What your property manager should be doing for you

A property manager is responsible for just three major things: finding you a tenant, collecting the cash and carrying out regular inspections. Right?

Wrong! Property managers – or at least ours at Motion Property – carry out tasks far beyond that.

A property manager now needs to be a risk manager, to educate the landlord on how to reduce the risk of being a landlord.

For starters, there is building insurance to worry about, plus owners corporation rules, smoke alarms, the servicing of gas appliances and window blind and pool fencing legislation. A lot of property managers just don’t have any knowledge on those things. There are just so many areas now where a property manager has to have knowledge.

The best property managers will also help their client create wealth through property management. That could be done by talking to a landlord about their five or 10-year property plan, by recommending tax depreciation schedules, or putting them in touch with mortgage brokers.

Property managers should also be monitoring the market and suggesting rental increases as often as the market permits. They might also advise on renovations that could help an owner achieve higher rents.

Of course, it goes both ways, and a property manager should also looking after the tenants. If the tenants are not looked after then in turn they are not going to look after a landlord’s property. Maintenance is a huge area of responsibility for property managers. It’s not just about being reactive but also being proactive. For instance, if our property manager notices the silicone needs replacing in a shower, then we will suggest our landlords get it fixed. It’s getting that stuff done so that we don’t have water damage coming up elsewhere and it causes more inconvenience and massive costs.

Property managers are also usually the ones responsible for having the awkward conversations with tenants – for example, when their cleaning is not up to scratch. Our property managers always give cleaning tips because we believe that’s the polite way to have a discussion with tenants about cleaning.

A major part of a property manager’s job is not just collecting the rent, but also acting as a mediator. Aside from all this, an excellent property manager will regularly give landlords an idea of what their property’s worth (both in terms of rental income and market value), and will know how satisfied the tenant is.

 

Article originally appeared on www.domain.com.au