What does a good property management team do?
Do you have one or more investment properties? Are you finding yourself short of time, or unsure of the legislative requirements?
As you may have read from our last blog, do not wait to start your property manager search until you are desperate to find one. In today’s blog, I (a property manager myself) will be discussing the points of what property manager’s do, what to expect, and what questions to ask when seeking a new property manager.
Advertising & Leasing
If your property requires a new tenant, leave it to the professionals. Leasing a property is a complex task, and takes time. There are also multiple legislative requirements factored into leasing a property. Property managers will advertise the property, handle enquiries, and book inspections. We have access to recorded rental history, background checks, etc. Having experience in the industry, we know just what to ask the references listed on potential tenants applications, to minimise the risk of rent arrears, property damage and neighbour complaints.
This is a confrontational task that requires experience, backbone and professionalism. A great manager will monitor the rent daily and develop a raport with your tenants to keep things harmonious and civil. If your tenants are heavily in arrears, having a property manager with experience, and a strong understanding of the legislation, will save you money in the long run. Tenants can be taken to court for rent & bond arrears, property damage, vacant possession and more.
Routine inspections are incredibly important. Is your current property manager providing you with routine inspection reports with comments and photos enclosed? Are they checking the appliances, the guttering, looking for roof leaks, and asking the tenants if there is any maintenance? Are they conducting routine inspections twice a year, or quarterly? Click here to read more on this topic.
This subject is much bigger than you think. Parties involved include the tenants, the landlords, the agent, the tradesman; and in some cases, the body corporate, onsite manager, and 3rd party lease holders. Now, we have all heard of the term, when it rains it pours. What you want in a property manager, is someone who looks for preventative maintenance. You want someone who will keep you updated with the condition of your investment, and prioritize what needs to be done, so that urgent maintenance is not required all at once because important things went un-noticed.
Water Collection & Tenant Invoices
Similar to rent collection; issuing bills and chasing payments can be confrontational. There are 3 things that are going to minimise the risk of arrears whether it be rent, bond, water invoices, maintenance invoices etc: 1 - Thorough checks before accepting the tenant/tenancy, 2 - consistency, and 3 - appropriate relationship management.
There are many different types of management structures these days and it is important that you know what to look for in a property, you understand their requirements, and that you are selecting a property manager based on what type of management structure you are after.
If you need any further assistance or have any questions, please contact our Property Management Team on 0406 644 188.