How a good Managing Agent can make all the difference
Are you looking at building an Investment Property, or know someone who is?
There can be many advantages of having a New Build investment property, as compared to buying an established property. For instance –
You can have some input into its design and features – including colour scheme, fixtures and fittings.
There should be less money spent on maintenance as everything is new and covered by a warranty.
You gain maximum leverage on tax depreciation (please see your accountant or financial adviser).
However, there are often challenges associated with New Builds which, if not properly managed, can negate all these advantages and start costing you financially.
Since we began operation in 2008, Solutions Property Management has taken over the management of hundreds of New Build Investment Properties. We have used this experience to devise a unique procedure of on-boarding New Builds and managing them.
We have a dedicated Business Development Team whose job is to take on all new Clients. You will be assigned a Management Consultant who will guide you step-by-step and be your direct contact during the whole build process.
How Solutions Property Management will assist you with your New Build
Rental Appraisal — THE FIRST STEP
Part of completing your due diligence when investing in a property is to obtain an accurate, conservative appraisal from an independent party (ie not the sales agent or builder). We will do this for you even before you sign the contract.
The Building Process — COMMUNICATION
Sometimes this goes smoothly—other times there are delays. We will keep in touch with the builder to ensure they are ready for handover. We can even take progress photos for owners who live interstate.
Practical Completion — TIME TO INSPECT
The property is now ready to be inspected by you or your representative, before the final payment is made. This is the time to have your Independent Building Inspector visit the property and complete a thorough inspection report. These inspections often uncover defect items and gives your builder time to rectify these defects before final handover.
Practical Completion is also the best time for us to visit the property, arrange a photographer, and start advertising for tenants. The aim is to have prospective tenants lined up waiting to view your property at handover.
Handover — OVER TO YOUR PROPERTY MANAGER
Once your final payment is made, we can arrange to meet the builder at your property and take possession of the keys.
6-Month Builder’s Warranty —YOUR FINAL RECOURSE
After handover, there is a 6-month window of opportunity for you to advise your builder of any building defects. The builder is obligated to have these attended to as part of the Queensland Building Code.
We report any repairs or defects to the builder on your behalf. We also follow up at the 5-month mark to ensure nothing is missed and your investment is protected.