Category: Property Management Services (9)

Renter’s guide 2019

If you are renting, you probably know that is a battle that never stops. You are always in search of a nicer place to live under better conditions. And the most common question is ‘how much do you pay?’. You have overheard that question probably a million times at dinner parties, on dates, and at work. Our monthly rent is something that always occupies us. Beside the endless search for lower rent, renters also have to deal with the fear of eviction and price increaseBut although rents seem to rise higher and higher each year, there is always a way to find a good deal. For this purpose, we have made renter’s guide 2019, so follow these steps on your way to a better renting experience. 

Searching for a place  

Searching for a place to rent can be quite a challenge, especially if you are doing it for the first time. Since that is time-consuming and exhausting process, you need to make a plan and make sure you are managing your time wisely. Also, a good idea is to ask someone with experience for advice. Longtime renters know approximately what to look for and where to look for it, as well as the price range.  

Determine your budget 

First things first – figure out what the amount you would be able to spend on renting costs on a monthly basis is. When calculating this, have in mind that you should always leave some money for unforeseen circumstances, because they do happen. A lot. Additionally, you will probably have to put down a security deposit and an application fee. So, keep that in mind and plan ahead.  

Go through listings of properties for lease and compare prices
Go through listings of properties for lease and compare prices

Pick a neighbourhood 

Although you certainly have some preferences already, our advice is to pick a neighbourhood close to where you workBecause at rush-hour, it can take much more time to drive back homeAnd you can use this time in better ways, right? Your commute can affect your daily life and free time big timeAnd before you decide, go through listings of properties for lease, compare prices and make a selection of places or neighbourhoods you can afford.  

Play it smart 

Some researches show that renters are likely to find better deals during the fall and winter months when fewer people are moving. One of the tips from our renter’s guide is to, if you have that possibility, wait for the fall.  

Manage your expectations 

Depending on the area you are looking for, apartment hunting can be pretty intense because of stiff competition. If you are looking for a neighbourhood with apartments or houses in short supply, bidding can become a war. Sometimes, renters even choose to pay more than the listed price, in order to get the place they want. But, unless you want specifically that one place in that neighbourhood, there is really no reason for you to pay more. There are plenty of neighbourhoods with affordable prices, so maybe it would be better to skip.   

The best way to explore the places for rent is on foot
The best way to explore the places for rent is on foot

Find a house or apartment that suits you 

Exploring neighbourhoods on foot is definitely the best way to do that, if you have a chanceLandlords often like to rent to locals, so you can stumble upon a property that is not listed onlineThe second-best resource is certainly the internet and you will get the best results by using both. Look for reliable listing sites for rentals, and start making a list of properties that interest you. If you want to be on the safe side, you can always hire a professional real estate agency to help you out.  

See it with your own eyes, if you have a chance 

Once you find the property you like, contact the landlord or your realtor and ask to set up a time to view it. Seeing the place for yourself is key to ensuring you will not get scammed or deceived by an online listing. In case you are searching for a property from elsewhere and you don’t have a chance to visit, ask a friend or real estate agent to do that for you.  

Don’t wait too long to apply 

Don’t wait too long to apply – better submit an application form as soon as possibleEspecially if the market is tight in the chosen area, landing your dream apartment can come down to being the first one to apply. When you start filling the application, have key pieces of information handy. 

After you sign the lease 

Most likely, a landlord will require a deposit at the lease-signing. The deposit can range from some small amount to two months’ rentdepending on the landlord or the deal they have with the real estate agency. Have in mind that every deposit should be refundable. However, some landlords will try to find reasons not to refund part or all of the deposit, and that is why it is very important to know your rightsIf you are not sure about that, check out the Tenancy Union website to get more information. They usually justify it with cleaning or wear-and-tear, but if you clean the place yourself and there is no damage, you shouldn’t accept it.  

A few personal details are enough to make the new place feel like home
A few personal details are enough to make the new place feel like home

Renter’s guide 2019  

Once all this is behind you, it’s time to relax and adjust. Keep in mind that a few personal details will make the new place feel like homeDisplay few photos, put your books on shelves and cover your bed with your favourite sheets. Take a walk through the neighbourhood and introduce yourself to your new neighbours. In the blink of an eye, you will have your favourite coffee shop and restaurant. People will start saying hi, and you will know you are finally home. We hope our renter’s guide has helped you and that you will enjoy the new chapter of your life! 

