WHEN purchasing an investment property and offering it for rent, it is highly recommended you use a professional property manager to l ook after your valued investment.
An experienced property manager has comprehensive knowledge of the Residential Tenancies Act 1995, which stipulates the legal responsibilities and rights of both landlord and tenant, ensuring the best interests of both parties.
Property managers deal with all the letting, maintenance, rent arrears, routine inspections and tenant complaints relating to your rental property. They will also have a database of potential tenants that will cut down the length of time the property is vacant and reduce advertising costs.
A management agreement should be signed by yourself and the property manager before renting out the property.
The agreement specifies the terms and conditions of management of your property, such as a management fee, letting fee and other associated costs.
The advantages of having a professional property manager far outweigh the costs associated. It is a property manager’s job to ensure your asset is monitored and maintained.
A property manager who is an REISA member will abide by the association’s Real Estate Code and Residential Leasing Guidelines.
To view a list of member agencies, go online to www.reisa.com.au.