Property Management 101

So you own a property? The looming question is how much maintenance do you need to do? We have all heard the stories of the nightmare tenants who will complain about the tiniest things. Here’s how to win with property management.

1. Do you what you know

If you really must do your own renovations, only work on what you know how to do. If you are a tiler for instance, obviously it makes sense to do bathrooms repairs, however, if there is a skillset outside of your expertise, it’s not worth trying to fix that! Leave it to a pro…

2. Hire a pro

As mentioned in the previous step, hire a professional. Talk to your agent, they should be able to point you in the right direction. Not only will you get a professional finish, if there are problems you have a record of when it was repaired, what work was done, and more than likely have a trade go back to the property to fix their mistakes if they were made.

3. Don’t skimp on finishes

It’s tempting to take shortcuts on renovations and maintenance because it’s money straight out of your pocket and you don’t necessarily see an ROI (Return On Investment) but just remember that this will give you a better quality tenant who will take care of your property.

4. Water Savers

One of the great secrets of property management is water savers. You can have these installed by a plumber and once they are in place you are able to charge a tenant for water usage, rather than having this cost added to you. It’s a great worthwhile investment especially if you are looking at a long term tenant.

5. Listen to your agent

At the end of the day, maintenance requests are best handled by your agent. This way they are documented well, there is a solid process to rectifying any issues, and you can follow someone up when and if things aren’t getting done. 

If you have any further questions please feel free to reach out to our team.

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