Investment in property is one of the most stable forms of growing your wealth. While markets change, and prices of property rise and fall, the cycle always continues. The key is to buy when the market is down (as it currently is), and sell when the market is up - this will almost always guarantee a return on your long-term investment. If you would like to grow or start an investment portfolio, talk to your local Kerry Davey Real Estate agent to find out more about what options there are for investing in property.
As an investment property owner, you want to know that your property or properties are being managed by a team of professional, ethical and caring people. This is what Kerry Davey Real Estate strives to achieve for all of their investment property owners (Landlords). Kerry Davey Real Estate can offer you a personalised serviced, from purchase through to finding a quality tenant who will treat your property as their home. We pride ourselves on quality of service.
Property management is an industry that undergoes legislative changes constantly, so it is important that you can be assured your investments are being managed by people who are informed and follow the right procedures to get the maximum return for you. By choosing Kerry Davey Real Estate, you are choosing a property management team that is fully trained in all aspects of property management and who understand the obligation of landlords and tenants.
We have outlined a few key points for you to consider when choosing a managing agency for your investment property/properties.
Selecting the right property manager is one of the most fundamental decisions you'll make and can make a difference not only to your overall returns, but also the enjoyment of your investment.
Here at Kerry Davey Real Estate, we work hard to ensure that not only is your property well cared for and maintained by tenants, and that rental income is regular and reliable. We put a lot of effort into carrying out significant background and reference checks so that we can establish a tenant relationship that is constructive and positive. We believe that communication and relationship building is the most effective way to combat any problems - we seek to treat everyone we deal with, with respect and honest transparency. It is this ethical professionalism that has established our reputation as a boutique agency held in high regard within the industry, and with our clients.
Over the last few years, property management has undergone a significant transformation, from simply a rent collection service, to a dynamic investment management and service system. This changing scene has brought about the need to appropriately manage new legislation and the consequences to ensure fairness for both owners and tenants alike. This includes, in some regions, the Strata Titles Act, Residential Tenancies Act and deregulation of fees charged.
It is important to realise that together with the legislation comes a greater onus on owners and agents to follow the requirements of these laws.
Now more than ever, it is imperative that you ensure your property is professionally managed by entrusting it to a manager who is trained, experienced and equipped to meet these ever changing needs.
Property managers work within a licenced Real Estate Agency. It is therefore the agency owner who is ultimately responsible for the property, so it is essential you choose a reputable name you trust when selecting the business for management of your property. It's a big decision that creates a medium to long term working relationship and you need to feel comfortable with the company you're dealing with. Rest assured, when you choose Kerry Davey Real Estate, you will be joining hundreds of other property investors who have placed their confidence in us to professionally and ethically manage their property.
Ideally, when you buy an investment property, it is preferable to secure a long term tenancy - this gives both you and your tenant a degree of reassurance. Many property owners prefer to offer an initial short term Lease, with the option of continuing for a further 12 months at a time. This allows both you and your tenant time to "settle in" and make sure that a) the property is suitable for the tenants and b) the tenants are suitable for the property.
At Kerry Davey Real Estate, we understand the importance of tenant selection - tenants who will treat your investment property like their own home, and care for it respectfully. We also understand that many tenants work and are simply unable to view your property in business hours. We therefore offer inspection times both during work hours, and outside of work hours - to ensure all interested prospective tenants can view the property.
At Kerry Davey Real Estate, we are constantly monitoring the best medium for advertising your property - these days, internet advertising is definitely the most popular avenue, along with office rental print medium. We will discuss with you the various options for advertising from the outset - with a view to attracting suitable tenants, ensuring your property does not remain vacant for too long.
Initial costs for ensuring your property is "rent ready" are submitted to you at the commencement of each new tenancy (tax deductible) - please see our link below for our current fees and charges. Please note that for third party invoices, we do not mark up the prices.
Being the owner of an investment rental property comes with a few legal responsibilities such as:
Setting a fair rental price is a decision best made in collaboration with your Property Manager at Kerry Davey Real Estate.
There are many factors that come into play, such as:
Some owners make the mistake of setting the rent too high, and consequently not attracting tenants. You have to remember that there are many other properties available (most times) and if they are comparable to your property but significantly less expensive, then that is the property the tenants will apply for.
This not only wastes your advertising dollars, it also means that you are not getting any rental income for the period the property remains vacant.
We will provide you with our research with respect to what other comparable properties are currently being rented for, and discuss how your home compares, and assist you to reach a fair and reasonable rent amount.