Category: Property Management Services (5)

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.