Top 10 tips for expert property management

By BCA | 17 Sep 2019 | Blog

Residential property management is believed to be a road filled with potholes. But it can be actually be a humbling practice. If you have the right skills and tools and team there is no reason why you can’t succeed in managing your property the way you want to.

There are a lot of books, websites and experts who can help you every step of the way. Once you have pushed through the initial insecurity and uncertainty barrier, you’ll be confident to make it on your own. To help you start on your property management journey, I have put together my top 10 tips for property management success. These principles will be your beacons along the path, and will act as a solid framework in which to operate.

 

    1. Know your why. Knowing why you own property as an investment will influence how you respond to challenges and how you get through them.
    2. Your property investment is a business, so treat it like a business. A professional and hands on approach to property management means better, more in depth performance for your property and a better home for your tenant/member.
    3. A thorough screening of the client is critical. Placing the right tenant/member who will pay their rent in full and on a monthly basis and that looks after your/their property is the foundation for property management success.
    4. Always do a joint move-in inspection/survey. A documented move-in inspection, done only and with your tenant, will mean you have a leg to stand on if your tenant causes harm to your property.
    5. Treat your tenant with the upmost respect. A satisfied tenant is a better-performing tenant.
    6. Stick to the rules set out b the property manager. Be consistent in holding the tenant to what they agreed to in the lease. Keep your side of the bargain too.
    7. Write everything down. Arguing about who said what always leads to problems. Written agreements and written communication keep things simple, easy and reliable.
    8. Keep your property in good condition . Be active in looking after your property. This will mean better growth in your asset/property over time, and will attract better-quality tenants.
    9. Be consistent. Property management is about doing the simple things on a regular basis month after month.
    10.  Always keep learning and wanting to learn new things. Having a learning attitude will mean you’ll constantly want to better yourself at being a property manager, and you’ll stay up to date with changes in the market and legislation.

According to the act there isn’t an actual minimum amount that is required in the reserve fund, but it does state that it should be “reasonably sufficient to cover the cost of future maintenance and repairs of the common property (for the coming financial year)”.

“3 (1) (b) A body corporate must perform the functions entrusted to it by or under this Act
or the rules, and such functions include— to establish and maintain a reserve fund in such amounts as are reasonably
sufficient to cover the cost of future maintenance and repair of common
property but not less than such amounts as may be prescribed by the Minister”

Top 10 tips for expert property management

By BCA | 17 Sep 2019 | Blog

Residential property management is believed to be a road filled with potholes. But it can be actually be a humbling practice. If you have the right skills and tools and team there is no reason why you can’t succeed in managing your property the way you want to.

There are a lot of books, websites and experts who can help you every step of the way. Once you have pushed through the initial insecurity and uncertainty barrier, you’ll be confident to make it on your own. To help you start on your property management journey, I have put together my top 10 tips for property management success. These principles will be your beacons along the path, and will act as a solid framework in which to operate.

 

    1. Know your why. Knowing why you own property as an investment will influence how you respond to challenges and how you get through them.
    2. Your property investment is a business, so treat it like a business. A professional and hands on approach to property management means better, more in depth performance for your property and a better home for your tenant/member.
    3. A thorough screening of the client is critical. Placing the right tenant/member who will pay their rent in full and on a monthly basis and that looks after your/their property is the foundation for property management success.
    4. Always do a joint move-in inspection/survey. A documented move-in inspection, done only and with your tenant, will mean you have a leg to stand on if your tenant causes harm to your property.
    5. Treat your tenant with the upmost respect. A satisfied tenant is a better-performing tenant.
    6. Stick to the rules set out b the property manager. Be consistent in holding the tenant to what they agreed to in the lease. Keep your side of the bargain too.
    7. Write everything down. Arguing about who said what always leads to problems. Written agreements and written communication keep things simple, easy and reliable.
    8. Keep your property in good condition . Be active in looking after your property. This will mean better growth in your asset/property over time, and will attract better-quality tenants.
    9. Be consistent. Property management is about doing the simple things on a regular basis month after month.
    10.  Always keep learning and wanting to learn new things. Having a learning attitude will mean you’ll constantly want to better yourself at being a property manager, and you’ll stay up to date with changes in the market and legislation.

According to the act there isn’t an actual minimum amount that is required in the reserve fund, but it does state that it should be “reasonably sufficient to cover the cost of future maintenance and repairs of the common property (for the coming financial year)”.

“3 (1) (b) A body corporate must perform the functions entrusted to it by or under this Act
or the rules, and such functions include— to establish and maintain a reserve fund in such amounts as are reasonably
sufficient to cover the cost of future maintenance and repair of common
property but not less than such amounts as may be prescribed by the Minister”

Top 10 tips for expert property management

By BCA | 17 Sep 2019 | Blog

Residential property management is believed to be a road filled with potholes. But it can be actually be a humbling practice. If you have the right skills and tools and team there is no reason why you can’t succeed in managing your property the way you want to.

There are a lot of books, websites and experts who can help you every step of the way. Once you have pushed through the initial insecurity and uncertainty barrier, you’ll be confident to make it on your own. To help you start on your property management journey, I have put together my top 10 tips for property management success. These principles will be your beacons along the path, and will act as a solid framework in which to operate.

 

    1. Know your why. Knowing why you own property as an investment will influence how you respond to challenges and how you get through them.
    2. Your property investment is a business, so treat it like a business. A professional and hands on approach to property management means better, more in depth performance for your property and a better home for your tenant/member.
    3. A thorough screening of the client is critical. Placing the right tenant/member who will pay their rent in full and on a monthly basis and that looks after your/their property is the foundation for property management success.
    4. Always do a joint move-in inspection/survey. A documented move-in inspection, done only and with your tenant, will mean you have a leg to stand on if your tenant causes harm to your property.
    5. Treat your tenant with the upmost respect. A satisfied tenant is a better-performing tenant.
    6. Stick to the rules set out b the property manager. Be consistent in holding the tenant to what they agreed to in the lease. Keep your side of the bargain too.
    7. Write everything down. Arguing about who said what always leads to problems. Written agreements and written communication keep things simple, easy and reliable.
    8. Keep your property in good condition . Be active in looking after your property. This will mean better growth in your asset/property over time, and will attract better-quality tenants.
    9. Be consistent. Property management is about doing the simple things on a regular basis month after month.
    10.  Always keep learning and wanting to learn new things. Having a learning attitude will mean you’ll constantly want to better yourself at being a property manager, and you’ll stay up to date with changes in the market and legislation.

According to the act there isn’t an actual minimum amount that is required in the reserve fund, but it does state that it should be “reasonably sufficient to cover the cost of future maintenance and repairs of the common property (for the coming financial year)”.

“3 (1) (b) A body corporate must perform the functions entrusted to it by or under this Act
or the rules, and such functions include— to establish and maintain a reserve fund in such amounts as are reasonably
sufficient to cover the cost of future maintenance and repair of common
property but not less than such amounts as may be prescribed by the Minister”