No matter how hard you try to prepare yourself for the upcoming changes, leaving your old home and moving to a new one will still be an overwhelming experience. Whatever your reason might be for relocating to a new place, remember there’s nothing wrong with feeling sad or anxious. The change is inevitable and you can’t control it. But, what you can do is take charge of that change and create something beautiful out of it. Instead of feeling down, do your best and adapt to your new life after moving. Be ready for the endless possibilities that you’re about to encounter. Here’s how!

Get your bearings 

People in your surroundings will probably tell you to start exploring the new neighbourhood as soon as you relocate. But, even though adjusting to new home is important, do it at your own pace. Don’t rush things just because someone told you to explore your new city right after you move. Instead, take a few days to set up your new living space properly so that it really does feel like your home. 

Relax and take a break from your relocation before you start organizing your new home.
Relax and take a break from your relocation before you start organising your new home.

Ideally, start unpacking as soon as you move to one of the Vogue Real Estate homes. Even before you set up your kitchen or your living room, unpack the pieces of furniture and wall hangings that will make you feel more settled and comfortable. After this, unpack the rest of your moving boxes. Getting the help of a friend and listening to music while unpacking will make you feel good in your new home and will also make this boring task fun! 

Don’t forget about security! Make sure your house has a working alarm system. In case it doesn’t work, or if it isn’t installed, buy one immediately. A home can be the place where you feel safe and secure only if there’s a working alarm system installed. 

Make your new place feel like home 

In order to adapt to your new life after the relocation, you’ll have to make some changes to your house. Whether you own your new place or not, it’s important to make it more personal. If you don’t believe us, check out property styling tips from Home & Design experts and learn from the best.  

Don’t get us wrong – we’re not telling you to spend even more on your house immediately after you’ve moved. Instead of buying different expensive items, you can make your new place feel like home with cheap and simple tricks. Remember, even the slightest change in your home can make a big difference! Here’s what you can do for adding a personal touch to your home: 

  • Freshen up walls – whether you’ve moved to a new or old home, repaint those walls! Choose the colour that makes you feel relaxed. Opt for lighter coloured walls in order to make your room feel airy and bigger. 
  • Add a pinch of colour – a room that’s all white feels cold and impersonal. By adding a pinch of colour you’ll be able to create a cozier vibe. Therefore, paint one wall bold colour. Hang your art pieces. Add pillows, blankets, and rugs to break the monotony in your home. 
  • Go green – there’s no such thing as having too many plants in your home! Indoor plants act both as a decorating tool and tool for making the environment better.  
  • Create a cozy space – at the end of the day, you’ll want to have a place where you can relax and leave the worries behind. Create this kind of place for yourself. 
After the move, you’ll finally get the chance to make your home look like your dream house!
After the move, you’ll finally get the chance to make your home look like your dream house!

If you have found out that there isn’t enough room for all of your belongings, fret not! There are many different storing options at your disposal that can solve your problem. All you have to do is find the one that suits your needs most.

Step out of the comfort zone and adapt to your new life

When you feel ready, step outside and start exploring your new neighbourhood! Even if you have moved just a few blocks away, you’ll have to learn where to find the cheapest grocery store or the best restaurant. This might be very challenging for all of you who have moved to different cities, or countries. But don’t let it frighten you. Instead, embrace the excitement that comes with different surroundings and begin your new adventure. Don’t forget to start saving money for life after the relocation as soon as you learn the final cost of your relocation project 

Say yes to opportunities 

Relocation comes with new opportunities and challenges. One of the best ways to adapt to your new life is to prepare yourself for them! Whether it’s a job opportunity or the chance of meeting interesting people and learning about different cultures, say yes!  

Meet new friends, but keep in touch with old ones 

Everyone knows that if you want to adapt to your new life after the relocation, you’ll need to meet new people. They can help you adjust to the new environment without having to deal with different problems along the way. Meet as many neighbours as you can. Even if you don’t like some of them, be polite and you won’t have to deal with neighbourhood disputes in the near future. And one more thing – make new friends, but don’t forget about your old ones! Keep in touch with them because those are the people who will be by your side at any cost.  

