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Why Is Professional Property Management So Important?

We often meet clients who have investment properties and want to ensure they are making the most of their investment. Having a professional property manager assisting a property owner can make a huge difference.

Our Senior Financial Adviser Chris Brown recently asked Luke Langford Director/Licensee at Ascent Property Co, a range of questions about residential property management.

 

What are some key advantages for a property owner engaging professional property management when leasing a property?

 

 Professional property management offers several key advantages for property owners leasing their properties:

 

  1. Expertise: Property managers possess extensive knowledge of local real estate markets, rental laws, and industry best practices, ensuring optimal rental pricing and tenant selection.

 

  1. Time Savings: Delegating tasks like tenant screening, maintenance coordination, and rent collection to professionals frees up property owners’ time for other pursuits.

 

  1. Quality Tenants: Property managers rigorously screen potential tenants, reducing the risk of problematic renters and minimizing vacancy periods.

 

  1. Reduced Vacancies: With efficient marketing strategies, property managers attract tenants quickly, minimizing downtime between leases.

 

  1. Legal Compliance: Professionals stay updated on ever-changing rental regulations, helping property owners avoid legal pitfalls and potential liabilities.

 

  1. Maintenance Management: Property managers handle repairs and maintenance, preserving the property’s condition and value while minimizing owner involvement.

 

  1. Rent Collection: Timely rent collection is ensured through streamlined processes, reducing the hassle of chasing payments.

 

  1. Tenant Relations: Property managers act as intermediaries, addressing tenant concerns, and handling conflict resolution professionally.

 

  1. Financial Oversight: Comprehensive financial reporting keeps property owners informed about expenses, income, and overall property performance.

 

  1. Peace of Mind: Entrusting property management to experts provides owners with confidence that their investment is being well-managed.

 

Do you find quality tenants prefer to lease a property managed professionally?

 

In short, quality tenants generally prefer professionally managed properties for various reasons:

 

  1. Reliability: Professional property management ensures prompt handling of maintenance, repairs, and tenant communication, giving tenants reassurance.

 

  1. Maintenance: Well-maintained properties with timely repairs create a better living experience, appealing to quality tenants.

              

  1. Compliance:Property managers’ knowledge of rental regulations ensures legal compliance.

 

  1. Efficiency: Experienced property managers streamline lease agreements, rent collection, and administrative tasks for smoother tenant processes.

 

  1. Peace of Mind: Dedicated management offers tenants peace of mind, relying on managers to address issues during their lease.

 

What questions should you ask a property manager if considering using their services?

 

When considering using the services of a property manager, it’s important to ask a range of questions to ensure they are a good fit for your needs and the management of your property. Here are some essential questions to ask:

 

When considering hiring a property manager, asking the right questions can help you determine if they are a good fit for your needs and can effectively manage your property. Here’s a comprehensive list of questions to consider:

 

  1. Experience and Qualifications?
  2. Services and Fees?
  3. Tenant Screening and Placement?
  4. Rent Collection and Financial?
  5. Maintenance and Repairs?
  6. Communication?
  7. Vacancy and Marketing?
  8. Property Inspections?
  9. How do they handle Tenant Evictions?
  10. Legal and Compliance?
  11. Contract and Termination?

   

Asking these questions will give you a thorough understanding of the property manager’s capabilities, communication style, and approach to property management. It’s important to choose a property manager who aligns with your goals and can effectively manage your investment property.

 

What are some things a property owner can do to make their home more appealing to rent and achieve the best rental return?

 

Making your property appealing for renters involves a combination of both aesthetic improvements and practical considerations. Here are some tips to help you achieve the best rental return:

 

  1. Clean and Repair: Before showing the property to potential renters, ensure it’s clean and well-maintained. Fix any broken fixtures, leaky faucets, or other maintenance issues. A well-kept property creates a positive first impression.

 

  1. Fresh Paint: A fresh coat of paint can do wonders for the appearance of a property. Choose neutral colors that can appeal to a wide range of renters and make the space feel clean and inviting.

 

  1. Curb Appeal: The exterior of the property is the first thing renters will see. Make sure the landscaping is well-maintained, the lawn is mowed, and the entrance is welcoming.

