Choosing the right property management company is an important decision that can have a significant impact on the success of your investment property. Here are some steps you can take to choose a property manager:
- Do Your Research: Start by researching property management companies in your area. Look for companies with experience managing properties similar to yours and a good reputation.
- Check Credentials: Make sure the property manager has the necessary licenses and certifications to manage properties in your area. Also, check if they are members of any professional organizations such as the National Association of Residential Property Managers (NARPM) or the Institute of Real Estate Management (IREM).
- Ask for Referrals: Ask other property owners in your area for referrals. You can also check online reviews and ratings.
- Interview Potential Candidates: Schedule an interview with potential property managers to ask questions about their experience, services, fees, and policies. It’s important to find a property manager you feel comfortable communicating with.
- Check References: Ask the property manager for references from current and past clients. Contact these references and ask about their experience working with the property manager.
- Review the Contract: Make sure to review the contract carefully before signing. Ensure you understand the services provided, fees, and termination policies.
- Trust Your Instincts: Finally, trust your instincts. Choose a property manager who you believe will work hard to protect and maximize your investment.
Remember that finding a good property manager is key to the success of your investment property. Take the time to research and choose the right one.
What is the property management legislation in Victoria, Australia?
The property management legislation in Victoria, Australia is primarily governed by the Residential Tenancies Act 1997 (RTA) and the Residential Tenancies Regulations 2021 (RTR). These laws set out the rights and obligations of landlords and tenants in the residential rental market.
The RTA covers a wide range of issues related to renting, including:
- The responsibilities of landlords and tenants
- Security deposits and rent increases
- Maintenance and repairs
- Termination of tenancy agreements
- Dispute resolution processes
The RTR provides further details on some of the issues covered in the RTA, including:
- Minimum standards for rental properties, such as safety, security, and cleanliness requirements
- The process for ending a tenancy agreement
- The rights and obligations of landlords and tenants when it comes to repairs and maintenance
- The process for making and handling bond claims
In addition to these laws, there are also other regulations and codes of practice that property managers and landlords must comply with, such as the Estate Agents Act 1980 and the Australian Consumer Law.
It’s important for property managers and landlords to stay up to date with changes in the legislation and to seek legal advice if they are unsure of their obligations.
What does a property manager do?
A property manager is a professional who is responsible for managing and overseeing a rental property on behalf of its owner. The specific duties of a property manager can vary depending on the size and type of the property, but generally, a property manager’s responsibilities include:
- Advertising and leasing the property: This involves finding suitable tenants for the property by creating and posting ads, conducting viewings, and reviewing applications.
- Setting and collecting rent: A property manager is responsible for setting the rent for the property, collecting rent from tenants, and enforcing late payment policies.
- Handling tenant issues: A property manager is responsible for responding to tenant requests, handling complaints, and addressing any issues that arise during the tenancy.
- Maintaining the property: A property manager is responsible for ensuring that the property is well-maintained and addressing any maintenance issues as they arise. This can include arranging repairs, scheduling inspections, and overseeing cleaning and upkeep.
- Managing finances: A property manager is responsible for managing the financial aspects of the property, such as creating and managing budgets, keeping track of expenses, and generating financial reports.
- Ensuring legal compliance: A property manager must ensure that the property is in compliance with all applicable laws and regulations, including building codes, zoning regulations, and tenant-landlord laws.
Overall, a property manager’s goal is to help maximize the property owner’s return on investment while ensuring that tenants are satisfied and the property is well-maintained.
Are there any tools to get a rental estimation for my property?
Yes, there are various tools and websites that can help you get an estimate of how much rent you can charge for your property. These tools use a variety of data sources and algorithms to estimate the rental value of your property based on factors such as location, size, and amenities.
Here are some examples of rent estimation tools:
- Zillow: Zillow is a popular real estate website that offers a “Rent Zestimate” tool that provides an estimated monthly rent for a given property. The tool uses a proprietary algorithm that takes into account various factors such as location, size, and historical rental data.
- Besser+Co Rental Estimation Tool: This is a popular tool if you are located in Victoria Australia to find out the expected rental estimation for your property.
- Rentometer: Rentometer is a website that provides rental comparisons for properties in a given location. You can enter your property’s address and get an estimate of how much rent similar properties in the area are charging.
- Redfin: Redfin is another real estate website that offers a “Price Whisperer” tool that provides an estimated rental value for a property. The tool uses data from multiple sources, including MLS listings and rental market trends.
- Real Estate Agent: A local real estate agent can also provide you with a rental estimation for your property. They will have access to current rental data and local market trends to help you determine a fair rental price.
It’s important to note that these tools are only estimates and should not be relied upon as the sole basis for setting your rental price. You should also consider factors such as the condition of your property, local demand, and tenant preferences when setting your rental price.
