Property Management Explained
You may have just bought your first investment property, or you’ve got a well-established rental portfolio. Either way, as a property investor, you will, at some point, be looking to rent out your property.
You may not have time to manage it independently or lack expertise and need trusted, professional advice and support to ensure you and your renters are adhering to your responsibilities. That’s where Dynamic Residential property management team comes in—we’ll do the heavy lifting for you, ensuring the best returns possible, all within the law.
Here, we have taken the questions we most get asked about property management and why securing a knowledgeable, committed property partner ensures your investment portfolio is in safe hands.
What does a property manager do?
An ever-changing property market, economic conditions, and demands on our busy working and family lives mean that many current and emerging property investors do not have the resources to manage their rental portfolios effectively. In addition, and perhaps unsurprisingly, the most common reason we see rental providers approach us is they seek an industry expert with detailed knowledge of compliance laws and regulations.
Engaging Dynamic Residential as your property manager means that we’ll act as the point of contact for your home to save you time, stress and risk.
We won’t make decisions for you; that’s still your call. As your property manager, we will provide you with all the information you need to make a well-informed decision, in line with regulations, along with our expert recommendation on how to proceed. Once we receive your instructions, we will act on your behalf, whether this is arranging maintenance or following up with your renters.
Think of us as the buffer between you and your renter, helping you avoid any unpleasant confrontations, such as rental disputes, reporting property damage, and getting renters to pay their rent on time.
As Melbourne’s leading property managers, we’re responsible for providing you with peace of mind. We achieve this by looking after the following on your behalf (but not limited to):
- Finding & retaining good renters
- Managing repairs & maintenance
- Receiving rent & repaying bonds
- Writing up & ending property management contracts
- Conducting inspections
- Re-letting your property
- Knowing your rights as a property owner
- Knowing your renters’ rights
- Dispute resolution
- Regulation compliance
And it is always our focus to provide you with these outcomes:
- Maximum rental yield
- Minimise vacancy rates
- Stay on top of maintenance issues
- Increase rent when appropriate
- Add value to your property
Are there any potential risks or legal issues?
Choosing the reputable, well-established property management team at Dynamic Residential to act as your property manager mitigates risks of mismanagement, breaking the law, losing valuable renters and bleeding money. And if you are acting as a rental provider yourself with no prior experience, you run the same risks.
There are significant penalties for breaking consumer laws, so it pays to manage the rental component of your investment property well with the assistance of a highly-rated property agent.
It’s also important to note that when you decide to rent out any property:
- You will need landlord insurance to cover the risks of renting your property and any financial losses incurred, from water damage to non-payment of rent.
- According to current Australian tax laws, landlord insurance fees are tax-deductible. It is also advisable to ensure your income is protected in the event of serious illness or injury.
- Body corporate insurance won’t necessarily provide coverage for everything, particularly your liabilities inside the apartment if you own an apartment in a complex.
- It’s best to do your research and engage professionals to assist; otherwise, you may not be covered for everything you expect, as insurance can be complex and confusing, with unintended gaps.
You can keep updated with consumer laws by referring to the relevant legislation via Consumer Affairs Victoria or your state jurisdiction. Read More…
Thanks to apartment property management software, having a clean and organized table is possible.
Of course, getting rid of the clutter and minimizing paperwork aren't the only advantages of apartment property management software.
It makes your job as a property manager convenient and efficient.
Here are some of the features that you should consider.
Mobile-friendliness For busy property managers who are always on the go, the best software is mobile-friendly.
It is flexible and easily accessible using smartphones and tablets so you can retrieve information and work wherever and whenever.
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