You have purchased a new rental and now need some help managing it. Here are some ways a Property Management company will look after your investment.
Inspecting your rental property is an important part of property security and peace of mind. If your property is vacant then we endeavor to visit the property each week to ensure all is secure and in tip-top condition. Once there are tenants in the property for 3 months, then we start regular house inspections every 6 months.
During the inspection, we are looking at everything and will advise you on any of the following:
- Maintenance that needs to be done and preventative maintenance that will save you money in the long run
- Any large maintenance or renovation jobs that will be needed in the future (giving you time to plan and budget for it)
- We will let you know if the tenants are looking after the property, and that nothing neglectful is happening, or likely to occur.
It is a good idea to look into getting a building inspection completed either annually or every 3-5 years depending on the age and the condition of your property. This is a great way to ensure the building is safe and highlight any maintenance issues that you can’t see on the surface. Look into these as they may, in fact, be a tax deduction.
We also recommend that you have annual servicing of heating, cleaning gutters and looking at the landscaping – such as pruning back large trees and shrubs along with taming creeping ivy. It’s easy for these to get out of control quickly, and much harder to get back under control. So staying on top of it is the key. Keep in mind that the outside grounds are big part of the appeal to tenants and can add thousands to the capital value.
When tenants give you notice on your property we undertake a pre-vacating inspection this allows us to:
- Ascertain if any essential work is required before we can seek new tenants
- Highlight any areas for the tenants to get back to pre-arrival condition (normal wear and tear excluded)
- When the tenants do vacate, a detailed exit inspection is carried out. This is done to ensure the property is returned to an acceptable condition. If any damage or cleaning is necessary we will make the appropriate deductions from the bond.
We are very thorough in the process of inspections as we feel that this a key way to ensure the property will:
- Appreciate in value
- Ensure maximum market rent
- Attract quality tenants – which often means long-term tenants
- Vacancy periods are reduced, increasing your income
Do you know how your property manager looks after your properties? If you are self-managing your properties, are you as thorough?