Whether you’re moving to a different neighborhood or city, do whatever it takes to stay in your best friends’ lives!
Whether you’re moving to a different neighborhood or city, do whatever it takes to stay in your best friends’ lives!

In the end, it’s very important to have positive thoughts about your relocation. Make the fear and stress go away! With the right mindset and your loved ones, you will manage to adapt to your new life with no difficulties whatsoever! 

Have you ever thought to invest in property as a non-resident? In recent years, the Australian residential property market has been a very popular destination for foreign investors, particularly American buyers. This hardly a surprise if you consider the economy. Australia’s economic stability in combination with a good property market free of speculation has made the land down under a safe choice for investors.

Interestingly, many Australian residents who hold temporary or permanent visas don’t even realize they can qualify for a home loan. Hence, they are missing out on the benefits of the Australian real estate market.

Australia calling

Moving long distance is always a big challenge, and moving to another country is a whole new level of different. It’s scary because it is out of our comfort zone, but that is where magic happens. Furthermore, many US residents are planning to relocate to Australia and to invest in property as non-residents. They are attracted by its amazing economy, great job opportunities and nice weather. And all of that comes without a language barrier, which is a win-win situation. If you are having these thoughts, you first need to find international moving experts in your area in order to have a stress-free moving experience.

Before you hit the road, make sure to do a big research on the local real estate market and find temporary accommodation in order to stay there before you buy your own property. There are plenty of regulations when you are moving to another country, so better hire high-quality moving experts and leave the bureaucracy to them.

Australia is very popular for its economic stability

Stability is key

There are many reasons why more and more people invest in property as non-residents. The main reason is the stability of the market, which Australia has, among other factors.

  • Amazingly, around 70% of Australian households are homeowners, so there is not much space for speculation.
  • There has been a consistent undersupply of housing in all larger cities.
  • This country has responsible lending legislation and prudent economic management via the Australian Prudential Regulation Authority (APRA), reducing the risk of asset price bubbles.
  • Most importantly, Australia has never seen prices fall more than 20% in one year.
  • Overseas property markets such as Hong Kong or the United States have suffered significant crashes, but Australia has never experienced one.

How can I invest in property as a non-resident?

Most noteworthy, foreign investors are not allowed to buy existing homes, but they can buy new properties without a problem. This includes both off-the-plan apartments and vacant land. For example, if you’re a non-resident foreigner and you want to buy residential property in Australia, you will first need to obtain approval from FIRB. You can easily apply for that approval online. Although there is no limit to the number of new properties you can purchase, you will probably need to apply for approval before each purchase.

According to FIRB, a new property must be built on residential land. Additionally, it must not have been previously sold as a residence and must meet some other requirements.

  • It must not have been previously occupied.
  • If the property was part of a development and sold by the developer, it should not have been previously occupied for more than 12 months.
  • In case you want to buy vacant land for development, the development must be completed within four years of approval.
Do a good research on a property, especially if you are planning to live there yourself

The FIRB application

Before you apply for approval, it’s always a great idea to get some legal advice to make sure you understand and agree with all the necessary legal requirements. Then, you just follow the steps to apply for foreign investment approval.

  • Visit the FIRB website and apply.
  • Then, follow the link to the Australian Taxation Office’s foreign investment application form.
  • The third step is to fill out the application form with your personal details and any previous FIRB application reference numbers.
  • Provide the exact address and details of the property you wish to buy.
  • Carefully read and sign the declaration.
  • Then, submit the application and pay the required fees.
  • You will get an answer probably within 40 days.
  • Before applying for a home loan, you should obtain this approval from the FIRB.

Determine your budget

Before even thinking of buying a property abroad and moving, you need to know your budget. Hence, work out how much you can afford and stick to your financial plan. And remember, when you require a mortgage, you will generally need a deposit of at least 10% of the property’s value. Check your credit score and make sure you are prepared for that.

Research the area

Before you pack your things, make sure to research the areas you are interested in. Check properties and their prices in order to ensure that they are affordable. You will also need to inform yourself properly about the fees and other repayments to invest in property as a non-resident.

Moving abroad makes you see your life from a different perspective

Choose the property that best suits your needs

This is especially important if you are going to live there yourself, but in any case, you want to know what you are investing in. Saying goodbye to Brooklyn and hello to some foreign country is a bold move and a whole new chapter of your life. But change is usually a good thing, because it makes you see the things from another perspective. And fresh perspective is sometimes exactly what you need.

