Property Management 101: Why Dynamic Residential takes the stress out of managing your property
Property Management Explained
You may have just bought your first investment property, or you’ve got a well-established rental portfolio. Either way, as a property investor, you will, at some point, be looking to rent out your property.
You may not have time to manage it independently or lack expertise and need trusted, professional advice and support to ensure you and your renters are adhering to your responsibilities. That’s where Dynamic Residential’s property management team comes in—we’ll do the heavy lifting for you, ensuring the best returns possible, all within the law.
Here, we have taken the questions we most get asked about property management and why securing a knowledgeable, committed property partner ensures your investment portfolio is in safe hands.
What does a property manager do?
An ever-changing property market, economic conditions, and demands on our busy working and family lives mean that many current and emerging property investors do not have the resources to manage their rental portfolios effectively. In addition, and perhaps unsurprisingly, the most common reason we see rental providers approach us is they seek an industry expert with detailed knowledge of compliance laws and regulations.
Engaging Dynamic Residential as your property manager means that we’ll act as the point of contact for your home to save you time, stress and risk.
We won’t make decisions for you; that’s still your call. As your property manager, we will provide you with all the information you need to make a well-informed decision, in line with regulations, along with our expert recommendation on how to proceed. Once we receive your instructions, we will act on your behalf, whether this is arranging maintenance or following up with your renters.
Think of us as the buffer between you and your renter, helping you avoid any unpleasant confrontations, such as rental disputes, reporting property damage, and getting renters to pay their rent on time.
As Melbourne’s leading property managers, we’re responsible for providing you with peace of mind. We achieve this by looking after the following on your behalf (but not limited to):
- Finding & retaining good renters
- Managing repairs & maintenance
- Receiving rent & repaying bonds
- Writing up & ending property management contracts
- Conducting inspections
- Re-letting your property
- Knowing your rights as a property owner
- Knowing your renters’ rights
- Dispute resolution
- Regulation compliance
And it is always our focus to provide you with these outcomes:
- Maximum rental yield
- Minimise vacancy rates
- Stay on top of maintenance issues
- Increase rent when appropriate
- Add value to your property
Are there any potential risks or legal issues?
Choosing the reputable, well-established property management team at Dynamic Residential to act as your property manager mitigates risks of mismanagement, breaking the law, losing valuable renters and bleeding money. And if you are acting as a rental provider yourself with no prior experience, you run the same risks.
There are significant penalties for breaking consumer laws, so it pays to manage the rental component of your investment property well with the assistance of a highly-rated property agent.
It’s also important to note that when you decide to rent out any property:
- You will need landlord insurance to cover the risks of renting your property and any financial losses incurred, from water damage to non-payment of rent.
- According to current Australian tax laws, landlord insurance fees are tax-deductible. It is also advisable to ensure your income is protected in the event of serious illness or injury.
- Body corporate insurance won’t necessarily provide coverage for everything, particularly your liabilities inside the apartment if you own an apartment in a complex.
- It’s best to do your research and engage professionals to assist; otherwise, you may not be covered for everything you expect, as insurance can be complex and confusing, with unintended gaps.
You can keep updated with consumer laws by referring to the relevant legislation via Consumer Affairs Victoria or your state jurisdiction.
What makes a property manager great?
Here’s what we believe makes a good property manager and what the Dynamic Residential team strives to provide every one of our valued clients:
- Clear communication
- Impeccable organisation
- Knowledgeable in local market & legal affairs
- Personable & makes you feel at ease
- Assertive when required
- Be able to use experience to back decisions
- Accountable for their actions
What should I look for when I receive my property management contract?
Your property management contract will be written up and sent to both parties when you engage us as your property manager. This is required by law. It states the terms and conditions and the details of the relationship between you, the property owner (rental provider) and Dynamic Residential as your property manager. We suggest following these steps to make sense of the fine print:
- Go through the fee structure in detail
- Check the termination clause
- Understand how the property manager will market your property
- Check the property manager’s authority to spend
- Take your time and ask lots of questions
- Skim state-level government terms, and focus on your agency’s details
- Check for red flags
Your Dynamic Residential property manager is always happy to help with any questions you may have concerning your contract. Simply contact us on (03) 8600 1200 during business hours.
Why choose Dynamic Residential?
Engaging a knowledgeable, trusted property management agent who suits your needs and expectations is important. That’s why at Dynamic Residential, we provide a boutique yet full-service agency approach, personalised to you and your property portfolio.
Our commitment to our valued clients and our outstanding team of professionals makes us the #1 rated property manager in Melbourne. We’re dedicated to helping you and your investment for the long term.
Get in touch today to learn more about how we can help you here.