Q: Do investors and homeowners need insurance?
A: We always suggest that our clients avail themselves of any insurance that provides them with useful and practical protection from the unexpected. Aside from the usual property related insurances such as building, contents and public liability, investors and absentee home owners can protect themselves against loss of rent and tenant related damage to their properties. This type of insurance is relatively inexpensive and readily available. Please ask us for a list of insurance specialists.
Q: A Property Manager is a Property Manager is a Property Manager… right?
A: If only it was that simple! At Jellis Craig, we like to make a distinction between a ‘career’ Property Manager – a professional that has made a conscious decision that this specialised field is truly their preferred career path, and those that simply consider it a stepping stone to ‘something better’. And there is a world of difference between the two. We take pride in the fact that all our team members undertake regular Continuing Professional Development (CPD) through the Real Estate Institute of Victoria. No practitioner can remain an Institute Member unless they complete this Institute requirement. Every Jellis Craig Property Manager is at the leading-edge of Best Practice, legislative changes and the legal obligations governing owner – tenant relationships under the Residential Tenancies Act.
This means you are assured of the highest standards of professional ethics, service and accountability. Importantly, we limit the number of properties that any one Property Manager has under their control to ensure a high level of accountability and personal attention for all our clients.
Q: Why shouldn’t I select my own tenant? After all, it will save me paying a fee!
A: Yes, it will save you paying a tenanting fee. But consider this… do you have the time, skill, industry tools and practiced insight to establish that the applicants have an appropriate rental history, stable and secure employment to guarantee the performance of the Tenancy Agreement, properly conduct face to face interviews with applicants and then undertake reference checks in a manner that establishes the veracity of the candidate’s application? Sadly, far too many investors and homeowners sidestep a professional approach only to be disadvantaged. Tenancy fees are relatively modest compared to the time and money lost as a result of unprofessional and inappropriate tenant selection.
Q: How long will it take to lease my property?
A: To some extent that depends on the level of demand relative to supply, so anything from a matter of days to a week or two, and often somewhat longer for executive accommodation, is considered quite normal. That said, the combined skill of your Leasing Consultant and Property Manager will be instrumental in minimising vacancy periods. It’s equally important that the right tenant occupies your property, so we always advise our clients to allow a little extra time for selecting quality tenants rather than lease in haste and regret at leisure!
Q: Can I manage my own property?
A: The short answer is “yes”! Legally and practically there’s nothing to stop you. But consider this… can you protect yourself from the vagaries of unsuitable tenants who unbeknown to you have an unstable rental history? Are you prepared to stay completely familiar with the complexity of constantly changing tenancy legislation? Do you have the time and energy to track market conditions accurately review rental levels, coordinate and carry out maintenance, and ensure you comply with all your legal obligations independently? In reality, appointing a qualified professional comes down to a worthwhile economy of scale. Plus, property management fees are tax deductible so in reality it’s a relatively small price to pay for tremendous peace of mind, access to cutting edge expertise and convenience.