What does your property manager do?
What does your property manager do?
From managing day-to-day tasks to organising repairs and maintenance, having a good property manager look after your real estate investments provides peace of mind and can boost your rental returns. Most Australian investors choose to work with a property manager as it provides expertise and reduces the financial, administrative, and compliance burden of self-managing rental properties. This article outlines some of the key things that your property manager does to look after your property. Interested on knowing more? Then keep reading..
Prepare your property for advertisement
When the time comes, your property manager will help you get your property ready to advertise. The process of getting your property ready may include minor repairs and maintenance, getting professional photos taken, and having an engaging description written for the advertisement. Importantly, if you are considering changes to your investment property that you aren’t sure about, a property manager can advise what things are worth investing in and what can be skipped to find quality tenants.
Find quality long-term tenants
Once your property is listed, a property manager will help to find quality tenants. This is done by having a thorough process for assessing applications, including reference checks, assessing the tenant’s ability to pay rent, and their rental history. As a professional who deals with tenants and applicants daily, a property manager knows what to look for and if there are any “red flags” in the tenant’s application.
Organise maintenance and repairs
Your property manager should keep open lines of communication with your tenants, including being responsive to repairs and maintenance requests. Once a request is made, the property manager can work with their network of contractors to ensure property repairs and maintenance are completed properly and for a good price.
Ensure compliance with relevant laws
Did you know that there are a lot of laws and compliance that you need to follow to ensure you are complying with your current states residential tenancy laws? and these often change. Your property manager stays up to date with these laws so they can always ensure that your home is compliant and a safe place for your tenants.
Day-to-day property management
Once your property is leased, your property manager will look after the day-to-day tasks involved in managing the property. This includes record keeping of rental receipts, payments to contractors and managing lease agreements. Other regular tasks include managing bills (water, council rates and strata fees), preparing annual statements and routine inspections.
A property manager looks after many tasks and responsibilities. Not only does this provide peace of mind that your investment is always taken care of, but a good property manager will also help you to maximise your rental yield. Further, having someone at your side who knows how to find and secure quality tenants will lift some of the burden of owning an investment property.
Remember, this article is general in nature and is not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.