For overseas buyers who are not planning to live on the property in question, it is more important to focus on the value and possible return profit.

Let the conveyancing process begin!

Engage a local real estate agent and make an offer. Once it has been accepted, you will need to consult an attorney who will begin the process of transferring the property into your name. And that is about it – you can pick up the keys and enjoy. To invest in property as a non-resident is never and easy job but, at the end of the day, it’s worth it!

Not all properties are good investments neither do every property investment management results in profitable ventures. So how do you make the right kind of investments that will increase the chances of greater profits? It comes down to these four personal attributes:

Successful property investment requires greater knowledge

In order to become a successful investor, you need to invest time in obtaining the right kind of information that will help you take smart decisions confidently. There are plenty of books, articles and investment news that can be collected online. You can read property investing books, blogs and websites, autobiographies and success and failure stories of top real estate firms. You should also stay updated with the latest changes in policies and economic conditions to make key decisions that will impact positively.

Remember, education and knowledge is the key to your success. It lays all the foundation for smarter and more informed decision making skills.

Successful property investment requires commitment to updating your goals

Do you want to invest in properties smartly? Then you should schedule the time to review your property goals every monthly or quarterly period and check in with your current investments. You need to find out whether you are being competitive in the market and can outmatch your competitors. You cannot afford to buy a property with a long-term goal before completely forgetting about the maintenance and required investments. If you want to make successful property investment management decisions then a proactive approach and regular property assessment are essential.

Successful property investment requires being strong during the difficult times

In order to become a successful investor, you need to be strong during tough times. The real estate market is very volatile. It has its frequent ups and downs. You can never panic every time a negative headline breaks the news.

You have to prepare yourself to unexpected situations such as unexpected repair bills put forward or sudden damages to the property that requires immediate attention and renovation. A smart investment manager should always try to draw from the strength of their reserves and persistently ride out the difficult periods without losing focus from the long-term goals.

Successful Property investments requires strong negotiation skills

Being a good negotiator is one of the most essential skills that make a property investor successful. Businessmen and entrepreneurs are good negotiators. However, that does not mean that they are always trying to bargain when purchasing a property. A good and successful investor knows that they make their profits by purchasing the right properties, not through the cheaper ones. However, while making the right property investment, they have learned the negotiation skills to influence and persuade people the right way.

Whether doing it yourself or with the help of a qualified buyer’s agent, proper negotiation can put you in a stronger position to develop a profitable property portfolio. However, if you feel that negotiation is not your strongest skills, do not be worried! It can be developed over time.

Conclusion

Over time, anyone can develop all the skills required to be a great property investor. There are no secrets or challenging skill sets revealed here. Everything comes down to:

  • • Solid education
  • • Practical goal-setting
  • • Commitment to sticking to that goal
  • • Keeping calm during the tough times
  • • Developing negotiation skills
  • If you can achieve these traits, you can make profits through the process of property investment management much smoother.

    If you are a landlord or a property investor you need a professional manager who can proficiently manage the day to day operations of your rental or commercial property. There are plenty of executive decisions that are needed to be implemented in order to maintain the value of your property in the market and attract the right tenants. Although, their exact responsibilities will vary based on the type of property they are working on however, there are some common tasks a property manager is responsible for in order to maintain the rental value and they:

    1. Rental Duties

    One of the most common responsibilities of a property manager is to deal with rental issues such as:

      • Fixing the renting price: fixing the right rent price is important to attract the right tenants to a property. They have a clear understanding of the local renting rates and can set the appropriate rent price comparing various other properties in that area.
      • Rent collection: in order to confirm an optimal cash flow, they set a feasible rent collection date each month while strictly applying late fee rules.
      • Adjusting annual rent fluxes: they will help you increase the rental income by a fixed percentage every year abiding by the state laws.

