Expert insights for landlords: Tips from a Property Management veteran

Navigating the rental property market can be challenging, from choosing the right investment to managing tenants, leases, and unexpected costs. We are here to make it a little easier...  

To help landlords make informed decisions, we spoke with Susan Henley, a property management expert with over 25 years of experience. She shares her insights on what makes a property a solid investment, how to choose the right property manager, the importance of care in property management, and why having the right insurance can protect your investment. 

Whether you are a new investor or an experienced landlord, Susan provides a valuable guide for managing properties successfully. 

Can you tell us a bit about your journey? 

I started at the bottom in London and worked my way up. Before setting up my own property management business on the Sunshine Coast six years ago, I was office manager for a large national business, overseeing two offices and nearly 2,000 properties. I have been in property management for over 25 years and love every minute of it! 

How can landlords pick a solid investment property? 

Think about what will make the property stand out in a challenging market. Location is key. Features such as a dishwasher, generous bedroom sizes, dual living spaces, air conditioning, outdoor space, and more than one bathroom are all valued. A pool is the cherry on top. 

What unexpected costs should landlords be aware of? 

Leasing fees are typically a week’s rent plus GST. Compare management fees carefully, and look out for extra charges like statement fees, EOFY statements, lease renewals, QCAT applications, lodging builder warranties, and more. These can add 1–1.5% to your overall management fee. For new investors, remember upfront costs such as marketing, leasing, water efficiency certificates (if required), smoke alarm checks, and any maintenance. Do not forget vacancy periods! It usually takes a couple of weeks to lease a property. 

How do landlords know they’ve chosen the right property manager? 

It is not always the best practice to proceed with the sales agent's recommendation. Also, do not be wowed by a business development manager (it is their job to wow you!). Try to find out about the property manager, as it is he or she who will be responsible for the property. Look around and read reviews — a track record, good or bad, speaks volumes. 

What type of lease works best? 

A 12-month lease is usually most cost-effective. Shorter leases may work for fully furnished properties. Longer leases, like 18–24 months, are not generally recommended, as reviewing rent annually is good practice and gives flexibility if circumstances change. 

What’s the most important lesson you’ve learned in the industry? 

Compliance is key. Constantly assessing and mitigating risk is essential, especially when managing multimillion-dollar portfolios. And experience matters. An inexperienced manager may not spot risks until it is too late, which can be very costly. 

Why is ‘care’ so important in property management? 

‘Care’. This tiny word is often forgotten. In the hustle and bustle of everyday property management, it is easy to lose sight of it. But care is at the core of what we do. We need to care for the tenant, as we are managing their home; their sanctuary, which makes it very personal to them. We need to care for the investor, who has entrusted us with their hopes, dreams, and future financial success. And we need to care for our tradespeople, who also have families to support. For me, it has always been (and will always be) very personal. Care is truly the basis of everything we do. 

What advice would you give landlords about insurance? 

Get the right policy, please! Over the years, I have seen investors lose thousands because their investments were not properly covered. Properties usually run smoothly under the right management, but things can go wrong, sometimes in tenants’ lives, sometimes with the property itself. The way to be prepared is with the right insurance. 

Speaking of insurance, want to chat through your options? EBM RentCover is here to help, with policies designed to cover common risks faced by landlords, including loss of rent, tenant damage, fire, storm, and flood. Contact us today on 1800 661 662.

*While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you need us we are here, contact 1800 661 662 if you have any questions.