 

  1. Modernize: If your budget allows, consider updating outdated features. This could involve replacing old appliances, upgrading countertops, or installing modern light fixtures. These updates can make the property more attractive and functional.

 

  1. Kitchen and Bathroom Upgrades: These are key areas that renters often pay attention to. Upgrading kitchen appliances, adding a backsplash, or updating bathroom fixtures can significantly improve the property’s appeal.

 

Understanding your target market is crucial. Tailor your improvements to the preferences and needs of potential renters in your area to achieve the best rental return.

 

Are property management fees normally a tax deductible expense?

 

Yes, property management fees are typically tax deductible expenses for property owners. These fees are considered operating expenses directly related to the management and maintenance of your rental property. As a result, they can be deducted from your rental income when calculating your taxable rental profit.

 

How can professional property management help when a property is to be sold with a tenancy agreement in place?

 

Professional property management can be incredibly beneficial when you’re selling a property with a tenancy agreement in place. Here’s how they can help:

 

  1. Continuity of Rental Income Property managers ensure that the existing tenancy agreement remains in effect during the sale process. This means you continue to receive rental income, which can be crucial for your financial stability.

 

  1. Tenant Relations Property managers maintain communication with tenants, keeping them informed about the sale process and any necessary property viewings. This helps minimize disruptions and maintains a positive relationship between you and the tenants.

 

 

  1. Knowledge of Regulations: Property managers are well-versed in local landlord-tenant regulations. They ensure that the sale process is conducted in compliance with these regulations, protecting both your interests and the rights of the tenants.

 

 

  1. Documentation and Lease Transfer: Property managers handle the necessary paperwork to transfer the lease to the new owner. They ensure that all legal requirements are met during the transition.

 

In summary, professional property management can help streamline the process of selling a property with a tenancy agreement in place. They ensure that the transition is smooth, legally compliant, and minimally disruptive for both you and the tenants.

 

Having the correct property management team can significantly impact your financial results. Ascent Property Co sets new standards in property management and is currently presenting a special introductory management package for new clients. To embark on this opportunity today, visit their website: https://ascentpropertyco.com.au/lease-with-our-highly-experienced-agents

 

You can either reach out to Luke Langford directly for further discussion at 0493 672 956, luke@ascentpropertyco.com.au, or connect with him on LinkedIn at https://www.linkedin.com/in/luke-langford-4b511090/

You can also explore the Ascent Property Co team’s LinkedIn profile here: https://www.linkedin.com/company/ascent-property-co/

 

 

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Privacy Policy

Privacy Policy

1. Introduction

1.1 Count Limited and its related bodies corporate (collectively ‘Count’, ‘we’, ‘us’, ‘our’) respect your privacy and are committed to protecting your privacy. We understand the importance you attach to information that identifies you (your ‘personal information’) and we want to help you protect it.

1.2 We are bound by, and committed to supporting, applicable privacy legislation including the Privacy Act 1988 (Cth) and the Australian Privacy Principles (APPs). This Privacy Policy (‘Policy’) explains how we collect, hold, use, and disclose your personal information that we may obtain when you submit information to us in person, by mail or email, or by visiting our website.


2. How do we collect and hold personal information about you?

2.1 We collect personal information from you in a variety of methods. Examples of how we collect personal information include: 

  • Through communications between you and our representatives or your adviser or accountant;
  • Your use of our website;
  • Completing application forms in relation to products and services;
  • Other avenues, where required to meet regulatory requirements and comply with the law;
  • When you apply for employment with us;
  • Through marketing activities which request information from you, such as surveys.

2.2 Because our products and services are often offered by intermediaries such as financial planners, solicitors, or accountants, we may collect personal information about you from these third parties.

2.3 You can deal with us anonymously or by pseudonym unless it is impractical for us to deal with you where you have not identified yourself or have used a pseudonym. We require certain personal information to provide you with services and information. If you do not provide us with certain personal information, we may not be able to provide you with access to those services or respond to your request for information.

2.4 We will only collect personal information from you where it is reasonably necessary for us to provide our services to you or to perform our functions or activities.

