When choosing a property manager for your property in Sydney, make sure to hire one that has a solid record. You also want someone who has worked in the position for at least six months. Ensure that the person managing your property is someone you can contact if you have any questions.
A reputable property manager in Sydney will have a strong understanding of the rental market in the area. They should thoroughly understand local laws and be initiative-taking in managing late rent payments. It definitely helps if you also looked for someone who regularly inspects the property and provides a detailed report.
A competent property manager will offer a competitive management fee and eliminate the extra fees that can add up. These fees can include lease renewals, disbursement fees, and administrative fees. Make sure you get a free trial of their property management software to determine their ability to protect your investment.
The most successful property managers are communicative and responsive. They know the local market and can quickly quote you a rent that is suitable for your property. They should also have thick skin and be patient with tenants. Tenants can be difficult to deal with!
In Australia, property investment has seen an increase in recent years. Professionals will monitor the various advertising methods and will select the most suitable medium for each property. These may include print ads and websites. Advertising costs are often tax-deductible. Find out what advertising is included in the cost of their service.
Fees can vary greatly. Some property managers charge flat rates while others charge a percentage of the rental income. Fees will depend on the size of the property and its location. For example, in the Sydney CBD (Central Business District), fees are lower than in the suburbs. Fees may also include advertising and tribunal fees.
You should also check the experience of a prospective property manager. Look for a professional with at least five years of experience in this field. Those who have a decade or more of experience will be better able to identify potentially problematic tenants.
What to Ask the Property Manager
There are questions to ask a Sydney property manager before making your final decision. The first step involves finding out about the area. For instance, how far is the nearest train station or CBD? Are there major shopping centres or restaurants in the area? And what are the plans for the area in terms of growth?
The second question focuses on prospective tenants. You will want to find out if they have worked in the area before. If they have not, they might not be dependable or organised enough to move in right away. You may also want to inquire about their rental history and any credit problems.
Another pertinent question to ask is how much the property manager charges. You should be able to compare the fees charged by different property managers and decide on the most suitable one. Be sure to choose a company that offers a comprehensive service. You should also ask about the number of properties a manager manages, as this can indicate if they have too many properties. A reputable property management company will be able to answer your questions about costs and rental returns.
Be sure to ask other questions to ask a Sydney property manager that comes to your mind. If you wait until after an agreement is in place, it may be too late.
In addition to finding a property manager in Sydney Australia, you should consider the location of the property. You may have a few properties in Sydney or Melbourne, or you may have a portfolio that is spread over multiple states or countries. A property management company with an office in your area will be able to help you with your property management needs across a larger area.