What Makes A GPM (Great Property Manager)?
Find out why appointing a Great Property Manager (GPM) is one of the best investment decisions you can make.
A GPM acts as a conduit between landlord and tenant. This can be effective when negotiating rents and following through with breaches.
Plus they will attend to tedious tasks such as home opens, out of hours or weekend viewings, and emergency calls.
A better quality of tenant can be secured through professional screening. PM's can access the National Tenancy Database (a record of all 'blacklisted' tenants). They can run a full background check including: work, personal and rental references, plus proof of income.
Running into legal problems are less likely. A GPM should know the state legislation back to front and draw up a legally binding lease for both parties to follow.
A GPM will have their finger on the pulse and be able to determine accurate rental rates. They will be able to set the maximum rent achievable, without demanding too much and turning prospective renters away.
Through effective agency marketing shorter vacancy periods can be achieved. A GPM will select the best websites for maximum exposure, highlighting the specific benefits of the home and local area, plus make sure the property is best presented for lease.
Effective rent collection is a high priority for a GPM. If a tenant is behind in rent, a GPM will recoup the funds, following strict guidelines under the Residential Tenancy Act and will terminate the tenancy if it comes to that point.
Maintenance costs can be reduced by identifying problems early on through routine inspections. A GPM will have access to numerous trades, meaning the cost of repairs is generally cheaper and the work more reliable.
Other benefits include less stress and peace of mind knowing legal documentation is in place to protect the landlord.
A GPM will identify any red flags early on, deal with any issues as they arise and ensure that the property is maintained, producing a solid income for the life of its ownership.