Property Management is universally recognised as the most difficult discipline in real estate practice.
In the past, suburban real estate agents have been “rent collectors” and property duties were dumped on the untrained and unsuspecting receptionist.
Fortunately for investors and for the real estate industry, over the last 10 years property management has developed into a highly skilled profession.
The changes have been driven by a number of factors:
1. Easy access to information via the media and technology, so people are better informed.
2. A demand and an expectation by the public for a more professional standard of service
3. A recognition by property management professionals that they have a “duty of care” towards their clients
4. Lastly, and most importantly – by Government policy and the protection of tenant’s rights.
Property Management has finally grown up!!
There are three main aspects that will determine a successful tenancy, which in turn will determine a successful investment.
– The tenant selection
– The maintenance of the property
– Risk management
These three points are a natural progression in a tenancy. The selection of the “best tenant” will achieve two important objectives.
* The rent will be paid on time, and
* The property will be maintained by the tenant to a pleasing standard
A well maintained property will:
– Attract a quality long-term tenant
– Achieve a fair market rent
– Keep the vacancy factor to a minimum
Risk management is putting appropriate strategies in place to protect our clients against potential risk. This can be achieved by:
– Recommending client’s purchase Landlord Protection Insurance
– By the real estate managers putting systems in place that will minimise claims by tenants against landlords.
Investors are primarily interested in how they can gain the maximum benefit from their property investment, so put these strategies in place and you are on the path to achieving your goals!.
For more information please phone Robyn Pedruco on 02 9419 8111.