Get your property ready for advertisement

When the time comes, your property manager will help you get your property ready to advertise. The process of getting your property ready may include minor repairs and maintenance, getting professional photos taken, and having an engaging description written for the advertisement. Importantly, if you are considering changes to your investment property that you aren’t sure about, a property manager can advise what things are worth investing in and what can be skipped to find quality tenants.

Find quality long-term tenants

Once your property is listed, a property manager will help to find quality tenants. This is done by having a thorough process for assessing applications, including reference checks, assessing the tenant’s ability to pay rent, and their rental history. As a professional who deals with tenants and applicants daily, a property manager knows what to look for and if there are any “red flags” in the tenant’s application.

Organise maintenance and repairs

Your property manager should keep open lines of communication with your tenants, including being responsive to repairs and maintenance requests. Once a request is made, the property manager can work with their network of contractors to ensure property repairs and maintenance are completed properly and for a good price.

Ensure compliance with relevant laws

Each state has its own residential tenancy laws, and these often change. Your property manager stays up to date with these laws so they can always ensure that your home is compliant and a safe place for your tenants.

Day-to-day property management

Once your property is leased, your property manager will look after the day-to-day tasks involved in managing the property. This includes record keeping of rental receipts, payments to contractors and managing lease agreements. Other regular tasks include managing bills (water, council rates and strata fees), preparing annual statements and routine inspections.

A property manager looks after many tasks and responsibilities. Not only does this provide peace of mind that your investment is always taken care of, but a good property manager will also help you to maximise your rental yield. Further, having someone at your side who knows how to find and secure quality tenants will lift some of the burden of owning an investment property.

Remember, this article is general in nature and is not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.

Like any service, you would be recommended different property management services by friends and family who have used them! While it is important to take these positive experiences into account, make sure you do your own research too!

Finding an understanding, approachable property manager who knows the area and you get along with are some of the keys to a successful partnership.

Make a shortlist and ask questions!

Consider making a shortlist of a few property managers you feel might be a good fit and then spend some time on the phone to them asking them questions. Have a chat about their processes, by discovering how they operate, you’ll be able to see how well they fit! Coronis Property Managers have their real estate license and are mentored to provide the best service to our clients.

Another important question could be about the process for property maintenance and repairs. Will you be contacted each time to discuss appropriate tradespeople, or will your Property Manager have a list of maintenance people on hand?

Be upfront about your expectations

If you have a list of things you expect from your property manager, let them know! The best way to ensure a productive professional relationship is to be upfront about your expectation and have open communication.

Ask them if your expectations are able to be met, this could be help renegotiating the rent or staying on-top of maintenance/wear-and-tear.

Find out what services they offer, and what you’re getting for your money!

Get it right the first time!

Finding a property manager can be a daunting process, but it’s worth taking the time to get it right – having a great property manager from the start can save you a lot of hassle in the long-run.

Speaking to a Property Investment Agent can be a huge help, they are experts in their field and understand the way the Property Managers work.

Tip 1: Transparency and Honesty

Verification and documentation have become paramount in loan applications. Peta underscores the shift from minimal documentation to thorough verification of income, deposit, and expenses. Full transparency with your financial advisor is essential to prevent surprises during verification. Concealing information could lead to a declined loan, impacting your credit report and future applications.

Tip 2: Define Investment Goals

Investment decisions shouldn’t be emotionally driven. Peta advises defining your investment goals across different timeframes (1, 3, 5-10 years). This guides your broker in selecting loans and structuring them to match your short and long-term financial needs, avoiding future complications due to rushed decisions.

Tip 3: Sufficient Capital

Having ample capital, whether through equity or savings, bolsters your prospects. A deposit of 20% or more reduces the loan-to-value ratio (LVR) to 80%, potentially eliminating the need for lender’s mortgage insurance. This significantly heightens the success prospects of your investment loan application.

Unlock the potential of your investment loan journey with the guidance of experts like a Coronis broker, elevating your prospects within the current lending landscape.