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August 10, 2023

Property Management on the Gold Coast – What you need to know

by Alices Home
Gold Coast

Property Management on the Gold Coast – What you need to know

Alices Home
August 10, 2023
Gold Coast

Table of Contents

The Gold Coast is without a doubt one of the best areas to invest in STR within Australia.

Recent stats from Canadian-based AirDNA present the Gold Coast with the highest rate of demand, revenue growth, and occupancy when it comes to STR.

The Australian data was calculated earlier this year by AirDNA, the world’s most prominent resource for the $140 billion-dollar vacation rental research.

The Basics of Property Management on the Gold Coast

If you purchase an STR property investment on the Gold Coast, you would have realised revenue growth in this location is incredible. And many other people have as well. 

The sheer number of STR on the Gold Coast is huge, not to mention the traditional accommodation options such as hotels and apartments.

Whilst the demand for STR is high, you also have to ensure your property stands out among the competition, or you will find it difficult to find tenants.

The Different Types of Property Managers on the Gold Coast

You have a number of different options when it comes to managing your STR investment on the Gold Coast.

Self-Management

The first possibility is to do it all yourself. This was the initial option when Airbnb started, and the platform (and idea behind it) were a lot simpler.

However, as guests become more sophisticated and (understandably) required more than a couch in the corner of a room, the responsibilities of a host have increased substantially. Marketing a property, making bookings for guests to stay, cleaning, repairs, and maintenance and all to Airbnb standards are all responsibilities of the host, however, you would have saved on having to pay a Property Management fee.

It is important to remember that not all guests will have the same expectations as you. In other words, they may expect simple assistance and amenities you may not have thought of providing. This is why organisations exist to take on the responsibility for you.

Full-Service PMs

Full-Service Property Management organisations would take on the entire management of your investment for you. Effectively a property manager looks after tenanted properties on behalf of the owner. They will be involved right from marketing the property and organising tenants to stay, through to annual or emergency maintenance and anything additional that is required by law.

Their responsibilities are as below:

Choosing the Right Property Manager for you

A number of factors will be important.

A number of factors will be important. Firstly, the location. For your property investment in the Gold Coast, you will need one that specialises in the area. This is because they will need expert knowledge of local laws, as well as contacts with local tradespeople for repairs and maintenance, and a database of tenants for the area.

Budget. This is self-explanatory. They each have different fees; you need to determine what you are willing to spend on their services.

Level of involvement. What do they offer? Can they help you in the areas you need assistance?

Tips for Managing Your Rental Property on the Gold Coast

The sheer quantity of accommodation options on the Gold Coast will require extra effort from you in terms of marketing the property and providing five-star service for repeat or word of mouth business.

As stats have shown greater demand on the Gold Coast, screening applicants will also take longer and require more care.

Tips for attracting more business in an area where competition is greater are as follows.

Property investment on the Gold Coast will offer an exciting and busy ride, whether you take it on yourself or hire a Property Management service.

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