When you’re preparing to lease out a property, be it private or commercial, the considerations go far beyond finding someone who’ll pay rent on time. By hiring a property manager, not only will you increase your return on investment, but you’ll also save yourself from a headache or two. Here’s what you should expect to receive when you pay Property Management fees to a Real Estate agency.
Preparing the property
Your property is an investment and deserves to be treated like one. Documentation is paramount for smooth and successful leasing: your property manager should provide a thorough ingoing inspection report, with a comprehensive inventory detailing any furnishings to be leased with the property. The property manager must also perform an audit to ensure safety and compliance requirements are met, which includes smoke alarm checks, electrical equipment tagging, and air conditioning maintenance. Any additional repairs or maintenance that require attention will also be recorded.
Finding the right tenant
Tenants can have the power to turn your leasing experience into a dream or a nightmare. When you choose an experienced and trustworthy property manager, you can be sure that appropriate marketing and advertising materials will reach potential tenants through online channels or via the use of an established database. Once interested parties are identified, inspections allow the property manager to meet and assess the suitability of prospective tenants. Holding inspections for individuals or in small groups as opposed to open homes allows for greater scrutiny and the delivery of a more personalised and effective service. Once potential tenants are selected, a thorough interview process is undertaken, followed by verification of references.
The property manager is then responsible for setting up a legally binding lease agreement and ensuring the terms of the lease are met throughout the leasing period. They should perform routine inspections of the property, with a minimum of one report documented every four months. When the lease agreement is nearing its end, the property manager prepares a lease renewal or extension for existing tenants or repeats the above process in order to find new tenants.
Your property manager should increase the value that you derive from your investment and provide you with regular financial management documentation. First and foremost, rent reviews need to be undertaken to ensure market levels are achieved for your property. Once your property is leased you can expect monthly financial reports providing an overview of your investment, including an income and expenses statement. For accounting and taxation purposes, your property manager will arrange the set up of a ‘depreciation schedule’ and provide you with annual ‘financial income & expense’ reports.
Having a property manager that keeps you in the loop about your investment is a priceless service. You have the right to know what’s going on with your property and to make informed decisions about it, if you wish to do so. When you engage with Salamanca Realty’s Property Management service, you’re guaranteed to receive all the services discussed above, performed to the highest quality. Above all, we will communicate with you in a friendly, informative and efficient manner, because you only realise how important communication is when you can’t hear it!
If you’re looking for someone to manage your new investment, or your current property manager is not meeting your expectations, contact Salamanca Realty today and experience the distinguished services you deserve.
Property manager main deliverables:
- Document an ongoing inspection report
- Complete a comprehensive inventory
- Perform a safety audit
- Record repairs or maintenance
- Publish marketing and advertising materials
- Hold inspections
- Meet and assess prospective tenants
- Complete the interview process
- Verify references
- Set up a legally binding lease agreement
- Perform routine inspections
- Organise lease renewal or extension
- Perform rent reviews
- Provide monthly financial reports
- Deliver monthly income and expenses statements
- Organise a depreciation schedule
- Provide annual ‘financial income & expense’ reports
- Communicate with you in an effective manner