Investment in Rental Property is one of the most stable forms of growing your wealth. Whilst markets change, and prices of property rise and fall, the cycle always continues. The key is to buy when the market is down, and sell when the market is up – this will almost always guarantee a return on your investment.
If you would like to grow or start an investment property portfolio, talk our team at U1st Realty to find out more about what options there are for investing in property, as they have quality property all around Australia, and especially in the South East Corner of Queensland.
As an investment property owner, you want to know that a team of professional, ethical and caring people is managing your property or properties. This is what U1st Realty Property Management strives to achieve for all of their investment property owners (Landlords). U1st Realty Property Management can offer you a personalised service, 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 that our people are informed and follow the right procedures to get the maximum return for you will be managing your investments. By choosing U1st Realty Property Management, 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.
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 prudent to ensure that 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 are employed within a licensed Real Estate Agency framework. It is therefore the agency owner who is ultimately responsible for the property, so it is essential you choose a reputable person whom you trust when selecting the business as your partner to manage your property for you. 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 U1st Realty Property Management, you will be joining other property investors and owners who have put their faith and confidence in us to professionally manage their property.
Once you have entrusted U1st Realty Property Management as your agent to manage your property, you will be exclusively authorising that agency to act on your behalf. We will then appoint experienced property managers, who will be responsible for the day-to-day management of your property and tenancy.
Your property manager/s will act as guardian/s of your property and will provide a range of ‘personalised’ services that all include:
• Professionally screening and selecting tenants
• Providing a detailed explanation of the owners’/tenants’ rights and obligations
• Receiving rents and issue receipts
• Arranging for repairs and maintenance to the property
• Paying of accounts such as water services and council rates
• Processing any insurance claims that may arise
• Exercising the owners’/tenants’ rights to terminate leases and tenancies
• Reletting the property at the end of each tenancy in the event of a vacancy
• Preparing and checking the property’s inventory
• Doing all such lawful things as may be directed by the owner in writing from time to time
• Professionally and accurately reporting on the condition of the property at the inception, during and end of each tenancy
• Such authority is given for a period of time and thereafter until written notice is given to terminate the management by either party in accordance with the terms and conditions outlined in the Form 6 authorisation agreement.
Owning an investment property is one of the most popular methods throughout Australasia for acquiring wealth.
However, you’ll need to be aware of the sorts of responsibilities that you will have as an owner. The most obvious responsibilities are:
• To provide the premises in a reasonable state of cleanliness and repair having regard for the age, character and prospective life of the property
• To comply with all requirements in respect of health, building and safety laws in so far as they apply to the premises
• If you are the handy type, you may wish to carry out some repairs and maintenance yourself to the required standards, otherwise our preferred property maintenance partner is EZEE Property Maintenance – who will supply and manage all the necessary trades for you.
• The owner is responsible for ensuring that the property is kept in good condition at all times.
• Some expenditure incurred for repairs (not of a capital nature) may be an allowable tax deduction against rental income – ask your Tax advisor for clarification on this issue.
How to set a fair rental price
Setting a rental price is one of the most critical decisions you will make as the owner of the property. Your U1st Realty Property Management Team is best qualified to assist you with determining a fair market rental value for your property based upon your instructions and the current market conditions.
The condition of the rental property must be considered when assessing rental value. Location of the property to vital infrastructure is also relevant; as is the length of term and additional services offered.
Some owners make the mistake of setting the rent too high and consequently not attracting a tenant. This will waste your advertising dollars, along with the loss of potential rent whilst trying to secure a suitable tenant willing to pay the higher rate.
Some owners make the mistake of setting the rent too low and consequently lose valuable income, which may hinder their ability to grow their property portfolio. This loss of potential rent may hinder your ability to maintain your property to the required standards, and may sour your experience as a property investor.
ENGAGE... U1ST REALTY AS YOUR PREFERRED PROPERTY MANAGER
U1st Realty property management fees.
Paying fair remuneration by way of management fees & charges to a reputable agent is one of the most critical decisions you will make as the owner of the property.
U1st Realty Property Management is built by property investors, borne out of the frustrations of dealing with agents who don’t even own property or care about the issues faced by owners.
We found that traditional agents lack the understanding and insight required to manage our own properties effectively. We would often encounter situations where our instructions weren’t followed, tenants were treated with disdain and maintenance issues dealt with poorly, ultimately resulting in a loss of income to us as investors.
We undertook to build our property management business that would address the 3 components we felt were lacking in traditional agencies:- Simplicity, Honesty and Transparency.
We hope you’ve found value in the information we have provided.
Please Take Note: U1st Realty is a licenced real estate agent and is able to give property advice within the scope of their licence. The nature of the professional advice given will vary depending on the nature of the Real Estate Activities you engage in; but will require (at a minimum) you need to be advised by a licensed real estate agent, a licensed builder, a solicitor, a Financial Advisor, and/or an accountant. You further acknowledge and agree that U1st Realy Pty Ltd is not licenced to provide financial advice and therefore any information we may offer you is entirely factual information in nature, except in the areas that we are licensed to advise you on. We provide quality factual information and real estate guidance to our clients so that you are able to question and engage the various appropriately licenced professionals to get the personal advice you need; and to help you learn from the experiences of others that have already engaged in certain Real Estate Activities that you may be considering.