A Complete Guide to Property Management

1. WELCOME TO

2. AComplete GuidetoProperty Management

3. About 80% of property owners in Australia hire the services of a property managerbutmanyarestillnotawareabouttheroleofarealestateagentin managinginvestmentproperties.Whetheryouarenewinthegameoryouare anaccomplishedpropertyowner,chancesarethatyoustillwouldwanttolearn andunderstandmoreaboutmanagingpropertiestogetmaximumreturns. So,thisguidewillsurelygiveyouinformation,irrespectiveofthestageyouare intomanaginginvestmentpropertyjourney.Juststayhereandkeepreadingto make sure you are maximizing your returns and you add value into your existingknowledgeaboutmanagingproperties.

4. PropertyManagementinAustralia InAustralia,propertiescaneitherbemanagedthrougharealestateagentorapropertymanager,or canevenbedoneindependentlybytheowner.Whentheownersoftheinvestmentpropertytake thechargeofmanagingtheirownvaluableasset,thenitiscalledDIYpropertymanagement.(Do-It- Yourself) Ifyouarethinkingthatpropertymanagementisjustaboutcollectingrent,thenIamsorry,itisjustamyth. Itisacommonmisconception!Therealityisthatthereismuchmoretopropertymanagementthan justcollectingtherent.Butletmetellyouensuringthatthepropertyisingoodstateandalsoto ensurethatthetenantsarehappyisanartandawholemountaintoclimb. Theservicesincludedinmanagingpropertiesare: Collectingmonthlyrent Findingandevictingtenants Chasinguponarrears Takingcareandmaintainingtheconditionoftheproperty Organizingmaintenancejobs Conductingfrequenthomeinspections Ensuringcompliancewiththestatesorterritory’spropertylaws Managingpropertybills Preparethepropertytosetforlease

5. TypesofPropertyManagement Yes,ifyouarethinkingthatthereisjustmereinvestmentpropertytomanage,letmetellyouthatisnottrue.Thereare differenttypesofpropertiesandsimilaristhecasewithpropertymanagers.Theydifferintheirservices.Yes,noproperty managersarethesame. Propertymanagementservicescomeindifferentformsandstyles.Also,therearedifferenttypesofpropertymanagers. Basically,thepropertymanagersdifferbasedonthetypeofservicestheyoffer. Thepropertyindustryissplitintothefollowing: Commercialpropertymanagement Residentialpropertymanagement Nowthatpropertymanagersareneededforboththetypes,managersforresidentialpropertiesaresegregatedintothe following: Traditionalpropertymanagers Self-managedpropertyowners(DIY) Newmodelpropertymanagers Let’smetakeyouthrougheachtype.

6. CommercialPropertyManagement Itisaboutmanaging,takingcareofthecommercialspacesleasedtothetenants.Unlike residential spaces, commercial places are used for the purpose of doing business.Properties that are used commercially include industrial buildings, office spaces,shopfronts,shoppingcenters,storagefacilities,andsoon.

7. ResidentialPropertyManagement Managingthepropertiesusedforprivateorresidentialuselikeahometoliveinandso on. Wecansaythatthepropertymanagementforresidentialpropertiesisdonefromthe timepropertyisboughtuntilitissold.Therearedifferenttypesofresidentialproperties suchas: Apartments Houses Duplexes Terraces Townhouses Leasing the property is the best way to generate income. But leasing a residential propertyalsohasalotofworktoengagein.Herethepropertymanagercomesintothe picture.NowweIwilltakeyouthroughthetypesofpropertymanagersforresidential properties.