    2. Tenant Responsibilities

    Another important function of the property management service providers involves:

        • Find the right tenants: In order to make people aware of a vacant property, promotion needs to be carried out in the right locations. What kind of advertisements is required and what information should be included in it.
        • Tenant selection: Property managers needs to carryout constant screening to verify the legitimacy of the tenant before choosing the right one. They will carry out credit and criminal background checks to reduce the chances of being accused of discrimination.
        • Dealing with property leases: This can include setting the lease terms and including all the necessary clauses to protect the owner and determining the security deposit amount required initially.
        • Assisting the relocation process: When the lease term is over and the tenants are leaving, a property manager needs to check for damages by inspecting the units and the portion of the deposit money that is needed to be returned. After that, they will also be responsible for cleaning the unit, repairing any damages and find a new tenant.
        • Eviction: In some cases when the tenant breaches the terms of lease the property manager will take all the necessary steps needed to deal with the situation and provide a proper solution.

    3. Maintenance and Repairs

    A property management service is responsible for keeping your property in a safe and habitable condition. Property managers are responsible for supervising all the physical management such as regular maintenance and emergency repairs.

    • Property Maintenance: This includes all the preventative property maintenance functions such as leak detection, landscaping, house cleaning and trash removal services. This helps keep the current tenants happy while attracting new ones when the lease term sis over.
    • Repairs: If there is any issue that requires immediate repair they will facilitate the process to get the job done as quickly as possible. These works can range from plumbing, electrical to carpentry to name a few.

    Understanding each and every point mentioned in your lease agreement is very important because the tenancy agreement is a legal contract and there is no moving back once you sign it. Before signing a lease agreement you need to discuss every minute detail with your landlord or the property manager to avoid any complication over the course of time.

    Whether you are looking for a rental property or want to buy or sell a property, Vogue Real Estate is here to help you. We provide highly customised property management services, property selling, buying and relocation services to match your preferences, needs and requirements. Our property managers, buyer’s agents and selling agents are fully trained and licensed and can do everything possible to make property investment or buying and selling a hassle-free process.

    Here, our agents have put together the top eight important questions you need to ask a property manager or your landlord to get a clear picture of the lease agreement when you are moving into a rental property.

    What is included in my lease agreement? Are utility bills included?

    Lease agreements do not have a fixed format. Some of them include utility bills (water, electricity, gas bills) as a part of the total rental payment. On the contrary, some lease agreements do not include utility bills. There might be special cases where a lease agreement could also include garden maintenance. The format of the lease agreement is set by the landlord himself. This is why you need to ask the property manager or the owner if any other bills are included in the rental agreement.

    What’s to do if the rental property needs maintenance?

    Usually, landlords have their own repair person or contractors to take on maintenance works or to handle any kind of emergency situation at the property. If your landlord has hired property management services, a property manager will get quotes from repair contractors of their choice. However, it is wise to discuss this issue with the property manager or the real estate agent to make sure you know what to do if the rental property requires maintenance.

    What should I do if I fail to pay the rent on time?

    To avoid any mishap over the course of time, you need to discuss the rental arrears policy with your landlord or the property manager in detail. If your landlord has hired property management services, the property manager will give you a clear picture of their rental arrears policy. Asking this question at the outset of the tenancy could put you in a difficult situation as most landlords would want a tenant with a good financial condition.

    Do I need contents insurance to protect my possessions?

    It is foolish to assume that your landlord’s property insurance will cover any damages caused to your valuable belongings. Your landlord’s home insurance will only cover the apartment or the house they are renting out but not your valuable items. You need to arrange for your own contents insurance if you want to protect your valuables.

    Does the tenancy agreement allow pets and children?

    The terms and conditions of the tenancy agreement are set by the property owner. Some landlords opt for a flexible lease agreement which requires only a single tenant’s name. However, some landlords prefer a rigid structure which requires every individual over a certain age to sign the agreement. Some of them allow pets and children and some don’t. If you have children and pets or if you are planning to expand your family, be upfront and inform your landlord at the very beginning.

    What rental payment methods do you accept?

    Having a clear idea beforehand about which payment methods are accepted by your landlord will help you to plan your life better. You need to ask the property manager or your landlord about which payment method do they prefer. This will also create a good first impression. To make it easier for you to pay your rent on a regular basis, most landlords prefer online payments (Direct Debit/bank transfer, etc.). The online payment method is trusted by most landlords because it is highly convenient and secure for both the parties involved.

    How do you check my tenancy history?

    Have decided upon moving into a rental property? Before you sign the lease agreement, you need to figure out how your landlord or the property management company check your tenancy history. Usually, a property manager or a landlord does their best to do a detailed background check before handing over the rental property to you. It is the responsibility of the property manager to check your tenancy history as they strive to protect their client’s investment. You need to ask the property manager or your landlord about which system they use to check your creditworthiness or any breaches in your rental history.

