Managing your investment property yourself is risky. There’s so much more to being a landlord than just collecting the rent every month. The DIY approach to investment property management exposes you to ongoing legal compliance, home maintenance and tenant management issues.

Read on to learn more about property management in Point Cook, or use the quicklinks below to navigate:

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The Point Cook rental market

About 30% of all Point Cook homes are rental properties, so there are lots of landlords/rental providers and tenants in the market. It’s a very affordable market for both, making it a very popular suburb.

Point Cook homes are predominantly houses rather than units, so it’s a great area for growing families. Other factors that make Point Cook attractive for both long-term property investors and tenants include:

  • its waterfront setting.
  • large lake in Sanctuary Lakes.
  • multiple wetlands
  • natural trails
  • no residential homes close to Point Cook Beach
  • being located just 23 kilometres south-west of the Melbourne CBD.
  • its broad ethnic mix that appeals to newly arrived international residents.

Maximising your return on investment is crucial for any Point Cook landlord or rental provider. A good local property manager can help you to do that by:

  • Minimising or eliminating your rental vacancy rates.
    If your investment property is ever vacant, this reduces your income. Screening to find regular, long-term tenants is the key to avoiding vacant periods. But it’s time-consuming to do that yourself as a landlord or rental provider.
  • Maximising the weekly rental income you receive from your tenants.
    A well-managed and maintained property can allow you to attract higher quality tenants and charge more rent. A good property manager knows and reviews the rent market regularly to maximise your rental income.
  • Monitoring your property via regular inspections.
    This can help you to minimise your ongoing expenses. Regular inspections encourage your tenants to look after your property and help to nip any issues in the bud.

Point Cook property managers

There’s a lot of Point Cook real estate agents, but it’s important to understand that not all of them specialise in property management. Real estate property management companies require a vastly different skill set to selling houses.

How to choose a Point Cook property manager

Look for a property management agency who:

Can provide a dedicated property manager or property management team for your home

This will give you a consistent point of contact who is familiar with you, your property and your tenants. Ask an agency about their property management processes and services before you decide to hire them.

Has a decent-sized property management team within their agency

This shows that landlords or rental providers are important to the agency’s business, so you, your property and your tenants will receive the focus you deserve. Ask an agency how many properties they manage before you decide to hire them. Also ask for testimonials from satisfied clients.

Has an owner or head of property management with extensive skills, experience and training

Strong agency leadership helps to ensure a high quality property management service.

Rental property legislation in Victoria

Rental property legislation is ever-changing. In 2021, the Victorian parliament passed the Residential tenancies amendment Bill which contained over 130 reforms!

The legislation includes hefty penalties for landlords or rental providers who:

Ensuring your legal compliance is one of the strongest reasons for hiring the services of a good property manager. It will give you peace of mind. Good property managers are across the legislation because they specialise in managing rental properties for a living.

Property management fees

Property management costs are fully tax-deductible and they can vary considerably among agencies. Most rental management fees can be categorised in two broad categories:

  • letting fees
  • management fees.

Letting fees are the costs associated with finding tenants for your property. These fees typically range from 1 to 2 weeks of your weekly rent amount. Property managers who charge at the higher end should have more comprehensive screening processes to help you find higher quality tenants.

Management fees are the ongoing costs of managing your property. For example:

  • collecting rent
  • arranging inspections
  • communicating with you and your tenants (including difficult tenants)
  • organising necessary and authorised repairs to be done by licensed, high-quality tradies, and
  • ensuring your legal compliance with ever-changing rental property legislation.

Management fees typically range from 5-7% of your weekly rent amount. Again, property managers at the higher end of the scale should provide a more comprehensive service.

It’s wise to remember the old saying that ‘you get what you pay for’. Price shouldn’t be the deciding factor in your choice of a property manager.

Ultimately it should come down to the quality of the service the property manager provides. It’s crucial to get value for money from your property manager.

It’s also crucial to value your own time as a landlord or rental provider. The more that your property manager does for you, the less you have to do to manage your investment property yourself.

If you choose a property manager that provides a higher quality service, it will save you time, hassle and money in the long run. For example, by finding you higher quality tenants who will look after your property and pay their rent on time.

Other rental property costs

Of course, there are other ongoing tax-deductible costs that you need to factor in when you own an investment property, including:

  • council rates
  • insurance
  • owners’ corporation fees (if you buy into an apartment or townhouse complex)
  • land tax (if you exceed Victorian land tax thresholds)
  • repairs and maintenance (and it’s important to be proactive with these activities to minimise your overall costs)
  • accountancy fees if you want to maximise all your eligible tax deductions.

Our property management team at Established Property

Our team pride themselves on being the best property managers west of Melbourne.

We have the largest property management company in Wyndham and we manage a diverse range of properties for Point Cook landlords and rental providers.

Contact us today for a free appraisal

Find out how we can help you to manage your investment property and improve your return in Point Cook, Sanctuary Lakes or the greater Wyndham VIC region. One of our experienced team would be happy to visit your property and provide you with the right advice.