Many people have had experience with property managers in some capacity, whether as a tenant or an investor. We take a look at the essential responsibilities of property managers and how they should add extra value.
A lot of people have dealt with property managers either as a renter or a landlord, but not everyone truly understands the role and the value a great property manager can bring - especially for landlords who are newer to the investment scene.
We breakdown what to expect from your property manager and the extra value you can gain from engaging an experienced one to manage your portfolio.
What Does A Property Manager Do?
If you distilled a property manager’s job description down into a sentence or two, it’d say that they manage all aspects of a tenancy on behalf of a landlord. This job description includes key tasks that every property manager must do, which are usually the tasks that most people are aware of.
- Marketing the property for rent, including listing it on popular websites or in other advertising channels;
- Arranging open for inspections to find new tenants;
- Collecting tenancy applications and facilitating the process of selecting a tenant with the landlord;
- Collecting the bond and rent payments, including following up on late payments;
- Conducting regular inspections to check the property’s condition;
- Keeping up-to-date with safety inspections, such as smoke alarms;
- Arranging repairs for maintenance issues.
However, this approach isn’t enough when it comes to protecting your asset, or getting the most from it financially. Professional property managers who care about your investment know that their role should actually be much broader. If your property manager is only carrying out the jobs listed above, you may want to think about finding yourself a new one.
How Can A Property Manager Add Extra Value?
With years of experience comes a wealth of knowledge, meaning experienced property managers actually fulfil roles that are fuller and more varied than you might expect. And it’s not all just about managing the tenancy directly – property managers can advise on practically everything relating to your property.
Your property manager should:
- Identify ways to increase your property’s value, such as with smart renovations;
- Be an expert on the market and advise on rent price changes accordingly;
- Know your property inside and out, suggesting maintenance before any small issue becomes a much bigger repair job;
- Fully understand and communicate all legislation for things like windows, blinds and pool fencing;
- Understand the details of your strata scheme and the rules of the owners’ corporation;
- Be across the servicing of gas appliances;
- Provide advice on areas such as sales and insurance if requested;
- Refer you to high-quality professionals, such as mortgage brokers, financial advisers, insurers, tradespeople and more;
- Work with you to help you build wealth through your property portfolio.
Like To Learn More?
As a solely a property management company, you can be sure that our full attention and knowledge is devoted to your investment property.
If you’d like a complete and comprehensive property management solution that will help you build wealth - as well as removing any stress from the process - get in touch with our team of specialists today.