Property management realty in Melbourne is changing with our city. As our population increases our city is changing, with more high density apartments being built to meet the demand, investors often opting to purchase ‘off the plan’.
By 2030, metropolitan Melbourne’s population is expected to increase by 620,000 households and by 925,000 people. Managing this increase will present substantial challenges for where and how we live. We face across-the-board changes that will alter our perception of what we want in housing, and the way the housing market develops. These include:
- the greying of our population – almost 30 per cent of the total population will be over the age of 60 by 2030.
- a change in household structures – one-person and two-person households will become more numerous and account for an estimated 90 per cent of all additional households between now and 2030.
- a change in the types of houses we live in – for reasons of cost, changing lifestyles, and greater diversity in housing stock.
- increased reliance on rental accommodation – more people will rent from necessity or from choice.
- greater polarisation – with housing prices and affordability tied to income levels and access to facilities and services.
(Source data: Melbourne 2030)
With the increased reliance on rental accommodation, property management realty in Melbourne is a critical service to best maximise the growth of your property investments.
What exactly does a Property Management Agency do?
- Coordination of maintenance and repairs
- 24 x 7 emergency on-call service for tenants and owners
- Regular inspections
- Collection of rental payments
- Deposit of rental income
- Provide Monthly statements of income and expenses
- Consultation on all tenancy matters
What does a Property Management Agency do to market a property, find suitable tenants, AND ensure the tenants follow the rules and respect your property?
- Photography of your rental
- Marketing and promotion
- Handling tenant inquires
- Scheduling private and open house showings
- Process rental applications
- Tenant screening
- Reference checks
- Signing of legal lease documents
- First walk through with the Tenant
- Conduct condition inspection report
Your Turn: With pressure on Melbourne’s housing supply in the year’s ahead, what changes would you like to see within the property management industry?