WHY YOU NEED A PROPERTY MANAGEMENT AGENT

Becoming a lessor can be a daunting experience. However, if you engage the services of a professional agency and a professional Property Manager, the worry and challenges are minimized significantly.
There are many functions of property management that are required to be done that a private lessor may not be aware of. The skill and expertise of an agency will reduce the risk of non-compliance I" with the Act in your state and save you as the investor from facing the possibility of financial penalties through non-compliance.

Qualified Property Managers know the marketplace, ensuring you receive maximum returns on your investment. They also have an understanding of relevant legislation and paperwork that is required under each states Tenancies Act. The world of property management can be quite complex with legislation affecting the everyday workings of a tenancy and lessor relationship. For example: the Privacy Act, Anti-discrimination Act, Trade Practices Act, Property Agents and Motors Dealers Act and the Residential Tenancies Act.

Good property managers negotiate rents and leases on your behalf, sign and complete all documentation required by legislation, attend to maintenance issues, organise quotes, complete routine inspections, attend to the payment of maintenance accounts, disburse funds to you monthly or twice monthly, provide you with a written financial statement of your rental funds, complete final inspections when your tenants vacate, plus a range of other activities. .

MAINTENANCE
Lessors are responsible for all maintenance on a property under the Residential Tenancies Act.
Regular upkeep and maintenance on your investment property is vital to ensure that you receive maximum returns on your investment property and also assists in securing longer term, happier tenants. Longer term tenants cause less wear and tear to the property.

Now here is an extract from the QLD act:

Section 103 (3) of the Residential Tenancies Act states that while a tenancy continues, the lessor: 1 . must maintain the premises in a way that the premises remains fit for the tenant to live in; 2. must maintain the premises and inclusions in good repair;
13. must ensure any law dealing with issues about health or safety of persons using or entering the premises is complied with; and
4. if the premises includes a common area, they must keep the area clean.

It is important to understand that if you supply a dishwasher or air conditioner in the property when a tenant begins renting, that you must maintain it. Some people believe that if the appliance breaks down, that they don't have to fix it. However if it does break down, you must repair or replace the item.

I own a furnished unit in QLD so this applies to me directly and in fact I have had appliances break down and need repairing! My agent saw to all of it and I did not need to fly there to fix it all!

So much easier to have professional help a phone call or email away!

A property management agent is an example of out-sourcing - and you need to use time and money wisely when you are working your WEALTH CREATIONPLAN!

This week we received our monthly report and payment from our agent. I was surprised when the amount was down from usual. So I continued reading the document and soon understood why!

One night during the last week the tap in the kitchen started leaking very badly and the tenants called the agent for emergency help. A plumber was organised and he came and plugged off the leak and saved any damage to the property.
He came back the next day and completed the repairs (including a new mixer tap) and all is good.

Now if I had been doing this all my self I would have been woken at some unholy hour in the night - (I live on the other side of the country) - would need to find a plumber and coordinate it all from Western Australia!

I in fact did not have to worry about any of it since my agent did a fantastic job and got it all done as quickly as possible. This again is a clear reason to find the right people for the peace of mind it brings to owning property!