Top 5 reasons to choose a professional property management service

Ask any experienced property investor (landlord) and they’ll tell you that property management is not for the faint hearted! Many new landlords assume that managing tenants and the property itself is simple and straightforward. They don’t realise there is a huge amount of administration and effort that goes into successfully managing a property.

I have compiled a list of 5 of the most important things a professional property management agency will do for you in managing your investment property.

1) Finding the right tenant

A professional property management agency knows how to find the best tenant to occupy your property. Property management agencies conduct background checks, reference checks and conduct interviews to ensure that only the best tenants are considered. 

2) Day-to-day tenant management

Property management agencies spend most of their time on the day-to-day management of their landlord’s properties. Property Managers speak to tenants about rent owing, rent increases, noise complaints, and many other issues that arise on a daily basis. 

3) Property maintenance and upkeep

Another aspect of managing a property is property maintenance and repairs. Landlords often under-estimate the amount of work and patience this requires; from dealing with the tenant and addressing their queries, identifying the issue, getting the best quote, and then getting the appropriate repairman/tradesperson to fix the problem. Next is the liaison with the tenant to ensure the repairman can get access at the required time, follow-up, and finally billing and payment. 

4) Rent payments and other issues

Keeping track of rent monies and other payments such as water usage is a huge factor when it comes to managing an investment property. Professional property management agencies have the software and systems to keep track of monies paid, and can immediately attend to non-payments before they become a larger problem. 

5) Regular and thorough inspections of your property

An investment property needs regular inspections that are fully documented, and if needed, supported by photos.
Property Management agencies will organise for these inspections to be done, to ensure tenants are looking after the property as detailed in the tenancy agreement. Any issues are dealt with efficiently by the Property Manager.

Harcourts’ property management service is industry leading and multi-award winning.

For any property management advice, speak to one of our highly experienced property management professionals on 4628 7444.

March Auction Results!

Last week we had our March in-room auction event, held at the Rydges Hotel in Campbelltown. 

The 18th of March in-rooms auction event was certainly action packed! 12 properties were up for Auction, and we had a massive audience of over 200 people.

This auction event achieved some outstanding results, selling 9 of the 12 properties submitted to auction – a 75% clearance rate. Here’s the summary:

RABY, 32 Mirage Avenue - SOLD!

LEUMEAH, 17 Illawarra Road - SOLD!

RABY, 24 Boeing Crescent - SOLD!

BRADBURY, 1 Bocking Avenue - SOLD!

GREGORY HILLS, 64 Healy Avenue – Not yet sold

ESCHOL PARK, 11 Trebbiano Place - SOLD!

AMBARVALE, 21 Tremlow Crescent - SOLD!

LEUMEAH, 10 Carrington Circuit - SOLD!

ROSEMEADOW, 2/260 Copperfield Drive - SOLD!

BARDIA, Lot 2132 Wootten Avenue – Not yet sold

BARDIA, Lot 2197 Wootten Avenue – Not yet sold

ROSEMEADOW, 11 Jessica Place - SOLD!
There was also good bidding on the properties passed-in on the night. Negotiations are continuing and we expect these to sell in the next couple of weeks.

18th MARCH AUCTION EVENT STATISTICS:

• Of the properties SOLD, our team achieved on average $21,333 above our vendors’ reserve selling prices.
• Of the properties SOLD, our team achieved an average of 43 buyer inspections per property during the intensive 21-day marketing campaign leading up to the auction.
• Of the properties SOLD, there was an average of 5 bidders vying for each property. 
• 9 of the 12 properties submitted to auction SOLD – a 75% clearance rate!

It was another great auction event with great results. Thank you to our Auctioneer, Paul Casarotto, and the wonderful support from Domain, The Macarthur Advertiser and Harcourts NSW.

OUR NEXT IN-ROOM AUCTION EVENT WILL BE HELD ON 15tH APRIL 2015. SEE OUR WEBSITE FOR MORE INFORMATION.

What to really focus on at open home inspections

Inspecting potential properties can be both fun and at times draining. Before you begin to inspect at open homes, the best thing to do is to have a list of property attributes. These would be your “must-have attributes” and “nice-to-have attributes”. For instance, “must-have attributes” would be the number of bedrooms, bathrooms, garaging etc. “Nice-to-have” attributes may be a theatre room, or home gym.

There are also more things you should look out for at open home inspections:

The dwelling’s structure

Damage from pests – recent termite damage in wooden structures is of high concern. Have a look for bores through wooden frames or dirt tubes in the foundation.

Poor construction – windows and doors that jar, or cracks in the walls around doors and windows are both signs of poor construction.

Wet spots on walls or ceilings – condensation within the home can lead to mould build-up, timber decay, leaks, corrosion and even loss of structural integrity.

Cracks in the foundation – some small cracks can be harmless, however large cracks running down the foundation or across could mean a home is shifting, which can cause significant structural damage over time.

The neighbours

Do they have pets – it might not be an issue, particularly if you have pets of your own. But look for problem pets. Can you hear non-stop barking? Is there any evidence of pet damage to shared fences or common areas?

Do you have a good level of privacy – take a good look around the home from every angle. Would it give you the privacy you want?

The location

The property is on a busy main road – can you hear the noise from inside the house? A property on the main road also attracts lower prices than others that are not.

The property is next to a retail or commercial space – this can cause issues with local business traffic, parking and noise.

The property’s proximity to a train line – a property close to public transport is always convenient and attractive to tenants, however, one backing onto a train line can be very noisy. 

Powerlines over the property – these lessen the value of property as they are unsightly, sometimes noisy, and are a concern due to claims that living close to them can cause health issues.

The property is on a flood plain – look into the property’s history to ascertain whether the property is located in an area that is affected during times of heavy rainfall.

These are the main considerations to look into when going through an open home. If you do decide that the home is for you, gain the help of an independent property inspector to cast a professional eye over the property.

For more information about buying or selling property, contact a Harcourts Sales Consultant today on 4628 7444.

Smart Property Searching

With interest rates remaining low and house prices affordable, more buyers are looking to either get into the property market, upgrade or invest. 

However, before you take the plunge, you should be diligent, do your homework, and be a smart property searcher. 

Online real estate websites have certainly changed the way we search for properties. It is an invaluable resource to efficiently find properties and gain detailed information – all with a few clicks on the mouse! Real estate websites allow you to call up properties for sale in specific price ranges and locations, zoom-in on floor plans and maps, find comparable sold properties, and much more...

Google's Street View and Google Earth is also regularly used to virtually venture up and down streets of interest, viewing properties from different angles.

Given all this, online information is still no replacement for physically inspecting a property, the surrounding area, and the suburb. The Internet is a limited experience, and some visuals and information can be a year or more old! Add to this, your mind can also add to the online visuals and anticipate what is real – and when you visit the property you realise certain aspects are quite different.

Seeing a house for yourself can also tell you all sorts of things the Internet can't. By inspecting the property and its immediate surrounding area you gain an understanding of its vibe, the quality of shopping and dining, neighbours, infrastructure (current and upcoming), the people who live there, and the best and worst streets. None of this can be fully appreciated from the Internet. 

Also, be wary of relying on data gained from the Internet - it is possibly out-of-date or even inaccurate! 

Speaking to a highly experienced real estate agent in the area and gaining accurate and current information is highly important before making property decisions. In addition you can give the agent your specific property requirements that should then be utilised to inform you about relevant properties as they hit the market.