How easy is it to change your property manager?

Answer: Changing your property manager isn't as difficult as you think!

Changing to a new property management team can seem like a daunting task to add to your to do list, but did you know it’s incredibly simple?

STEP 1

Book in a rental appraisal to investigate your options with your potential new manager. Here at The Property Mentors our rental appraisal process is obligation and cost free; no matter whether you have one investment property, or an entire portfolio you need to review.

STEP 2

Sign the management authority, giving your new team permission to manage your property and get started on finding a tenant if necessary, conducting inspections and taking care of you and your portfolio. If you already have a tenant in place, our expert team contact your existing management team, organise the transfer and advise your current tenants of the change.

STEP 3

Sit back and watch your investment property pay for itself (or your financial future), while your brand new property management team does all the running around!

If you want to find out exactly how much work having a good property manager can save you, read our step by step guide to all things property management below.

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MANAGEMENT AUTHORITY

One of our property managers will meet you for an obligation free chat to discuss your requirements, expectations and concerns. They’ll assess current market conditions, potential rental income, the type of tenant your property will attract and note any special instructions you may have. When you’re ready to get started all you need to do is sign a management authority and our team will take it from there!

ADVERTISING

Our tailored campaign to find a renter can see us organising professional photos, featuring your property on industry leading real estate sites, our own website and social media accounts, placing signboards on site, or any combination of these (or other) key strategies. Alternatively, because we have highly valued ongoing relationships with both rental providers and renters, if we have suitable tenants who may have recently missed out on another property, we'll reach out to them to save you money on advertising where we can!

OPEN FOR INSPECTIONS

Open for inspections allow us to present your property at its very best, every time, while generating the maximum amount of interest in the property. Potential tenants are invited to inspections at set times, meaning fewer interruptions and less inconvenience to existing tenants. Our management team are on site, on time, to personally supervise and make any finishing touches to the property prior to inspection.

PROCESSING APPLICATIONS

There are two key points we consider when selecting a renter from amongst the various applications we receive:

  • Do they have the ability to pay the rent?
  • Do they have the ability to maintain the property to the desired standard?

Your property manager will thoroughly reference check potential tenants for suitability, qualify the information provided and then discuss candidates with you. After this discussion the final decision can be made as to who is ultimately the very best tenant for your property.

LEASING

At this stage we prepare the formal rental agreement and provide it to the renter for sign off. It documents the type and length of the agreement, the amount of rent, how it is to be paid, how rent increases will be calculated, the amount of bond and any other conditions. You can include extra terms and conditions in the agreement, provided they aren’t prohibited by law.

PREPARATION

Before your renter moves in we provide them with a copy of the rental agreement, a copy of the renters guide summarising the rights and responsibilities of all parties, a phone number for urgent repairs falling outside business hours, a set of keys for each renter on the agreement and the condition report. We carefully prepare the condition report in detail, as it is a vital document if there is a dispute about bond claims, or who should pay for cleaning or fixing any damage. The renter must sign off on this report before they move in.

HANDOVER

On the day the rental agreement commences, we provide every renter on the rental agreement with a copy of any keys, security devices and swipe cards needed to enter the property. Once the keys have been handed over, the property is officially in their care. As the rental provider you can also keep copies of all keys.

ONGOING INSPECTIONS

To ensure your property is well maintained we conduct the first general inspection of your property as soon as the first three months of the rental agreement have elapsed, then every six months thereafter. During this process we thoroughly check your property to ensure the renter is keeping everything in good condition and there are no unreported maintenance issues. If we think the renter isn’t meeting their obligations we can issue them with a breach of duty notice; if they don’t fix the problem or start meeting their obligations we can take them to the Victorian Civil and Administrative Tribunal (VCAT) on your behalf.

PROPERTY MAINTENANCE

Maintenance is based on your preferred requirements. We can contact you for all repairs, employing our trusted team of trades people, or you can nominate your own licensed trades people. Rest assured, if the tenant damages the property they are responsible for the cost of any repairs.

VACATE AND REPEAT

If you need the tenant to move out of your property, we can either negotiate an agreement with the renter or give them a notice to vacate. A notice to vacate can only be issued for specific reasons. Similarly, renters who want to move out can either negotiate an agreement, or provide a formal notice of intention to vacate. Again, there are specific reasons if renters want to vacate before the end of the rental agreement, and if they give notice for any other reason they will be breaking the lease and may have to pay costs. Regardless, because we have strong ongoing relationships with both rental providers and renters, where we have suitable tenants who may have recently missed out on another property, we will reach out to them and save you money on advertising!

DID YOU KNOW?

Many real estate agencies may offer you a super low introductory management fee, but behind the scenes their property managers could be looking after more than 200 rentals each to compensate for this low rate. Even if they skip lunch every day, that's just five minutes a week they can dedicate to each property. And as you’ve invested a lot into your property, we think it's only right that a good property manager invests their time in them too.

WHY SHOULD MAKE YOU THE CHANGE?

As you will learn, our property management service doesn’t rely on traditional concepts, where your property manager may be too busy with other properties to focus on your individual portfolio and income needs. Instead, we look at the big picture, working with you one-on-one to achieve your long-term financial goals.

As expert property investors ourselves, we’re uniquely placed to assist with your rental performance from an investment portfolio-centric perspective, as opposed to traditional property management teams who just don’t have the experience to take this big-picture view of your goals.

With decades of property management experience, we know how to look after what is likely one of your biggest assets; and as experienced property investors, we can help to ensure that each rental is a successful long-term addition to your property portfolio. To get started, click here to book in your free rental appraisal today!

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ARE YOU EARNING THE RIGHT RENT FROM YOUR PROPERTIES?

The Property Mentors property management team are now providing obligation free rental appraisals. Contact us to find out more.

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