Understanding the Basics of Property Management

Property management

Some landowners in St Helens Park delegate the task of managing their property to other people; this is what you call property management. This is when you put property managers in St Helens Park in charge of maintaining and keeping the property with tenants, whether it’s a residential property or commercial.   

What Is Property Management?  

When you say property management, it usually refers to the overall management of a property. But that’s not everything. Property management in St Helens Park covers these things:   

Screening tenants on a property 

Property managers are the ones who will grant the tenant access to your property. But they can’t just let anyone live on a property they manage; they have requirements and will need to screen tenants beforehand.   

Collecting and managing rent rates and increases 

Living on a property that you don’t own requires rent or a fee, and property managers often manage rent fees and collect them. All property managers will eventually have to raise the cost of rent to stay profitable. They will also draft a rent increase notice to notify tenants of the rent increase. Rent increases typically occur when the value of the property goes up.

Maintaining properties 

Property managers are in charge of ensuring properties are kept in a reasonable state. Prior to the tenant moving in, the property manager will complete a detailed ingoing inspection, then after the tenant moves into your property, the property manager will complete a routine inspection every 6 months. This ensures your property is being managed correctly during the course of the tenants stay.

Arranging repairs to properties as needed 

This is part of maintaining the property. If any repairs need to be made, property managers will make the arrangement and hire contractors for the job.  

Setting up budgets for property maintenance 

Maintaining the property will require many expenses, so it’s necessary to have a budget solely for property maintenance. Budgets are essential parts of property management.   

These are the common tasks involved in property management, and there are more.   

More About Property Management 

Property managers aren’t technically the owners of the property. Property owners give them a fee or a percentage of the rent to manage the property on their behalf. Property managers comply with mandates and laws to be able to manage the property.  

Property management in St. Helens Park is simple. When landowners delegate a property manager for their properties, they often consider these factors:  

Leasing  

They have to take into account how much the company will charge to get tenants into the property. The fee they will charge will depend on how they advertise the property to tenants. Some companies that don’t charge much won’t spend as much advertising as those that demand a lot. They’ll also consider how the property managers screen tenants who’ll be staying in the property.

Management Fee 

Landowners and investors consider choosing a property manager through their management fee. The fee that most property managers charge for managing the property, is usually calculated at a percentage of the gross weekly rent of the property. It’s a fee for property managers to collect and payout rent, pay invoices, arrange repairs, keep the property from vacancy and keep tenants for long periods amongst many other tasks.

Renewal Fee 

This is a fee charged by the property managers to handle tenant paperwork when renewing their contract with the property. This way the tenant feels secure as they have extended their period of stay and as a landlord, this also provides some security as your tenant is locked in for a period of time. There are rental break fees in tenancy agreements which is required by law.

If you’re looking to get your property managed, you may want to consider these factors to guide you to the right property manager that’ll keep your property running while you tend to your business.   

It’s good to ask for advice or get consultations from multiple property managers before settling on one. There are a lot of property managers in St. Helens Park that would give you room to start.  

Not only would you see a lot of property managers in the Liverpool area, but there are also a lot of wonderful places that you must visit in Liverpool. With Liverpool being the oldest city in Australia, you’ll be in for a historical treat with some of their attractions and tourist destinations.  

Spots to See  

This suburb in Greater Western Sydney is a great tourist spot for locals and travellers. There are a lot of places that are a must-see when you visit:  

Liverpool Regional Museum 

Established in 1989, the Liverpool Regional Museum was built to promote and preserve the cultural history of Liverpool. The museum is home to different collections that tell stories, heritage, history, and culture. It also features exhibitions and public programs that present the richness of Liverpool.  

Warwick Farm Racecourse 

Warwick farm racecourse was developed to host the most adrenaline-inducing horse races. This green oasis is perfect if you want to experience country style racing. Warwick farm offers lush greenery and authentic racing charm that fulfils a unique racing day experience.  

The Casula Parklands 

The Casula Parklands offers excellent entertainment for children and adults alike and great amenities for resting. They offer the following:   

  • Ninja training circuit for adults and teenagers;  
  • Eight-metre-high Sky Walk and tunnel slide for older kids and teens;  
  • Swings;  
  • Accessible carousel;  
  • Dual flying foxes;  
  • Inclusive play equipment for all abilities;  
  • Toddler playground; and  
  • Separate off-leash parks for big dogs and small dogs.  

Casula Powerhouse Arts Centre

This houses the cultural activities in Liverpool and is owned by the NSW Council. If you’re looking for entertainment in the arts, theatre and culture, then visiting the Casula Powerhouse Arts Centre will be a real treat.   

Luddenham Raceway  

If you’re looking for that adrenaline rush and wild adventures, then Luddenham Raceway is for you. From Outdoor Go Karting, Outdoor Paintball, to Motorsport Park, they’ve got it all. This destination is dubbed the Ultimate Adrenaline Center. So, you’ll feel a wild rush of excitement when visiting this raceway.  

There are a lot of destinations to visit in Liverpool, and this list is only the surface. There’s a whole city to explore and a culture to experience. Whether you’re an investor looking for a property manager or just a tourist looking for a vacation, Liverpool is for you.  

Work with Us Now  

So, if you need property management, List and Sell is the team for you. Get to know about what we do by calling 02 4627 8448

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