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Why should I appoint a Property Manager:

Why should I appoint a Property Manager?

This is what you need to know...

It's important to ask yourself "Do I have a thorough understanding of the RESIDENTIAL TENANCIES ACT and associated statutes?"

This is a highly specialised aspect of Real Estate and it is fraught with danger of litigation in almost every task you undertake. A competent Property Manager not only possesses a strong understanding of their role, they continually increase their knowledge of insurance requirements, changes to legislation and industry and market trends to ensure all clients achieve the highest level of service at all times. Agents are often engaged to pick up the pieces of poorly self managed properties after it has cost the owner countless hours in trying to resolve conflicts with their tenant, not to mention the monetary cost.

If you are at all considering managing your own investment property then it's wise to consider the following points:

  • Do you possess a thorough understanding and knowledge of the Residential Tenancies Act in order to maintain a fair and professional relationship with your tenant?

The tenant may sue you if you do not adhere strictly to the Residential Tenancies Act.

  • Do you understand a Landlords obligation under other Federal and State acts affecting a tenancy?

Discrimination, consumer protection, building and other statutes all impact on a tenancy.

  • How much do you know about the tenant selection process?

Asking the right questions and getting the right answers before you place a tenant in a property can save untold heartache and frustration and may prevent potential financial burden.

  • Do you realise that as a private lessor you do not have access to tenancy databases?

Therefore, tenants listed on these databases are forced to rent privately.

  • Do you know how to lodge your tenants' Bond money in accordance with the Residential Tenancies Act requirements and within the required time frame?

If not you may be liable for a heavy penalty.

  • Do you know the right procedure when dealing with rental payment arrears? Have the correct notices been issued with the required excess days in the calculation of notice period?

 If not your advices may be totally invalid and you will have to start the procedure all over.

  • Do you have a concise knowledge of the Residential Tenancies Act to effectively represent in Court?

 The procedure must be precise. If you are ill prepared with non compliant documentation, invalid notice periods or lack of evidence, justice may not fall on your side. Minor mistakes may cost you deary!

  • Could you successfully terminate your tenancy and recover possession of your property without the need to go to court?
  • Do you know the correct procedure, the right notices to issue and the correct time frames?
  • Is your negotiation skill and knowledge of the Act sufficient to mediate a successful resolution and outcome?
  • Could you complete a valid Property Condition Report with enough detail to stand up in Court if necessary?

If it is not a precise record then it may have little or no value if needed for evidence.

  • Do you know the correct procedure when the tenant has absconded and abandoned goods remain at the property?

The Residential Tenancies Act has a range of procedures that must be followed when goods are left at the property. Additionally, if you enter the property when possession has not been handed back you risk any compensation you may be entitled to; not to mention any penalties that may be imposed due to the breach of the Residential Tenancies Act.

  • Would you be able to recover any outstanding debts?
  • At what point do you go to court, how do you get the Bailiff involved, do you have Landlords Special Risk Insurance, who will assist in your debt recovery?

At Harcourts Property Management we are serious about our commitment to provide the best property management service.Your goals and objectives are our primary consideration in the management of your property. Our Property Managers understand how the market impacts on your investment and will work with you to improve the yield from your property. We relieve any potential stress from owning investment property, we remain current with legislation and market drivers that effect your real estate investment.