Do you have significant property investments in Australia? If so, managing these properties can become a problem, especially if you are located overseas. If you are renting properties in the country, managing rentals is crucial for turning a property. As more and more Australians are investing in property, the management of the assets is becoming a challenge for non-professional proprietors. Here are several tips for managing your property assets in Australia:
Hire a Professional Property Management Firm
If you are juggling multiple rental or leased out properties in a busy Australian region like Melbourne, then management can become tricky. If this is the case, it’s highly recommended to hire a professional property manager. It’s important to hire the manager locally. For example, if your property investments are in suburban Melbourne, hire real estate agents Dandenong. Property managers in an area know the area well and can ensure that your investments are well protected. On the other hand, property managers who mainly deal with other markets may not understand prospective buyers well.
Use Property Management Software
Those who need to manage multiple properties at the same time can benefit from property management software. These are ideal for rentals, but can be used with all properties. A good program would help the user monitor statuses of the properties, get reminders to collect rent, and keep track of all financials associated with a property. You may also benefit so give this a serious thought.
Understand Applicable Laws
There are numerous laws related to buying, selling, and renting of properties. There are also laws that affect rights of people who rent. If you are becoming a proprietor, then you should be well aware of these laws. Even if you don’t actually read the Acts that are relevant, you should be aware of the laws. It will be expected of you. You can ask your regular solicitor to explain the laws. If you have a good property manager, then you can delegate this responsibility to the manager.
Hold on to Legal Documents
Speaking of the laws, don’t forget to secure all legal documents related to your property, such as title lease, rental agreements, lease conditions and so on. These docs should be accessible to you. In case a dispute arrives with a tenant, your case will go to a tribunal instead of a regular court in most cases. The judge will demand that you have all the needed documentation. Legal docs are not the sole responsibility of lawyers. Make sure you keep copies around the house.
Be Vigilant about Rent Collection
The rent collection process should be clear to the tenant. Ask renters to mail it or deposit to your account on a particular given day. Proprietors will have to be vigilant that tenants actually pay this rent on time. Have a policy in place for late payments to avoid confusion and unnecessary conflicts. If you hire a professional property manager, he or she can handle rent collection on your behalf.
In addition to the above, consider having a marketing plan for your property. A good advertising plan would lead to more demand for rental properties. You can attract better tenants and perhaps charge a higher fee.