Managing a rental property can be a time-consuming task, particularly if you are not up to speed on your legal responsibilities as a landlord. That’s why many property investors use property managers, but how do you know you are getting a fair deal?
Whether you already own an investment property or you are purchasing one for the first time, it is always worth reviewing your property management options.
More Australians are investing in rental property
In Brisbane, 51.5% of all units are owned by investors and around Australia, one third of all properties are owned by investors. Currently, houses in Brisbane are attracting an average weekly rent of $436 and a rental yield of 4.2%. Units are renting for an average of $406 per week, generating a rental yield of 5.3%.
These are attractive returns on an investment, so it’s worth finding a property manager who will help you to maximise your return on investment. By looking for someone with an established database and a proven track record in your area, you will give yourself the best chance of finding quality tenants and reducing vacancy periods.
If you have been with the same property manager for some time and you aren’t sure whether you are getting the best service, it may be worth reviewing your arrangement. As more Australians invest in property, the industry is growing, giving you more options.
Finding a property manager
When comparing property managers, it’s important to ask the right questions. You want to be confident you are engaging a professional who is proactive and experienced.
Questions to ask include:
- Who will be looking after my property?
- How many years has my property manager been working in real estate?
- How long has the property manager worked for the agency?
- What experience do you have renting out properties in my suburb?
- What is your system for vetting potential tenants?
- How do you typically handle maintenance requests?
Once you are satisfied the property manager is a good fit, you can start to compare prices to ensure you are entering into a fair arrangement. Most property managers will take at least 7% of your rental income, so you want to be sure you are using an agency that will help you to maintain your investment to the highest standard.
An exclusive offer for property investors
With more property investors now coming to me to arrange their loans, I recently partnered with Tessa Residential to offer you an exclusive property management package. You will receive three months of free property management and an ongoing rate of 5.99% plus GST for the life of your investment property.
This partnership ensures I can refer you along to a property manager with confidence. Tessa has a trusted reputation for helping investors to grow the value of their assets. If you have questions about this or you are thinking of investing, you can call me on (07) 3391 5113 for more information.