2.5 We will only collect sensitive information from you with your consent, except in permitted general situations which include:

  • The collection of the information is required or authorised by or under an Australian law or a court/tribunal order;
  • The collection is necessary to address a threat to an individual’s life, health, or safety; and
  • Permitted health situations.

2.6 We may hold your information electronically or physically and have in place appropriate data and physical security measures and protocols to protect that information from loss or from disclosure not contemplated by this Policy.


3. What type of personal information do we collect?

3.1 The type of personal information we may collect from you includes (but is not limited to):

  • Names, address, email, phone numbers, and job titles;
  • Information in identification documents such as your passport or driver’s licence;
  • Tax file numbers (TFNs) and other identification numbers such as Medicare number;
  • Date of birth and gender;
  • Financial information;
  • Details of superannuation and insurance arrangements;
  • Sensitive information (with your consent), such as health information or membership details of professional or trade associations or political parties;
  • Bank account details, shareholdings, and details of investments;
  • Educational qualifications, employment history, and salary;
  • Visa or work permit status;
  • Personal information about your spouse and dependants.


4. How do we use your personal information?

4.1 We will use the information you supply for the purpose of providing you with the service(s) agreed under our engagement and related services, such as accounting or business advisory services, or to meet obligations we may have at law, including in relation to health and safety.

4.2 We may also use the information we collect for our internal business and management processes (for example, accounting or auditing purposes), monitoring and improving our website, keeping you informed about our services and company news, and for any other purposes that would be reasonably expected by you and to allow us to comply with our obligations under the law.

4.3 We may also use personal information we have collected from you for the purpose of marketing our services. If you do not want to receive marketing material from us, you can unsubscribe by contacting us as detailed below:

  • For electronic communications, you can click on the unsubscribe function in the communication;
  • For hard copy communications, you can email us using the details in the ‘How to contact us’ section of our website informing us that you wish to unsubscribe http://www.count.au/Contact-Us.


5. How do we disclose your personal information?

5.1 Your personal information will only be disclosed:

  • To our employees, contractors, consultants, dealers, agents, or advisors as required to provide our services to you or for related purposes;
  • To suppliers and service providers (for example, accounting or auditing service providers or our website hosting service providers) in connection with our provision of services to you;
  • Where you have consented to the disclosure;
  • Where required or authorised to do so under an Australian law, court or tribunal order, or other governmental or regulatory body or agency;
  • In permitted health situations;
  • If we believe that the use or disclosure of the information is reasonably necessary for enforcement-related activities conducted by, or on behalf of, an enforcement body; or
  • In connection with an actual or proposed sale, reorganisation, or transfer of all or part of our business, including as set out in clause 16.1.

5.2 We may use, store, process, or back-up your personal information on servers that are located overseas (including through third-party service providers). The privacy laws in other countries might not be the same as in Australia. However, where we provide your personal information to third parties overseas, we will take such steps as are reasonable to ensure that your information is handled and stored in accordance with Australian privacy laws and this Policy. Currently, we use outsourced service providers in the Philippines, India, and Serbia.


6. Access to your personal information

6.1 You can request us to provide you with access to personal information we hold about you by sending us an email: privacy@count.au (no spam please) or writing to us at Level 1, 45 Clarence Street, Sydney NSW 2000.

6.2 We may allow an inspection of your personal information in person, or provide copies or a summary of relevant documents, depending on what is the most appropriate in the circumstances. Any charge we make for providing access will be reasonable and will not apply to lodging a request for access. Your request to access your personal information will be dealt with in a reasonable time.

6.3 Note that we need not provide access to personal information if a request is frivolous, or where to provide access would pose a threat to health or public safety, unreasonable interference with another person’s privacy, or be a breach of the law. If we refuse access, we will provide you with reasons for doing so.


7. Accuracy and correction

7.1 To enable us to keep our records properly, please notify us if you believe that any information we hold about you is inaccurate, incomplete, or out of date and we will take reasonable steps, in the circumstances, to ensure that it is corrected. You can notify us by sending us an email: privacy@count.au (no spam please) or writing to us at Level 1, 45 Clarence Street, Sydney NSW 2000.


