Off-the-plan properties present a special challenge for property managers

So you bought a brand-new apartment off the plan 18 months ago and now it’s coming up for completion and settlement. Do you know what to do next?  Have you organised your property manager?  What experience has your property manager had with brand-new off-the-plan properties as they can be very different to your traditional brick veneer properties to manage.

Over the years I have had the pleasure to work on many brand-new off-the-plan properties and as a property manager I love nothing more than to see a property come out of the ground at construction time and then finally see the last tradie leave the site and it be ready for occupants.

But what I have learnt over the years is that there can be a lot more work involved from a property manager’s perspective than your average house.

Firstly, who is completing the pre-settlement inspection?  Does the owner even realise he or she needs to complete such an inspection?  What do you look for? Below are some checklist items I always look out for when completing inspections for my owner clients:

• Grouting and caulking of floor and wall tiles in bathrooms and laundries. What about around the taps and vanities?
• Grouting and caulking of kitchen splashbacks and wall tiling.
• Do all doors throughout the property open and close freely? Have door stops been fitted where required? What about the kitchen cupboards and drawers?
• Paintwork – what is the condition? Are there any areas that require re-painting?
• What about the floor covering? Has the carpet been fitted correctly, are there any bubbles? What about floorboards? Do any squeak?
• Have all the appliances been fitted?
• What about the balcony, has the perimeter been sealed?
• Has the property had a final clean?
• Do you have a car space? Do you know where it is?

So now the property is ready for tenants to move in.  Don’t forget the owner is entitled to complete a maintenance inspection no later than 90 days after settlement takes place.  This inspection is extremely important as it allows general maintenance items to be referred back to the builder for completion.  Failing to do this inspection could result in the owner being responsible to pay.

Also don’t forget to have an understanding of the warranty conditions for the oven, rangehood, dishwasher, taps, hot water service etc.  All products have different warranty periods and conditions – so as a property manager you need to know how they all differ.

Finally don’t forget, like anything new there will be some teething problems. Buying and living in a brand-new property is really no different to buying a brand-new car. Be upfront and let your tenants know this and remember no one has lived there before, so while a thorough inspection has taken place there may be some hiccups during the first few months of the tenancy.