We’re Here To Help This EOFY – What Should I Be Discussing With My Property Manager?

We’re Here To Help This EOFY – What Should I Be Discussing With My Property Manager?

By Ellen Blundy | July 2023

Despite being one of the busiest times of the year, EOFY offers a great opportunity to review how your investment property has performed throughout the year with your property manager.

Where To Start: So, you’ve arranged a meeting with your property manager, what next? Well, a first point of discussion should be the general condition of your portfolio. You may have certain questions or changes you want made to your portfolio’s management, now is a good time to bring this up. This could include selling a property that’s not performing as well as you’d hoped, purchasing a new investment property, or refinancing your loans to take advantage of competitive interest rates. You may also want to focus on renovations or repairs to your existing investment. It’s important to remember that property investment is a long-term game, and it’s essential to have a clear strategy in place.

 

Performance Of Your Portfolio: Now is the perfect time to look at the performance of your property over the past 12 months. One of the important ways of measuring your property’s performance is through the return on investment that you receive and one of the keys to measuring this is looking at the gross rental yield that your asset achieves. This will show you the level of income your investment property makes each year as a percentage of its value. Using tools like this, your property manager can also give you great insights in relation to general suburb information about the area that your property is located in. With this knowledge, they will be able to tell you whether you may be able to have the rent increased to match a change in the market.

 

Having this knowledge will benefit your understanding of how the next year will take shape and can potentially help your property portfolio’s performance – which brings us to our next point of discussion.

 

Setting New Goals: It’s important to communicate your feelings about your investment property and any plans that you may have for the future with your property manager. If you are considering selling your investment, even if it is not in the immediate future, sharing that information can help with what goals can be set. You may wish to arrange an updated appraisal of your property to give you an understanding of where it sits in today’s market. Our experienced team are happy to arrange this for you.

 

If you have further questions about EOFY and your investment property, or you are considering leasing – our expert team are here to help. For a no-obligations chat or advice on all things property management, get in touch with our team today on 9707 5300. We’d love to help you.