What A Property Manager Can Do for You
Understanding the scope of services provided by your property manager is crucial, differentiating between standard offerings and additional, "extra" services.
It's vital to be well-informed about the specific services your property manager is obligated to provide and distinguish them from supplementary services that may incur additional charges. Since definitions of standard and extra services can vary among agencies, taking the time to understand the details before entrusting your property to an agency is essential.
By gaining clarity on the services included in your property management arrangement, you ensure that your expectations align with what the agency offers and that you comprehend the associated costs.
Typical "standard" services provided by property managers encompass:
- Finding tenants when the property is vacant
- Rent collection
- Inspection reports (with frequency varying by agencies)
- Maintenance of the property's reasonable condition
- Monthly financial statements detailing income and expenditures
- Termination of tenancies and issuing of breach notices if applicable for tenants
In addition to these standard services, property managers may offer "extra" services such as:
- Managing outgoing expenses payments
- Representing you at meetings
- Handling insurance claims on your behalf
- Arranging professional photography for your property
- Marketing your property through various channels (print, digital, online)
- Providing administrative services to uphold tenancy
Review Your Management Agreement
To ensure that the services promised to you are delivered without unexpected surprises, it's highly advisable to thoroughly read your Management Agreement. This legally binding document, signed by both you and the agency, meticulously delineates the terms, conditions, services to be rendered, and the corresponding fees you will be responsible for.
Be cautious of hidden costs; while some agencies may advertise lower base management fees, additional charges for extra services could offset any apparent savings. It's crucial to evaluate the overall cost structure to make informed decisions about your property management arrangement.
If you have any further questions regarding investing please feel free to get in touch with Next Level. You can contact us either by calling 0402 866 885 or sending an email to info@nlproperty.com.au. We are here to assist you and are eager to provide any additional support you may need.
