Property management can be difficult and expensive; with the average agent commission costing approx. 7.6% it’s a headache that a landlord can do without. One of the biggest value-adds on the BrickX Platform is the fact that investors are not beholden to manage or tenant the properties; this is all taken care of by BrickX. As an investor all you need to be concerned with is the performance of your investment.
BrickX considers effective property management a key component to the overall success of a property. BrickX works to ensure all BrickX properties are in good condition, managed efficiently, and leased and advertised effectively to attract and maintain tenancy.
BrickX works with experienced property management teams who are selected for their particular focus on two key areas:
- Rigorous tenant selection: By choosing the right tenant, longevity of rental commitment and good upkeep of the property can be better secured.
- Exceptional customer service: Focusing on both the tenant and property contractors, so that out-of-hours maintenance problems are easier to fix, and the tenants are happy to stay longer in a property.
BrickX charges a competitive 6%+GST for property management, which is taken out of the gross income of a property on a monthly basis.
Protecting you and the tenant
BrickX properties are carefully managed, with income and expenses forecasted for each property. These details are found on the Monthly Distributions tab of each property listing.
BrickX diligently manages the income and expenses of each property including the monthly provisioning towards future maintenance costs (2-3% of rental income) for any unexpected repairs. By managing the effect of repair costs BrickX is able to forecast predicted distribution yields on your monthly distributions.
However, as owning Bricks in a BrickX property is, in some ways, similar to owning a property, some of the same risks associated with owning a property apply to owning Bricks. One such risk is that a property may require unexpected maintenance and repairs, or longer than expected vacant periods, which may have an impact on distributions. To ensure we can cover the costs of any major repairs, and continue to pay the bills through a vacant period, we raise a Cash Reserve when bringing any new property to the platform to cover many of these costs and minimise the impact on any distributions payable to you as a Brick holder. See the PDS for further details about how we raise and maintain the Cash Reserve.
Happy tenants are integral to the service we provide to our investors, by maintaining strong property management services we aim to secure your investment returns.
Did you find it helpful?Send feedback