If you are looking for a way to generate wealth, the rental property market is vibrant at present; there will always be a demand for quality residential real estate in Sydney and Melbourne suburbs. You would need access to capital, a keen eye for a bargain and a good working relationship with a local builder; and perhaps the most important partner of all, the property management company.
Designed around the Landlord
An established property management company would offer the following services to their clients.
- Sourcing tenants – For a small fee, the property management company can source and screen potential tenants on their client’s behalf.
- Building maintenance – Their in-house team of builders are ready to carry out repairs and with regular inspections, your asset is looked after and well maintained.
- Legal advice – Using Body Corporate in Melbourne ensures that you have free access to legal advice with a 24/7 hotline. In the event a tenant complains to the State government, you should not respond until you have spoken to an experienced property lawyer.
- Legal representation – In the unlikely event you have to attend court in a dispute with a tenant, you need a good lawyer to present your side of the story. Your tenant will have a lawyer and an unfavourable outcome can be very expensive.
- Security – If your home sits empty for a couple of months, you won’t have to worry about security; the property management firm sends manned security on a daily basis.
- Drafting tenancy agreements – It is critical that you seek a legal expert to draft tenancy agreements in order to ensure that you are protected. Click here for tips when buying a house and land package in Sydney.
- Accounting & bookkeeping – The legal section can handle all your business transactions, keeping your company compliant; if your business data is on the cloud, you can give your bookkeeper a username and password so that they can access the data they need.
- Property sourcing – Some property management companies will find properties for their clients; if you are looking to acquire a 3-bed house in a Melbourne suburb. Talk to an established property management firm and see what they have on their books. While real estate agents are usually tasked with finding ideal residential real estate, other organisations are also providing this service.
If you have done your homework and have written a business plan, you should be looking at expansion at around the third year mark; with a top-rated property management company in your corner, there’s every reason to expect a level of success. Land prices in Melbourne are on the rise and now is the perfect time to start thinking about rental property as a business. Buy wisely and your wealth will grow in a structured way, while the property management company takes care of everything.