8. TraditionalPropertyManagers Thesemanagersarefromtherealestateagencieswhichbuy,sellproperties,andalsoofferpropertymanagementasanadditional service. Or we can say that property management is their subsidiary business.The agencies that engage in buying and selling propertiestypicallydonotfocussolelyonpropertymanagement. New ModelPropertyManagers Thesearethepropertymanagerswhoareturningtheentiregameofdeliveringthepropertymanagementservices.Thesenew modelpropertymanagersareusingalotoftechnologyandalsoaimtodeliverbetterserviceatalowerprice. Whiletraditionalpropertymanagersprefercommunicatingthroughemailsandphonecalls,thenewmodelpropertymanagersuse smarttechsolutionslikemobileapps,onlineportals,andlivechat. Self-ManagingProperty(DIYPropertyManagers) Doingitallbyyourself–Ifyoucan,thenyouaretheself-managingpropertymanager.However,itrequiresyoutodoeverythingthat a professional property manager would do.You will be the sole hero and you will be taking care of everything from inspections, negotiations,tenancyagreementsandalsokeepingup-to-datewithtenancylaws,andotherday-to-daytasks. DefinePropertyManager Apropertymanagerisaprofessionalwhomanagestherealestateportfolioonthebehalfoftheowneroftheproperty.Theproperty managers are the paid, licensed professionals.Take it like this – The investment property owner, which is YOU, hire a property managertotakecareandmanageyourrealestateonyourbehalf.Thepropertymanageryouwillhirewillbeamiddle-manbetween youandyourtenant.Theyareresponsibleforhandlingtheday-to-daymanagementofyourrentalproperty.So,thereisnothingyou willhavetodo.

9. DifferencebetweenRealEstateAgentandPropertyManagers Therealestateagentsandthepropertymanagershavedifferentrolestoplay.Arealestateagenthandleseverythingtill thetimeyoubuyaproperty.Afteryouhavepurchasedtheproperty,apropertymanagerhandleseverythinguntilyou decidetosellit. DutiesofaPropertyManager Everypropertymanagerdiffersonthebasisofservicestheyoffer.Also,itdependsontheamountyouhaveagreedtopay. Buttherearesomebasicthingsthatallpropertymanagershavetodosuchas: Workingforyourbestinterest MarketTheProperty Yourpropertywillattracttenantsbasedonthewaypropertyislistedinthemarketspace.Findinggoodtenantsisawhole newprocesswhichstartswithapoolofcandidates.Ifyouhaveagoodpropertymanagerbyyouside,theonewhoknows howtoplaywithnumberswillalsohaveasolidplanofputtingthepropertyuponthemarket.Thiswouldincludehavinga detailedmarketingplan,agreatwrittenlisting,professionalphotographydoneforthepropertytoattractgoodtenants. ScreeningTenants Goodtenantscanbehardtofind.Placingagoodtenantintoyourpropertymeansyouneedtoensurethattherearefewer problems.Agoodtenantensuresyouthefollowing: Astableincomeinflow Awell-maintainedpropertymeanslessexpenditureoutflows

10. WhyHireaPropertyManager? Apropertymanagerwillbeabletoprovideanumberofbenefits.Lookintotheadvantagesand youwillnothavetowonderifyoureallyneedtohireapropertymanagerornot. Takesoffyourburden.Helpsintakingyourmindoffthepropertyifthereissomethingyou needtotakecareof. Savestime. Chasingarrears,maintainingproperty,addressingrepairissuesandfindingtenants. Anexpertmanagesyourproperty. Propertymanagersusetheirindustryexperienceandknowledgetogetthebestresults. Theyhelpindecreasingtherisk. Agoodpropertymanagerwillreducethelikelihoodoflonghousevacancies. Agoodmanagerwillbestrategicandwillhavefar-sightednessforyourproperty. Withaprofessional,licensedpropertymanagerbyyourside,youwillnothavetofretover anything. Ifyouhaveaninvestmentproperty,managingitwillbecomemucheasierbecauseeverythingfrom pintoanelephantwillbetakencareofbyyourpropertymanager. Iamnotjustsayingthatforthesakeofitbutbecauseoftheimmensestress-freelifeyougetafter youbuyaninvestmentproperty. Thepropertymanagersarethereforareasonandyoumustdefinitelygofortheonewhosuits yourneedsandrequirements.

11. GET IN TOUCH 1RaphaelSt,HallamVIC3803 0476372002 rentals@freedomrealtors.com.au ContentResource: https://freedomrealtors.com.au/a-complete-guide-to-property-management/