Sound management of residential investment properties should help maintain and improve property value and contribute to the investment's return, according to First National Real Estate Queensland.
"Choosing an appropriate and well located property is the first step in successful property management," First National Real Estate Queensland Chairman Dan Kerridge said. "The second step is as important: maximising rental returns and maintaining and growing the value of the property."
Mr Kerridge said many small and first-time property investors were tempted to take the "do-it-yourself" approach.
"A hands-on role can be appropriate, particularly if the property owner has business or legal experience," Mr Kerridge said. "But no matter how small or extensive your property portfolio is, there can be a huge number of headaches involved in managing it, ranging from sudden vacancies to requests that property issues are solved immediately. There are also a range of legal requirements and complexities."
If the goal is to maintain the condition of the property, maximise rent and minimise time spent on compliance with the various State Government regulations and requirements, property management could be a worthwhile investment, Mr Kerridge said.
Professional property management should deliver:- Good tenants who pay rental by the due date; Completion of relevant documents required under the Residential Tenancies Act; Management of bond lodgements and refunds; Quick action on all necessary home maintenance issues with work undertaken by registered tradespeople; Regular rental reviews so the property is kept competitive in the market; Property inspections and reports to ensure appliances and facilities are in good working order; Timely payment of outgoings on the owner's behalf; Comprehensive monthly statements and documentation; Advice on necessary insurance requirements.
"This list is by no means exhaustive, but indicates the extent of issues involved with the proper and legal management of rental properties," Mr Kerridge said.
"By appointing a property manager, you're investing in a resource to protect your property," he said. "It's important to find the right company that understands what you want to achieve from your rental property."
"Also look at how long the company has been in business and the types of properties it manages" Mr Kerrdige said.
"There's no doubt residential property investment can deliver good returns, but... there are so many issues and surprises that can be sprung on a more or less innocent owner who is just thinking about the short term cash flow from rent. Knowledge and protection are key to growing the value of the investment over time."
For more information or assistance with property management call Beevers Real Estate on 0418 872 578