What is Property Management?
Property Management is essentially the management of your investment properties.
It is important to understand what is included and what is not when you hire a property manager to manage your properties as well as what fees are involved.
Property managers usually assist with the rental marketing of your properties, look for new tenants, draw up tenancy agreements, re-new leases, keep track of rent payments and arrears, manage repairs and maintenance, complete routine inspections, etc.
Finding the right property manager to manage your properties is very important. A good property manager will keep owners informed, do tenants background checks, ensure rent is paid on time, keeping your property in good condition.
Property managers usually charge around 7-10% of the rent collected. Different agencies charge additional fees for other services such as sundries, QCAT attendance, letting (usually 1 week’s rent) and re-letting (usually 1/2 week’s rent).
As an owner you do not have to worry if you’re not happy with your current property manager, as switching to another is actually very easy. Just let your new property manager know your intent and usually there is a 30 days switch over unless otherwise agreed with your current property manager.