In the latest episode of our podcast, “Understanding Property Management Fees,” we delve into the importance of recognising the value behind property management fees. Colleen Sutherland, a seasoned property manager, sheds light on the extensive range of services offered and the impact they have on safeguarding your property investment.
When considering property management services, it’s crucial to understand that quality comes at a cost. Instead of focusing solely on the price, landlords should evaluate the value they place on their valuable asset and the comprehensive services a property manager provides for those fees.
Property management fees encompass a multitude of essential tasks, including rent collection, rent control, maintenance supervision, bill payments, regular inspections, comprehensive reporting, dispute resolution, and effective communication between landlords, tenants, and property managers.
Beyond surface-level inspections, property managers proactively assess various aspects of the property, such as plumbing, gutters, doors, and handles, to ensure timely maintenance and prevent potential damages.
Thorough tenant screening is a critical part of due diligence, verifying their identity, financial capabilities, and ability to care for the property, considering factors such as their transition from home or recent property sale.
Retaining long-term tenants minimises vacancy periods, avoiding the downtime associated with turnovers, cleanup, and renovation. Property managers handle bond lodgment, ensuring a seamless transition and maintaining tenant continuity.
For furnished properties, an inventory fee may apply, covering meticulous item counting, documenting the condition of furnishings, and creating an inventory list.
Additionally, property managers offer specialised services for insurance claims. Having a comprehensive record of the tenancy facilitates streamlined insurance applications, preventing delays and ensuring swift resolutions when unforeseen events occur.
Understanding property management fees goes beyond the monetary aspect; it’s about recognising the value they bring to safeguarding and maximising the potential of your investment. By entrusting your property to a reputable property manager, you gain access to a wide range of services that protect your asset, ensure tenant satisfaction, and minimise risks. Don’t compromise quality for a lower fee; invest wisely to secure the long-term success of your property.