommodation Act 2008. This important piece of legislation outlines the key rights and responsibilities and obligations placed on tenants and landlords alike. One key advantage of having an expert investment property manager on your side is that they know this Act inside out. As property management specialists, they will act on your behalf and make sure your business stays on the right side of the law.
In the unlikely but ultimately unpleasant eventuality of non-payment or a forced eviction, this kind of legal expertise and professional support comes into its own. Residential property mangers employed by you will ensure this process is carried out properly and legally from start to finish.
What Can You Expect When Tenants Leave?
Although evictions are thankfully rare, you can still expect tenants to move on from time to time. This is time for your residential property manager to complete the tenancy correctly and legally, while actively marketing your property to ensure your income doesn’t drop for any length of time.
The agent will be expected to inspect the property when the tenants leave, possibly retaining a part of the security deposit to pay for costs of repairs. A correctly completed Entry Condition Report is compared to the new condition to calculate costs, before applying to the RTA for return of the bond. Complying with this procedure from the start of the tenancy to the end protects your property investment and ensures you don’t lose out. This is where it pays to have a responsible property management service on your side.
Real estate management services with a good business head will be ahead of the game at this stage and already lining up prospective tenants to keep the rent coming in. Until the day they leave, however, your property is your tenants’ home and the legal responsibility to protect their privacy still applies. A good agent will know the conditions placed on showing new tenants around when other tenants are still inside. This means your income should receive the minimum disruption while you stay on the right side of the law.
When it comes to managing your investment property, it pays to have a reliable and professional local property management agency on your side. Boutique property agents Colleen Miles Property Management not only know the area, but they know the business inside out. As your agent, they are there to protect your investment and ensure your tenants are kept happy with the least demand on your time.