Small cost for peace of mind

Pilbara News - - Property - Hay­den Groves

There have been a num­ber of news re­ports in the last cou­ple of weeks about rental prop­er­ties be­ing de­stroyed by ten­ants.

While this isn’t a com­mon, it pays to be pre­pared so you don’t find your­self in a sit­u­a­tion that can leave you out of pocket and un­der a lot of stress.

The amount of work in­volved in man­ag­ing a prop­erty and how com­plex it can be is of­ten un­der­es­ti­mated.

While the ma­jor­ity of in­vestors choose to use a prop­erty man­ager, there are still about 40 per cent of in­vest­ments in WA that are self-man­aged.

In my opin­ion, it isn’t worth the risk. A prop­erty man­ager will take care of the day-to-day tasks and re­spon­si­bil­i­ties of man­ag­ing a prop­erty and they will be well versed on the Res­i­den­tial Ten­an­cies Act. This is use­ful if the prop­erty is dam­aged, main­te­nance is re­quired or the ten­ant is be­ing un­rea­son­able.

Buy­ing a prop­erty, an in­vest­ment or oth­er­wise, is one of the big­gest de­ci­sions you can make. This emo­tional at­tach­ment can be detri­men­tal when deal­ing with ten­ants.

A prop­erty man­ager acts as a link be­tween the owner and ten­ant and will of­fer ad­vice based on the best out­come for you.

A prop­erty man­ager will also have ac­cess to the Na­tional Te­nancy Data­base so they can iden­tify any ap­pli­cants who have a poor rental his­tory when it comes to pay­ing rent and main­tain­ing a prop­erty.

This is price­less in­for­ma­tion and can help you select the most ap­pro­pri­ate ten­ant from the start.

The cur­rent mar­ket of­fers ten­ants plenty of choice, which means in­vestors need to work harder to at­tract in­ter­est in their prop­erty.

A prop­erty man­ager will be able to as­sist you with a mar­ket­ing cam­paign to give you a com­pet­i­tive edge. Plus, they have ac­cess to prop­erty web­sites, such as reiwa.com, so you can en­sure your prop­erty will be seen by as many po­ten­tial ten­ants as pos­si­ble.

When se­lect­ing a prop­erty man­ager, it’s im­por­tant you do your re­search. You want to en­sure you ap­point a prop­erty man­ager who has ex­cel­lent com­mu­ni­ca­tion and peo­ple skills, is knowl­edge­able and ex­pe­ri­enced in the in­dus­try, pays at­ten­tion to de­tail, and is pro­fes­sional and highly or­gan­ised.

Check too that they are a mem­ber of the Real Es­tate In­sti­tute of Western Aus­tralia. Man­age­ment fees are not high and are nor­mally tax de­ductible. Hay­den Groves is the pres­i­dent of the Real Es­tate In­sti­tute of Western Aus­tralia.

Pic­ture: ThinkS­tock

A prop­erty man­ager can take the stress out of run­ning your busi­ness.

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