When you have a half million dollar asset, or more, why would you shop around based on fees alone - literally equating to a handful of dollars a week. You risk putting your investment into the hands of someone who likely doesn’t own an investment property or inherently understand the issues involved.
After investing significant time hunting around you may find some cheap rates, but you will also get what you pay for - poor service, because the manager is likely looking after far too many properties to help them make up the difference in revenue at their end! In addition, if they miss something because they are too busy or inexperienced, such as a safety issue or maintenance issue, it will cost you significantly more trying to fix the problem.
Here at The Property Mentors we are selective with the properties we invest in, the people we invest in, and also with the properties we are happy to manage. In fact, we reject properties for our management portfolio if we believe they aren’t worth the trouble.
If you are going to shop around, then seek out a good team. Trusting your property to The Property Mentors means you always have the opportunity to review rents and discuss any issues with the Property Management team and your mentors. The price difference is probably the cost of a coffee each week, and if you would like a face to face catch up with us, we’ll shout the coffee!
However, the best result for anyone leasing out their property is to obtain the highest quality tenant, as soon as possible; therefore maximising long-term returns in the shortest possible time. Properties that are priced too highly in comparison to similar properties in the same area will remain on the market. Properties that rent reasonably quickly are those that have been priced to compete in the market.
In today’s market there are four important factors we need to get right to achieve the best possible solution for you (which does not necessarily mean the highest possible price).
Top quality presentation of your home, combined with the right planning for your circumstances, will of course help you to achieve the best price. However it is the fourth point - finding the right people - that will provide you with a long-term, pain free result.
Your tailored campaign may include being featured on our website, online real estate portals, advertising, flyers, signboards and open homes, or any necessary combination of these key ingredients. Additional steps to help achieve the best possible result may include showcasing your property with professional photography.
Take a look at these handy resources.
Not sure where to begin? take a look through some of our frequently asked questions. Have another question you want to ask? Get in touch with us.
WHAT ARE MY RESPONSIBILITIES?
Property owners need to act within the Residential Tenancies Act. Along with being maintained in a good state of repair, the property should meet all legal safety standards, be RCD/Smoke Alarm compliant and free from pests and vermin. The property must have current Building Insurance Policy - and, while not mandatory, we also recommend Landlords Protection Insurance.
WHY DO I NEED A PROPERTY MANAGER?
Privately managing your own property may seem like a good idea, however it involves far more than just sitting back and collecting the rent. Amongst other things, you need to source and check quality tenants, be prepared to manage all tenant communications, quickly respond to emergencies 24/7, organise all maintenance and comply with the Residential Tenancies Act 1997.
ARE THE FEES TAX DEDUCTIBLE?
Absolutely! Investment property expenses are typically tax deductible. Talk to your accountant - this is just one great reason to engage a property manager. You also receive the benefit of a timely, legally compliant professional service, and none of the hassles that go with managing tenants and responsibilities.
WHEN DO I RECEIVE PAYMENTS?
We transfer funds held on your behalf to your nominated bank account once the rent has been paid by your tenant. You will also receive a monthly statement that clearly explains all of the associated income and expenses.
CAN YOU ALSO PAY MY BILLS?
Yes we can! At no extra charge, we can co-ordinate the payment of all taxes, rates and expenses for you. These will also be documented on your monthly statement.
WHAT PAYMENTS ARE THE TENANTS RESPONSIBLE FOR?
The tenant pays rent for the property in advance, a security bond the equivalent of five week’s rent and utility costs such as water usage, gas and electricity.
WHAT HAPPENS IF MY TENANT DOES THE WRONG THING?
We communicate any issues to you and work towards the fastest and most effective resolution. If your tenant falls behind in rent we administer legal notices and follow up to resolve the problem. If your tenant is not maintaining the property to standard, we again administer legal notices and inspect the property to ensure the tenant has addressed all areas of concern.
HOW DO YOU HANDLE PROPERTY MAINTENANCE?
Maintenance is based on your preferred requirements. We can contact you for all repairs, employing our trusted team of trades people on your behalf, 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.
HOW DO YOU SELECT A TENANT?
There are two key points we consider when selecting a tenant. 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 reference check potential tenants for suitability, qualify information provided and discuss candidates with you. The final decision will then be made after discussion on who is the best tenant for your property.
WHEN CAN I START?
One of our property managers will meet with you to discuss your requirements, expectations and concerns. They will assess current market conditions then discuss with you the potential rental income, what kind of tenant your property will attract, and note any special instructions or preferences you may have.