Real Estate

Property manager’s crucial to help build, protect wealth

A PROPERTY manager should help take the emotion out of your investment, says John Owsnett, principal of Chambers Fleming Professionals Padstow

He said it’s more than just finding the right tenant and looking after your investment property.
A good property manager should advise on rentals and maybe renovations to help the investor create wealth.
A major part of the job is not just collecting the rent, but also acting as a mediator. John says aside from all this, an excellent property manager will regularly give you an idea of what your property is worth (both in terms of rental income and if you decide to sell) and how satisfied your tenant is.
“The best property managers will also help their clients create wealth through expert advice,” he said.
“This could be done by talking to a landlord about their 10-year property plan, by recommending tax depreciation schedules and much more.
“Property managers should also be monitoring the market and suggesting rental increases as often as the market permits. They might also advise on renovations that could help the owner achieve higher rents.”
Property managers act as connections between the owner of the property and tenants and ensure the property is maintained.
John says that, in many cases, the property manager has the responsibility of attracting tenants to the property; they need to create the accurate rental rate that should be set for your rental property by evaluating the current market.
“They would also suggest any maintenance and improvements that could increase the rental rate for your home,” he said.
“Property management will advertise your home to prospective tenants to reach the largest audience of suitable tenants.
“Of course, they screen tenants to ensure they will pay the rent on time and not damage the property. The property manager can begin the termination process to legally remove the tenant if they do not pay the rent or breach their leases in any way. They will also file the appropriate paperwork and attend court hearings.”
For more info, give John a call on 9771 4555.