What to expect from a property management company.
So, you’re considering investing in property but you’re just not sure if you want the hassle of managing the property and/or the rental process. You’re thinking about engaging the services of a property management company but you’re not sure what a property manager offers.
At Quinovic, we believe that in the same way that you trust a dentist to look after your teeth, or a lawyer to look after your contracts, property managers bring specific experience, skills, systems, and qualifications to managing a tenancy and that this is why the expert help of a property manager is the choice of many property owners.
As professionals, the role of a property manager is to manage the entire tenancy process - from marketing and selecting tenants to inspections and ensuring that your property is maintained.
To help you better understand some of the benefits of working with a property management company, we've put together a list of some of the things you can expect from Quinovic if you're considering choosing us to manage your property.
Why a property manager? Why Quinovic?
- Knowing the market value of your rental property. A property manager has a thorough understanding of the local rental market which helps to determine the right rental price for your property. With 34 offices nationwide, our professional franchise owners know and understand what is happening around town with knowledge and expertise in their local property market.
- Staying up to date with compliance and legislation requirements. We all know that rental and tenancy legislation has been in a state of flux for some time and that it can be challenging to keep up with these changes both big and small. We anticipate regular and ongoing changes to tenancy legislation for the foreseeable future, and our in-house compliance team keeps us well-informed and abreast of new legislation and changes to current rules and regulations in our industry. With this knowledge, we ensure we are compliant with the Residential Tenancies Act and the Privacy Act, from our rental documentation to our property management processes.
- Finding suitable tenants. You want reliable tenants who suit your rental property and prospective tenants want to live in a place that works for them and their individual needs. We can do all the work necessary to market your important investment and attract suitable tenants.
- Paperwork, paperwork, paperwork. There aren’t too many people who love paperwork, and it’s fair to say there’s a bit of it when it comes to renting and managing a property. Managing tenancy agreements (including amending and ending agreements), lodging bonds, looking after maintenance contracts, paying rates, insurance and body corporate fees, invoicing and financial reporting is daily business for us. In addition, our owner clients have access to a 24/7 online dashboard personalised to their property. The dashboard provides information such as inspection reports, end of year tax material and all other appropriate paperwork associated with their property. We do it all - so you don’t have to.
- Freeing up your time. For property owners who want to be hands-on and involved in all aspects of the day-to-day needs of managing a rental property and tenancy, this doesn’t apply. But for those people who do not want to commit to 24/7 requirements of managing their property, freeing up precious time can be a key reason for working with a property manager. If there’s an issue at a rental property over the summer break, it still needs to be addressed and a property manager will be on call when a property owner may be on holiday, over weekends or in the evening for emergencies.
- Rental inspections. A full and detailed property inspection is done a few days before the start of every tenancy, recording the condition of the property before a new tenant moves in. It’s a good idea to stay in regular contact with tenants and to keep lines of communication open, providing at least 48 hours ’written notice before undertaking a rental inspection. Quinovic carries out rental inspections of every property in our portfolio nationwide at least quarterly. We undertake additional rental inspection visits as required or requested by property owners or tenants. We are experienced at property inspections, and we know what to look out for. Once we’ve undertaken an inspection, we will upload a copy of the inspection report with relevant photographs, so that property owners know the results of an inspection straight away. (Did you know - property inspections are generally a condition of most rental insurance policies. If a property owner needs to make an insurance claim, they will often be required to provide the records from the most recent inspections).
- Maintaining your investment. Good property maintenance provides peace of mind. You want to be assured that your tenants are safe and happy and that your property is cared for and maintained to an appropriate standard. It can be tempting for property owners to complete maintenance work themselves, and there are certainly owners who have specific skills and can do just that. However, if a property owner doesn’t have the required professional skill set or qualifications, a DIY job may result in additional work being required and even void potential insurance claims. We know the maintenance tasks that need to be done by a professional. Quinovic property managers have established relationships with local tradespeople meaning that we can get the right people to do the right job and get them out to your property quickly. Small issues that are fixed promptly and properly can prevent serious damage and costs. Regular, proactive maintenance will protect your investment and ultimately add value to your rental property.
- Ensuring rent is paid on time. Getting the rent paid shouldn’t be an issue, but it can be. Quinovic has an established system in place so that rent arrears are minimised, and rent is paid regularly and on time.
- Conflict resolution. Even when everyone involved thinks they are doing the right thing, conflicts can arise. Having solid agreements in place does help reduce possible issues, but when the need arises Quinovic works with property owners and tenants to try and resolve conflict, so an issue does not intensify.
- Legal issues. As a last resort when issues and conflict cannot be resolved, we can help navigate legal challenges. We can prepare and present material and/or attend tenancy services mediation meetings or tenancy tribunal hearings on behalf of property owners and tenants.
Last thoughts
Managing a rental property takes resources, connections, legislation knowledge and time. It can be stressful and time consuming and with additional costs and ever-changing regulations added to the mix, giving your rental property the time required might be more work and time than you can offer, if so, a property manager might be the best option for you.
We know that choosing a property management company is an important decision, we hope the list above is useful to help guide you as to what you should expect from the services of a Quinovic property manager.
Keen to talk to someone to help with your decision-making? One of our independently owned and operated franchise offices will happily assist.
Find your local Quinovic office.