    What is the lease duration?

    This is one of the most important questions to ask a property manager or your landlord when moving into a rental property. Every individual has their unique needs and requirements. If your landlord is looking to keep tenants for a minimum of two years at a time and you do not want to avail the rental property for more than a year, you should make it very clear at the very first point of discussion.

    Author’s Bio

    Alex Morrison has been an avid SEO Expert in Melbourne for over 10 years. In this time he has worked with a range of businesses giving him an in depth understanding of many different industries including real estate, financial support and health care. As the owner of Integral Media Digital Agency he is now utilizing his knowledge and experience with his rapidly increasing client portfolio to help them achieve their business goals.

    We know that you have invested in a property to garner maximum return on investment. To maintain the value of your property over the course of time you need to have proper knowledge of the real estate market. Doing it on your own can be hectic and time taking and so most property owners hire property management services.

    When looking to hire property management services, don’t look beyond Vogue Real Estate. Our highly experienced and licensed property managers will ensure that your investment is taken care of in a hassle-free manner. At Vogue Real Estate, we provide comprehensive and the most reliable real estate property management services in Baulkham hills so that you can just sit back and relax.

    Here are six of the most important tasks undertaken by property management companies.

    Marketing Of Rental Property

    Finding tenants often becomes difficult if you cannot develop marketing strategies to reach out to the maximum number of people. This is where our property management services in Baulkham hills can make your life easy. At Vogue Real Estate, our highly experienced property managers plan out effective marketing strategies – from digital and print marketing materials to social media and online marketing tools to make sure that your vacancies are filled up fast and in a hassle-free manner.

    Managing Tenants

    One of the most important tasks of a property manager is to manage tenants and they are responsible for filling vacancies. We understand where to advertise your property and our property managers offer expert opinion and advise to make necessary changes in your property to attract more tenants. Property managers also conduct an in-depth tenant screening process. We follow strict tenant screening parameters to minimise risks – from proper inspection of credit scores to proper background checks. Property managers also set lease terms which include all necessary paperwork and clauses to protect you over the course of time. And finally when a tenant moves out, they are responsible for carrying out proper inspection of the property to check for damages and also assist in the settlement of the security deposit.

    Correct Rent Pricing and Seamless Rent collection

    When you hire property management services in Baulkham hills, you don’t have to work round the clock to determine the correct rental tariff for your vacancies or worry about the timely rent collection. Managing rent issues is one of the most common tasks of our property managers. Property managers have extensive knowledge about the real estate market where your property is located. Our property managers conduct in-depth surveys and through comparative analysis they will set the right rent level to attract more tenants to your property. Property management companies ensure that the rent is collected on time every month and also impose late fees when required. They also help you to raise the rent level in accordance with the municipal or state laws every year.

    Property Maintenance And Monthly Inspection Reports

    To attract more tenants it very important to keep your property in top condition. Whether your property is too old or new, it will require periodic maintenance work. Property management companies also run timely maintenance schedules to make sure your vacancies look stunning all throughout the year. When you hire Vogue Real Estate’s property management services in Baulkham hills, our highly experienced property managers will do everything possible to identify maintenance issues before they escalate into expensive repairs. They keep you in the loop during all the stages of property maintenance and provide you with detailed inspection reports every month so that you have clarity on the work being done.

    Full Assistance In Showcasing Vacancies

    Whenever potential tenants spring up and show interest in visiting your property, you don’t have to be present every single time when you have hired property management services in Baulkham hills. Leave the keys with our property managers and they will take care of everything – from booking appointments to giving tenants an organised tour of your property.

    Maintaining Records And Accounting

    Property management companies are also responsible for maintaining detailed records regarding your vacancies. Our property managers keep records of all the income and expenses, maintenance costs, record of rent collection, insurance costs, signed leases and more. They also facilitate a hassle-free accounting process – from managing income statements, delinquency reports, lease audits, general ledgers, balance sheets and more.

    The above-mentioned points lay bare the most common responsibilities of a property management company. So if you are looking for reliable and trustworthy property management Services in Baulkham hills, Vogue Real Estate is here to help you.

