What Do You Get For Your Fee?
What do I get for my fee?
Many new and experienced investors often ask us this question, what services does our property management fee cover? Having a property manager is almost like having a personal assistant to manage all aspects of a rental property on your behalf. When viewed in this way, your investment of a few dollars a week doesn’t seem like a very big commitment.
Your Raine & Horne property manager will screen and interview tenants for you, collect the rent, organise repairs and deal with any issues that may arise, among other duties. In fact, the following is a comprehensive list of the tasks your property manager will perform on your behalf:
- Interview and screen potential tenants
- Advertise the property in the media if required
- Report to the owner on all progress and applications recommended and not recommended for the property
- Lease the property to suitable tenants under the owner’s instructions
- Prepare all lease agreements
- Lodge and account for security bonds
- Appraise the rental value of the property
- Conduct rent reviews and rent increases
- Arrange repairs by tradespersons as required
- Pay accounts including council and water rates, maintenance, gardening, and insurance
- Control all correspondence for the property
- Keep the owner up-to-date on all matters concerning the property, including rent reviews and insurance, and recommending initial repairs or maintenance prior to the letting of the property
- Renew lease agreements under the owner’s authority
- Exercise the owner’s rights to issue all notices
- Return bond money on termination of the lease and account to the tenants and owners for this money
- Prepare monthly statements of account for all income and outgoings for the property
- Select tenants and sign lease agreements on the owner’s behalf
- Re-let the property at the end of each tenancy in accordance with the owner’s instructions
- Conduct random drive-by inspections to ensure the external façade of the property is well maintained and tidy
- Carry out regular inspections as required
- Prepare final year summary to maximise your legal tax entitlements
Your real estate investment and its potential for capital growth and healthy rental yields depend very much on good property management.
Remember – your fee is also fully tax deductible.