Being an owner of investment property or portfolio either commercial or residential property, it is vital to appoint a pro-active & dynamic property manager who can work in your best interest to ensure you are getting an optimized level of return on your investment.

When you feel you aren’t getting the best service and the value you expect from your property manager whether you hold a single investment property or investment portfolio, switching to a new property manager is your best option.

There are many myths around property management – and with extensive experience helping Victorians with their investment properties, it feels like we’ve heard them all. One of the most common things we hear about is people feeling that they are stuck with a property manager that doesn’t suit their needs and the most common reasons are: 

• Lack of communication;
• Missing periodic rent review;
• Higher management fees,
• Regular increase of fees like management, admin, statements, EOFY or banking etc;
• Support to keep property in optimised YOY rental yield,
• Missing and reporting periodic inspections;
• Higher vacation rates.

Now, the most important question arises in mind, can you change property manager or agency during mid of lease term or at the end or any time – with the right process? 

In simple words, yes you can change the property manager at any time if you don’t feel comfortable and not getting the service as expected.

Switching property managers may seem difficult, but as Consumer Affairs Victoria notes, the process is not strenuous.

“In most cases, you can terminate your estate agent’s management of your rental property, effective immediately, by written notice to the agent,” the authority notes.

In most of case, there is no fee unless it is clearly mentioned in the agency’s agreement signed by the Property Manager & you. You can give this notice at any time – even in a fixed-term contract. Best of all, you can have a professional do this for you.

How to change property manager quickly and efficiently? Are there any fees associated with the changeover?

If you’re thinking about switching property managers, the team at Goldfish will handle the entire process free of charge (excepting fees in your existing contract). 

From organising agreements and records, regulatory compliance, and safety check, contacting tenants and agents to picking up the keys, notifying new tenants and organising inspections can be done simply, professionally, and efficiently once you appoint team Goldfish. 

Most of the time, it pays to take a step back and evaluate the quality of the property management and return of your investment which you’re getting. Try our property appraisal service & proposal to compare whether your property management arrangement is paying the return on your investment as it should be. 

If it isn’t, we’re here to offer you a proactive, innovative, technology-driven, compliant, and Guaranteed 100% better property management solution at your doorsteps…. Simply, it is 100% peace of mind and your satisfaction.

To experience the difference, contact the team at Goldfish on 03 5332 4444 or email for a confidential discussion. 

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Final Inspection or Pre-settlement inspection checklist

As settlement approaches both seller and purchaser excite and start the preparation. Seller prepares the property to hand over on settlement and purchaser plan to takeover. To avoid any nasty or unexpected surprises, it is highly recommended to schedule the pre-settlement inspection which is usually 1- 4 days before settlement happening. 

We also know it as the final inspection, this step is a crucial one – especially if someone has been living in your new home since you signed the contract of sale, as this makes it more likely that the home won’t be in the same condition as when you bought it, which it’s required to be.

Should you go to the FINAL INSPECTION or Pre-Settlement Inspection?

Honestly, we highly recommend scheduling the final inspection to avoid any nasty surprises or any blame game on each other (seller and purchaser). The reasons you should conduct a final inspection include:

To ensure furnishings and appliances haven’t been removed from the premises. The most common items that are often removed from the premises are appliances like dishwashers, microwaves and telephones. Often light bulbs are removed and batteries are taken out of remote controls. That’s why it’s important to not only check that the fixtures and appliances are still in or on the property, but also that they are in working order.

To ensure nothing is left behind from the previous owner like old furniture or rubbish. You also don’t want them to have forgotten anything precious to them.

Make sure everything is in working order. Items can break down from the date of purchase to settlement. It’s important to have these items fixed before moving in.

Damage to the property can occur when the vendors move out of the property. Walls can be damaged or floors can be scratched. A little bit of wear and tear is to be expected, however, if there is major damage that was not visible when the house was first inspected, or after the building inspection, take photos of the damage and give these to your solicitor.

Your solicitor may be able to negotiate a reduction in the house price or get the vendors to fix the damage. This is why a final inspection is so important. If the damage had been found after settlement, the cost to repair would be from your wallet and that’s not fair to you.

When to inspect?

Each state has different laws regarding pre-settlement inspections. Some, like Victoria, stipulate that buyers are entitled to inspect the property at any reasonable time during the week before settlement.

Before settlement, call the selling estate agent to book a Final Inspection usually 2-4 days before. By this time usually vendor vacate the property and is mostly ready in the handover state.

It’s best to do it several days before settlement, too, so that the vendor has time to make any necessary repairs.

Who should inspect the property?

You should conduct the final settlement inspection yourself with your family and real estate agent even invite the seller so notes can be taken or any minor thing can be discussed to avoid any issue. 

What to inspect or your checklist?

Your primary checklist should include but not be limited to:

• Rooms, Floor and all area
• lights and electronics
• plumbing
• water heaters
• air conditioners, evaporative cooling and heaters system
• door handles and locks
• Kitchen appliances like Stove, Oven, Cooktop or dishwasher
• Bathroom – Shower or tiles etc
• Laundry / Toilet / Sinks
• curtains and blinds
• windows and glass
• pool and spa filters
• check for pests
• smoke alarms/letterbox / doorbell
• light fixtures including pendants
• landscaping features (properly maintained)
• garage door (check that works + remote)
• rubbish bins (check that present and in good condition)
• any items that may have been governed as part of the sale including display furniture.

You should check that the property is in good condition, that all rubbish has been removed from the site, and that any special contract conditions have been met.

If the property is in a worse condition than when you exchanged contracts – for example if there’s a new hole in the wall, broken window or burst water pipe – you can ask the vendor to make repairs accordingly and MUST report to your Conveyancer and Estate Agent to protect your interest.

Apart from that, you should ensure the property is clean and tidy… MOSTLY, the seller needs to do professional cleaning (Steam Cleaning throughout) and that all special conditions included in the contract of sale have been met.

You should also bring the contract of sale with you so that you can make sure the property contains all the items the vendor agreed to leave (inclusions) and is free from all the items the vendor agreed to take away (exclusions).

What should you do if you find a problem?

If you find something is broken or in a worse condition than it was during the first inspection, the purchaser MUST raise it with their legal representative immediately.

They will try to negotiate it as a special condition on the contract, which means the vendor must fix it before settlement or equivalent compensation amount MUST be withheld until that issue is fixed or if it cannot be fixed before settlement then the sale price can be reduced to cover the cost of repairs.

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