    Property managers can smartly guide you through successful property investment ventures and help you make the right investment decisions to improve the overall portfolio of your property. Before hiring an asset management company, it is important to carefully review the contract that they are offering. This is because you need to know their responsibilities and your duties as a land lord. Moreover, you need to ensure that you stay protected if the manager fails to meet the requirements. Here are 6 basic elements of the contract that you should put your focus on the most.

    • Services and fees
    • Responsibilities of the owner/s
    • Equal opportunity housing
    • Liabilities
    • Duration of the contract
    • Clauses involved with termination

    1. Services and Fees

    The management fee is the most common and basic fee that will be included in the contract. You need to understand the type of services that the manager has agreed to perform and the amount that they will charge for these services. You should understand the services that are included in the management fee and the ones that can be performed under additional fees, while knowing the services that cannot be performed under any circumstances.

    You should keep in mind that just because a manager is asking a higher fee does not mean that they will continue to charge hire for the additional duties such as vacancy fulfilment, bills payment, solving maintenance issues and eviction procedures.

    • Extra Services

    For extra property management services in Rousehill, the agreement should clearly state how the services will be charged. For instance on a case by case basis, a percentage of the fee or a flat fee.

    • Excluded Services

    You also need to be aware of the tasks that the managers will not be performing under any circumstances. This usually vary form company to company and the most common exclusions include extensive remodelling. You should be aware of the fact that the contract is not excluding something that is considered a vital part such a finding the tenants, rent collection or emergency handlings.

    2. Responsibilities of the Property Owner

    This part of the agreement should talk about the roles and responsibilities of the landlord. The contract will describe the things the property owners are obligated to do and are not allowed to do. For example:

    • Reserve fund maintenance

    The landlord should put a certain amount of money into a reserve fund that the manager can use for daily maintenance issues and emergencies. You should ensure that the fund never falls below a certain amount.

    • Finding tenants

    Most of the company will not allow the property owners from placing a tenant on their own. This is usually done to safeguard the manager from having to handle a tenant that is not selected according to their criteria.

    3. Liability

    The property management service needs to be protected from unexpected liabilities. For example if they hire a third party contractor and the contractor damages the property then the manager will not be responsible for such actions. However, if there is a damage that takes place because of their own negligence. Then the manager will surely be responsible for responsibilities.

    Rental properties garner a good amount of money but finding the right tenant and maintaining the value of your property over the course of time is not a walk in the park.

    To start with, you need to realise whether you are looking to save time to fill up your vacancies, and that’s when a property management company might make sense.

    Some landlords manage properties with the help of an employee but nowadays most of them look for a reputable property management company, who ensure that your investment is taken care of.

    Here are top 5 reasons you should seriously consider hiring a property management company:

    Improved Tenant Screening
    Landlords are flooded with hundreds of applications when there is an exponential rise in the rental market. A reputable property management company with pre-defined parameters of strict tenant screening can minimise your risks by properly examining credit scores, background checks.

    Seamless Rent Collection

    Collecting rent from the tenants can give you nightmares sometimes. Sometimes legal actions need to be enforced and this can be very frustrating and time consuming for the landlords. Vogue Real Estate’s Property Management Services In Castle Hill can help you to deal with difficult situations and make sure that the money is collected on time following professional standards.

    Correct Market Pricing

    Maintaining the price or value of your property over the course of time is not any easy task. You have keep up to date with relevant data and this can be very demanding and time consuming. Prices are always fluctuating and it is difficult to put an accurate price tag on your vacancies. The easiest solution is to hire a property management company, who can maximize your monthly income by determining the accurate price for your property in the current market.

    Proper Maintenance

    Any property irrespective of the age needs periodic maintenance work. Maintenance work adds up to your expenses and at times it is immensely stressful to do it all alone by yourself. This is when a property management company might make sense.

    Vogue Real Estate’s Property Management Services In Castle Hill is highly experienced at identifying maintenance problems before they escalate into expensive repairs.

    Property management companies work in tandem with several maintenance companies and can provide you exceptionally low service costs.

    Accounting Made Easy

    Property management accounting can be scary sometimes, especially when you own multiple properties and you are not from a business studies background. Income statements, balance sheets, general ledgers, delinquency reports and lease audits might sound alien to a lay man.

    This is why most landlords opt for property management services. They make use of various financial reporting software to make life easy for you.