By Marijke Walker 10/12/2019
It’s vital that you market your property to put you ahead of the game. You can beat the odds by engaging a property management specialist who will put together a strategic marketing campaign following the 3 Ps:
- Price – listen to the market, do the research and get the pricing right
- Presentation – have your property’ on point’ to get it leased and avoid extended vacancy rates
- Positioning – think about the type of tenant you want to attract then use professional photography and copy in premier listings on Realestate and Domain to stand out
We know this works because the majority of properties we have listed within the past 2 months have leased within 7 days whilst the market average has been 4 to 6 weeks.
Once the strategic marketing campaign is complete, your property management specialist will coordinate open homes and private viewings to find the right tenant for you. At the end of the day, you want someone who can pay the rent, will look after your property and someone who will stay long term. A property management specialist will arrange solid reference checks will get you this information.
Remember, you are leasing your biggest investment to a stranger so you want a property management specialist who will get this right and if they have any doubts at all, will say no.
#3 Ongoing Management
Traditionally this has been seen as collecting rent and handling maintenance and repair issues. But it is important you have a property management specialist who does this well. We recommend six monthly routine inspections to ensure the property is well maintained by the tenant and to identify any potential maintenance issues. There is also a legal obligation when it comes to smoke alarms, window locks and ensuring that there are no significant health or safety risks.
Then there are major issues like:
- A financial crisis: a tenant loses his or her job and can no longer afford to pay the rent
- A vacate: a tenant moves out, another moves in but you don’t know about it and the new tenant is not on the lease
- A disturbance: you receive complaints about excessive noise and late night parties from strata and your neighbours are not happy
- Illegal drug use: drug labs are an endemic problem in some suburbs and the cost to have it cleaned can run into the tens of thousands of dollars
If something does go terribly wrong, you want a property management specialist on your side to present a case for tribunal to get possession back of your property and compensation for any losses incurred.
After being with Taylors Property Management Specialists for 3 years, I have no hesitation in recommending you have a team of professionals on your side. Each of their property management specialists has over 10 years experience in the industry and is passionate about what they do. For between a 5 and 7% management fee, you will not only have peace of mind for the professional marketing, leasing and ongoing management of your investment property, but a great team on your side when things go wrong.
If you would like to learn more about how an experienced property management specialist could help you with your investment property, please contact me.