Property law and property management are essential property services that every industry or business must pay attention to. In Australia, properties thrive because they are managed by real estate agents, property managers and independent investment property owners themselves.
But more than that, the property law and property management department are involved in protecting the business by navigating all the legal aspects of real property transactions. When you run a business, especially in the area of real estate developments, making a bad decision or taking a wrong step legally can be devastating to your business.
Therefore, it is always an important step to gather resources that can fortify your business from losses, risks and even disputes. With that, hiring the right professional like a property lawyer can help you safeguard your company in many ways, from assistance with contracts and negotiations and even to tax assistance and litigations. Besides, business owners have a better understanding of property law, as well as intellectual property law, when they hire legal experts.
If you are looking for the right law firm to assist you in any property-related concern, Madison Marcus is a leading firm that fosters legal initiatives and guidance. We can help a wide array of clients, developers, builders, investors, along with business owners.
What Are Property Services?
Managing properties is an overwhelming task, especially if you have multiple of them. More importantly, if you want to preserve your business from legal liabilities, then working with a property service company is beneficial.
Again, planning and managing properties is a complicated process if you don’t know where to start, or if you are new to the industry. Without a property lawyer to back you, things might be difficult for you as disputes or issues arise.
At a glance, property services provide the following:
- Draft property contracts
- Property acquisition and property selling
- Residential and commercial property conveyancing
- Compliance expertise
- Tax compliance
- Managing issues of legal disputes and litigations
- Leasing agreements
- Property investment strategy
- Due diligence for investment property acquisition.
Careful planning of your property to grow your finances is crucial to your success. Poorly structured objectives can severely impact your income and future investment plans. With a reputable property service company and property lawyer, you can identify new opportunities and realise your property’s full potential.
What Services Do Property Managers Provide?
By hiring professional and qualified property managers, you will achieve great results in increasing your property’s value each year.
- Legal Issues
When it comes to local, state and federal legislation on tenancy, your property manager is equipped with knowledge and skills to comply with relevant legislative requirements. As a property investor, you have to follow standard compliance, such as the health and safety of your property.
- Property Inspections
Property managers undertake inspection as provided in your management agreement. They also take charge of maintenance, repairs and constant check-up of the property.
- Comprehensive Financial Reporting
One big reason why investors enter the real estate industry is to build wealth. However, doing it alone can be challenging with all the responsibilities. On the contrary, when you hire a property manager, you have the expertise of getting the right figures on your finances.
- Property Marketing
Another reason for hiring a property manager is their ability to market your property to the right individuals. This would include listings, social media platforms, network databases and print media.
- Appropriate Renting or Selling Rates
Property managers work for the interest of investors and, therefore, perform an in-depth inspection of the property. Whether you are selling or renting, your property manager will effectively and efficiently evaluate the property by comparing rental or selling incomes, as well as market conditions. Additionally, property managers make essential recommendations in terms of improvements in order to attract more renters or buyers.
What Are the Types of Property Management?
Property management can be divided into two types: residential property management and commercial property management.
- Residential Property Management
Residential property management refers to the management of properties that are for private or residential use. This would include apartments, stand-alone houses, duplex, townhouses, terraces, semi-detached houses and so on.
When you decide to invest in residential properties, the best way to generate income is to lease the property to tenants. Many investors and property owners invest in residential property management services for convenience and profit returns. This is why it is important to choose qualified property management experts in Sydney to ensure you get only the best service.
Although you can manage your property yourself, it does involve a lot of work, not to mention the adherence to the different requirements of the tenant law. Hence, when done incorrectly, it will only lead to losses.
- Commercial Property Management
Commercial property management revolves around commercial spaces and establishments. This would include office spaces, industrial buildings, shopping centres, shop fronts and storage facilities.
Commercial properties are attractive investment opportunities because they offer a highly stable income, presenting a continuous cash flow. Although this investment is very lucrative, it’s still important to choose the right location and smart buildings that have up to date technology features.
In terms of investing in an office space, you also have to ensure a suitable and accessible parking lot is available for the tenants. Another feature that you should consider is the proximity to banks, restaurants and other facilities. This is where you will need the expertise of a property manager. With their qualifications and market knowledge, you can ultimately maximise your property returns.
How Madison Marcus Can Help You
Are you looking for property lawyers and licensed conveyancers? Do you need legal advice on your projects?
Madison Marcus has a team of experienced and dedicated off-the-plan lawyers and licensed conveyancers. We can help navigate the challenging world of real estate and development.
Areas of real estate and development we can help with include:
- Acting and advising on corporate and trust structures, joint ventures and finance
- Due diligence and acquisitions including options
- Consolidations, subdivisions and partitions
- Site access arrangements
- Stamp duty and land tax
- Drafting master sale contracts including preparing strata documents and easement instruments
- Off-the-plan and post-registration sales, purchaser notifications and conveyancing settlements.
For all enquiries or for a free 15-minute consultation, contact us today.