MAINTENANCE OF YOUR INVESTMENT
It is the job of your property manager to keep you, the landlord informed at all times in regards to your property's condition.
Should maintenance or repairs need to be carried out, the management agreement allows an amount which has been agreed upon by both parties which can be spent without referring to the landlord for permission. This amount is usually around $500 and with having the permission to spend this money, should there be an emergency at your property eg; a water leak etc, your agent is able to make a conscious decision when you are not there.
Many people go on holidays, or live overseas and make it very difficult for their property manager to contact them, so make sure if you are away for more than five years that you leave a number you can be contacted on.
Property managers who do not attend promptly to repairs, or who do not attend to them as per the landlords instructions make themselves liable to claims for compensation from the landlord. In maintaining your investment it is not just the condition, but the regular rent reviews that are most important so your investment is returning it's very maximum in rent.
Your property manager will need to know the current market rents so as to advise you of rental increases, and these should be put in place on a yearly basis.
You will need to give sixty days notice to your tenant before the increase can be enforced. I suggest if you have an excellent tenant that the increases are small so you don't rudely shock the tenant, as good tenants are can be hard to come by.
For independent advice or recommendations, please contact our team today on 02 9960 1066 or enquiries@pkproperty.com.au.