8. Our security procedures

8.1 We take your privacy and the privacy of our associated entities and their clients very seriously. We will take reasonable steps in the circumstances to protect any personal information you provide to us from misuse, interference, or loss and unauthorised access, modification, and disclosure.

8.2 We will also deidentify and destroy the personal information we hold about you once our legal obligations cease. Our security procedures are reviewed from time to time and we update them when relevant.

8.3 Please be aware that the transmission of data over the internet is never guaranteed to be completely secure. It is possible that third parties not under our control may be able to access or intercept transmissions or private communications without our permission or knowledge. We take all reasonable steps, in the circumstances, to protect your personal information. However, we cannot ensure or warrant the security of any information you transmit to us. Such transmissions are done at your own risk.


9. Data breach notification

9.1 We are required to give notice to the Office of the Australian Information Commissioner (OAIC) and affected individuals of an “eligible data breach”. This means that if we hold personal information about you, and there is unauthorised access to or disclosure of your personal information, and if you, as the “affected individual” would be likely to suffer serious harm from this access or disclosure, we must notify both you and the OAIC.

9.2 “Serious harm” could include identity theft, threats to physical safety, economic and financial harm, harm to reputation, embarrassment, discrimination, or harassment. The test is whether a “reasonable person” would expect you to suffer serious harm.

9.3 If you are likely to suffer serious harm from a data breach, we will notify you of:

  • The nature of the eligible data breach (i.e., how the information was accessed or disclosed);
  • The type of information that was accessed or disclosed;
  • The steps that we have taken to control or reduce the harm, and those that we plan to take;
  • Any assistance we can offer you, such as arranging for credit monitoring;
  • Anything that we can suggest you can do to assist yourself or mitigate the harm;
  • Whether the breach has also been notified to the OAIC;
  • How you can contact us for information or to complain; and
  • How to make a complaint with the OAIC.

9.4 We will notify you using the same method that we usually use to communicate with you. If it is not practicable for us to notify you personally, we will publish the notification on our website.

9.5 There are some circumstances in which we do not have to notify you of a data breach. These include:

  • Where we have taken remedial action before any serious harm has been caused by the breach;
  • If you have been notified of the breach by another entity;
  • If notification would be inconsistent with Commonwealth secrecy laws; or
  • Where the OAIC declares that notification does not have to be given.

9.6 Depending on the nature of the breach and the harm, we may voluntarily inform other third parties such as the police or other regulators or professional bodies.


10. Identifiers

10.1 We will not adopt as our own any government identifiers you may provide to us such as TFNs and will not store these identifiers on any information.


11. Links to other sites

11.1 We may provide links to other sites for you to access. You should be aware that these other sites are not subject to this Policy or our privacy standards and procedures. You will need to contact them directly to ascertain their privacy standards.


12. Cookies

12.1 Our website may deposit “cookies” on a visitor’s computer. Cookies are pieces of information that a website transfers to an individual’s hard drive for record-keeping purposes. Cookies are only sent back to the website that deposited them when a visitor returns to that site.

12.2 Cookies make it easier for you by saving your preferences while you are at our site. We never save personal identifiable information in cookies. Most web browsers are initially set up to accept cookies. You can, however, reset your browser to refuse all cookies or to indicate when a cookie is being sent.


13. Changes to our Privacy Policy

13.1 From time to time, we may vary this Policy for any reason. We will publish any changes on this website.

13.2 By continuing to use our website and continuing to provide us with your information, you confirm your acceptance of these changes.


14. Complaints resolution

14.1 We are committed to providing a fair and responsible system for the handling of complaints from parties whose personal information we hold. If you have any concerns regarding the way we have handled your privacy, please send us an email at privacy@count.au or write to us at Level 1, 45 Clarence Street, Sydney NSW 2000. We will address any concerns you have through our complaints handling process and we will inform you of the outcome of your complaint within a reasonable timeframe.

14.2 If after receiving our response, you still consider that your privacy complaint has not been resolved, you may refer your concerns to the Office of the Australian Information Commissioner at www.oaic.gov.au.