Why Queensland Residential Property Investors Should Use a Professional Property Manager
Investing in residential property in Queensland can be a lucrative venture, but it comes with its own set of challenges and responsibilities. One of the most critical decisions you’ll make as a property investor is whether to manage your property yourself or to hire a professional property manager. While self-managing may seem cost-effective at first glance, the benefits of engaging a professional property manager are substantial and can significantly impact the success and smooth operation of your investment. The following article outlines some of the key reasons why you should consider a professional property manager for your Queensland property.
Navigating Legislative Requirements
Queensland has stringent legislative requirements with which property owners must comply, particularly concerning pool compliance, smoke alarm compliance, and minimum housing standards. What's more, legislation in this space is a moving target, with new conditions or modifications to legislation introduced on a regular basis. Professional property managers not only need to be intimately aware of requirements of the Property Occupations Act 2014 and the Residential Tenancies and Rooming Accommodation Act 2008, but several related items of legislation. Keeping up with changes requires that professional property managers are suitably qualified, and that they undergo ongoing professional development. Owners who self-manage rarely have the time available to remain current in their understanding of all relevant legislation.
Some particularly notable compliance requirements that property managers help to monitor include:
Pool Compliance: Queensland law mandates that all residential pools must be registered and comply with safety standards. Non-compliance can result in hefty fines and serious legal consequences. A professional property manager stays updated with these regulations and ensures your property meets all safety standards, thereby safeguarding your investment and protecting your tenants.
Smoke Alarm Compliance: From January 1, 2022, Queensland’s new smoke alarm legislation requires interconnected photoelectric smoke alarms in residential properties. These alarms must be installed in every bedroom, hallway, and on every level of the property. A property manager will ensure these installations are compliant and conduct regular checks, reducing the risk of fire-related incidents and ensuring tenant safety.
Minimum Housing Standards: As of September 1, 2023, new minimum housing standards have been introduced to ensure rental properties are safe, secure, and functional. A professional property manager will make sure your property meets these standards, handling any necessary upgrades or maintenance to avoid penalties and attract quality tenants.
Efficient Management of Tradespeople and Maintenance
Managing access and maintenance by tradespeople is a time-consuming task that requires coordination and a network of reliable service providers. Professional property managers have established relationships with qualified tradespeople and can swiftly address maintenance issues, ensuring minimal disruption to your tenants. They handle:
Scheduling and Supervision: Coordinating access to the property and supervising repairs or maintenance to ensure quality work. This may also involve coordinating quotes and/or bookings with multiple tradespeople at once. The removal of serious mould from a wall, for example, may require not only treatment by a mould removal expert, but potentially carpentry, plumbing and painting work to rectify underlying issues and to repair removed sections of wall, for example.
Cost Management: Negotiating competitive rates with tradespeople and reducing call-out fees where possible, saving you money in the long run.
Preventative Maintenance: Conducting regular inspections to identify, record, and address potential issues before they become major problems. At Wings Real Estate, we carry out at least three detailed routine inspections of every property every year, providing reports that contain dozens of photos and supporting written descriptions to keep investment properties in tip-top shape and to identify issues early on.
Effective Marketing and Tenant Selection
A vacant property generates no income, and poor tenant selection can lead to significant financial and legal headaches. Professional property managers excel in marketing properties and processing tenancy applications to ensure that the right tenant is put in place. They do this through:
Marketing Expertise: Property managers use various marketing strategies, including online listings, social media, and professional photography, to attract a broad pool of potential tenants. They know how to highlight your property’s best features and appeal to the target market, reducing vacancy periods.
Tenant Screening: Thorough screening processes, including credit checks, rental history, and employment verification, are vital to placing reliable tenants. Property managers have the tools and experience to perform these checks efficiently and accurately, minimizing the risk of renting to unreliable or problematic tenants. Property managers are also able to arrange blocks of access and to coordinate and host private inspections and open house events to showcase properties and to interact with potential tenants in person, which self-managing owners would struggle to do.
Legal and Financial Protection
While there remain legal burdens on a property owner even under a management arrangement, since the owner is ultimately responsible for decisions affecting the property, its insurance and its upkeep, property managers provide an additional layer of professional advice and legislative knowledge that helps to guide landlords towards making responsible decisions that ultimately save them money and headaches.
Property management involves understanding and adhering to numerous laws and regulations. A professional property manager is well-versed in:
Tenancy Laws: Ensuring compliance with the Residential Tenancies and Rooming Accommodation Act 2008, which governs all aspects of renting residential property in Queensland.
Lease Agreements: Drafting comprehensive lease agreements that protect your interests and comply with legal requirements.
Dispute Resolution: Handling tenant and neighbour disputes professionally and efficiently, reducing stress and potential legal costs for property owners.
Property managers can also be involved in negotiations with insurance agencies and in liaising between insurance providers, tenants and suppliers to help coordinate and rectify issues smoothly.
Time and Stress Management
Managing a rental property is a full-time job that requires significant time and effort. By hiring a professional property manager, you can:
Save Time: Focus on other investments or personal pursuits while your property manager handles day-to-day operations.
Reduce Stress: Enjoy peace of mind knowing your property is in capable hands, ensuring compliance, maintenance, and tenant satisfaction.
Why Would You Not?
Engaging a professional property manager in Queensland is a smart investment decision that provides numerous benefits, from ensuring legislative compliance and efficient maintenance management to effective marketing and tenant selection. By entrusting your property to a professional, you protect your investment, enhance tenant satisfaction, and ultimately maximise your rental income while minimising the stress and effort involved in self-management.