Investment
property management, Management investment properties,
As already discussed the success
of failure of many investment properties will be determined by
the success or failure of your investment property management.
Going on the amount of advertised
properties in real estate classified sections of the major newspapers
it would appear the percentage of properties professionally managed
by real estate agents is as high as 80% of all properties available.
The advantages of having a
professional agent acting as your property manager are fairly
obvious in that it creates a third party between you and the tenant.
This is a major benefit for
a number of reasons, if a disagreement arises the tenant is dealing
with the property manager and not you.
This is also a major advantage
if the tenant is calling up wanting money spent on the property,
because the line of definition between what is an urgent repair
and what is just a property improvement to make the home better
to live in can be a bit blurred at times depending on whether
you are the tenant or the landlord,so having an experienced property
manager to answer the tenants initially inquires can proove to
be very beneficial.
Most real estate property
managers in Australia are receiving between 5-8% of the rent collected
as their investment property management fees, so if you can afford
this in your investment property management budget it is probably
worth the cost, this is reflected in the fact the probably 80%
of real estate rentals are managed by agents.
Self management of investment
property
There are several responsibilities
to fulfill when deciding to manage property on your own , the
advantage is that you will save on real estate agents management
fees the downside is the tenant will come directly to you with
any problems or issues they may have.
As a first step you need to
search for probable tenants to rent your property.
Perhaps you will be lucky
enough to put someone in as tenant who you know personally, and
have a clear background check on who they are and what their character
is like and as to what they would be like as tenants. If you are
lucky enough to have this outcome you and the tenant probably
both better off.
If not you will be looking
to advertise the vacant property the same as most real estate
agents will do.
As self-managing landlords
you need to oversee all the aspects of the property in addition
to direct dealings with the tenants. It is a requirement that
a bond is submitted and a written residential tenancy agreement
is given to the tenant at the time of occupancy.
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