Owning investment property can be a lucrative way to supplement your income while providing accommodation for renters (tenants) across Australia. However, sometimes the commitment can be larger than people imagine, leading to inattentiveness and the chance of wasted potential in the long term. However, one solution to this problem is to get in contact with the team at Elders Real Estate to discuss the option of professional property management for your real estate portfolio.
How can Elders help with your investment residential property?
The most important part of making a rental property sustainable is to find the right tenants. This can be difficult for the inexperienced, but leaving it in the hands of an Elders real estate professional is a great way to secure suitable tenants for your properties. This involves designing a comprehensive marketing strategy to target the right types of applicants, allowing for maximum exposure and increasing the number of quality applications received.
Furthermore, the actual process of selecting tenants from the pool of potential applicants is thorough and intensive to ensure your investment is filled with great, trustworthy tenants. For example, prospective tenants need to complete a full application as well as meet our 100 point ID checklist before being considered for a property. Tenancy applications are only accepted after the property has been inspected to remove the possibility of any confusion tainting the transaction.
Finally, after thorough investigation of employment, tenancy and financial history, your Elders property manager will interview short-listed potential renters and provide you with feedback about the best possible applications in order for you to make the most informed decision possible in selecting the successful applicant. This helps to remove any inexperienced mistakes being made along the way, allowing you to begin earning money from your investments as soon as possible.
What other responsibilities will Elders assume?
After finding the perfect tenant for your rental property, Elders will continue to be involved in the management of the property. This will help you maintain a high degree of profitability from the real estate without worrying about any possible complications arising. Taking care of the necessary paperwork is just the beginning, with your Elders agent organising and actioning both the residential tenancy/lease agreement and a written Property Condition Report.
They will also be responsible for collecting bond payments and first rental payments, issuing keys and making sure the tenants are moved into the property without hassle. Following this, they will continue to conduct ongoing property inspections on a regular basis to ensure the property is maintained – protecting your real estate from damages and other unfortunate circumstances. They will also act as the main point of contact with tenants, making them responsible for any damaged caused, as well as mitigating any problems that arise.
Things like rental reviews will also be undertaken by your Elders agent. With their experience and knowledge of the local market and national trends – as well as an intimate knowledge regarding the value of the property – they are in the best position to make decisions surrounding the best level to have rent at. When it comes to reviewing and potentially increasing the asking weekly rent, these professionals are in the best position to make a profitable but fair resolution.
Finally, engaging an Elders property manager will provide you with insight into the financial side of your investment properties. At the end of each financial year, your Elders agent will create a statement that highlights and summarises the property’s income and expenditure over the last 12 months – allowing you to plan the coming year and take steps to deal with any issues that may have arisen.