What Does a Property Manager Do?
A property manager helps owners with their investment properties. This includes both the leasing and the day-to-day management of the property. A property manager can be an invaluable asset for preserving property value. They do this by dealing with the necessary but time-consuming tasks that surround property ownership.
What is a property manager?
A property manager is a licensed real estate professional specialising in the leasing of properties. They help maximise rental income and ensure properties are kept in optimal condition. Property managers possess comprehensive knowledge about renting out a property and function as an intermediary between owners and tenants. Property managers help with both the rental listing and looking after the property during a tenant’s occupation. Often owners will enlist property managers to save themselves time and effort related to renting out their homes.
Why use a property manager?
Using a property manager helps you get the most from your property. Property managers perform important tasks and provide excellent knowledge. They are familiar with all current property laws and regulations, which can prove tricky for the untrained. They understand the current property market and can offer imperative advice for obtaining good rental income and quality tenants. Property managers have access to tenant databases and use these, along with their experience of what to look for in a tenant, to pick the ideal renters. Another reason to work alongside a property manager is to utilise their extensive network of quality, cost-effective contractors they can call for repairs.
Property managers perform essential tasks like collecting rent, completing paperwork and undertaking rental inspections. They are able to mediate between owners and tenants, giving a third-party perspective. If you choose to hire a property manager, ensure you do your research and choose a property management company with a history of delivering results. Rental Management Australia has a proven track record of helping property owners get the most from their properties. Find out if we have a location near you.
Renting out your property with a property manager
Thanks to their extensive experience, property managers take care of all relevant documentation, the process of listing a rental and the selection of tenants for the owner.
The four primary pieces of documentation necessary for your property are the rental agreement, property condition report, bond lodgement, and owner insurance.
Drafting a lease agreement sets the terms of the occupancy for the tenants. A skilled property agent knows what’s important to include for the benefit of the owner.
A property condition report is an examination of the building, both written and photographic, which records the property’s state prior to tenant occupancy. A property condition report is crucial when a tenant damages the residence. It can be used as proof of the damage and subsequent charging of the bond. Property agents are thorough and examine every part of the property to avoid potential issues.
A bond lodgement is a financial deposit given by the tenants to the property owner as security for building damages and degradation. Bond lodgements are the value of four weeks’ rent.
Landlord protection insurance covers owners from liability if tenants are injured on their property. It can also provide financial cover for an owner when tenants don’t pay rent or assets are damaged or stolen. A property manager will help owners find the most suitable insurance policy.
Property agents use their knowledge and resources to optimise all aspects of the rental listing. First, they determine the best rental price based on the property market, the property’s features and its location. This gets owners the best rental income while being competitive within the market. A property manager will then write up an attractive description of the residence, curating it around the sort of tenants the owner wants to attract. Finally, they’ll ensure that high-quality photos are taken, highlighting the property’s best assets.
The tenant selection process involves several different checks. First, a database check ensures that your tenant is not dangerous or unreliable. A rental history check ensures they have a history of being a desirable tenant. Proof of income is vital for knowing how stable a potential tenant’s financial situation is (an opportunity to mitigate potential risks). Property agents also conduct viewings where potential tenants examine the residence and ask questions. Finally, property managers combine the relevant checks with their assessment of tenants to find the ideal renters for your home.
Tenant management with a property manager
When you employ a property manager, they are the tenants’ primary point of contact. This means they are responsible for collecting rent, conducting rental inspections and informing the owner about necessary property repairs. They will typically be managing the tenant ledger as a result. A competent property manager's focus is building a positive and beneficial relationship for both sides. Additionally, when the tenants leave, they calculate any relevant costs and take them out of the tenant's bond if there is damage to the property.
RMA has had over $4-5 billion worth of real estate entrusted to the company nationally. Find your local office by clicking here, and see if we can help you get the most from your property!