Joel Davis,
Strategic Director at Image Property.
Lease Renewal Time – What Expectations Should A Landlord Have?
[lwptoc]Self-managing an investment to save on overhead costs might seem appealing at first, but experienced landlords will attest to the benefits of having the right property manager at your service. Screening tenants, conducting property inspections, and timely attention to maintenance and repairs are just some of the benefits undertaken by property managers. Ensuring you can maximise your investment portfolio with reduced stress!
One of the most important time periods for a landlord is the lease renewal stage for your investment. As Joel Davis, Managing Director of Image Property Aspley, explains below there are some key factors and expectations that your property manager should deliver:
- Ensuring that the lease renewal negotiations start at least three months prior to the expiration of the current lease.
- Providing a complete overview of the market conditions, such as vacancy rate and stock levels in your suburb. This will give you the best idea of the market your property sits in and assist with the negotiations with your tenant.
- Comparative Market Analysis – this gives you a snapshot of a handful of properties similar to your own that have achieved a result in the previous six month period.
These three factors will ensure that you are well positioned to commence lease negotiations with your tenant.
Are you receiving this service from your current property manager? If not, we suggest you ask them why and consider whether they are acting in your best interest and fulfilling their duty thoroughly.
If you’re not receiving the best service from your property manager it’s time to change!
For any further information or to discuss your landlord needs please contact us today!
