5 Min Read.
What should your property manager be doing for you?
A property manager is essentially the caretaker of your investment property. They should be responsible for handling all aspects of your property’s operations and maintenance.
A property manager is also the touchpoint for your tenants. Any time something goes wrong, it needs to be relayed to your property manager.
If a property manager is not proactive, the care of your property can easily fall by the wayside. Any damage to your property needs to be reported straight away. The same goes for any complaints from tenants. That’s why it’s so important for a property manager to communicate effectively with your tenants.
Your property manager should also be proactive when it comes to body corporate and the local council. When local laws and legislation from your council change, they can affect what you’re allowed to do with your property.
Changes in body corporate and local council fees can affect the profitability of your property. A good property manager should always be well informed about these changes and relay them back to you straight away.
So if you’re asking what should your property manager be doing for you?, the answer is simple. A property manager should be doing everything necessary for taking care of your investment property. They should be dedicated to making your property an asset that continues to grow in value. For a more detailed explanation, let’s go over the most essential tasks.
The care and maintenance of your property should be a property manager’s top priority.
Maintenance
Maintaining your property is essential for retaining its value and ensuring it’s still profitable. Structural issues such as leaking roofs, fallen trees, and broken plaster can lead to further damage to your property if it’s not taken care of fast. Any issues with plumbing, electricity, and gas always need to be fixed urgently for your tenants.
What your manager should be doing for you is ensuring that any maintenance issues are fixed straight away. It’s up to your tenants to communicate a maintenance issue with the house. In this scenario it should be your property manager’s responsibility to book a maintenance service such as an electrician or plumber.
A delay in booking a maintenance service can leave your tenants feeling disgruntled. They’re paying good money to rent your house so of course they will expect any issues to be fixed fast. An issue like plumbing or a leaky roof can end up causing even more damage to your house if it’s not fixed straight away. That’s why it’s so important for your property manager to answer tenant requests straight away.
Risk management
A good property manager can sometimes recognise issues with your house before they even arise. Small things like smoke alarms and gas appliances need to be checked and serviced on a regular basis to ensure the safety of your property. What your property manager should be doing for you is keeping track of how old these appliances are, what condition they’re in and how often they should be serviced.
Building insurance is another aspect of your investment property that deserves special attention. A property buyer should be able to recommend the best type of insurance for your property. There are two common types of building insurance that landlords tend to use. One type covers the building on its own while the other covers your house and any of your belongings in it such as carpet, curtains, and appliances like an oven or dishwasher.
Wealth building
Your investment property is there to help you build wealth. With good management, your property can continue to gain value over the years. Some owners wait decades until their property increases in value, others gradually increase the rent as time goes by. Some property owners will continue renovating the house to increase its value.
So what should your property manager be doing for you when it comes to wealth building? A good property manager will stay on top of current property market trends and be aware of your property’s value. Your property manager can then advise you on periodic rental increases in line with local market trends.
Tenant care
A property manager’s duties for taking care of your property should extend to the tenants too. When the right care and attention is given to your tenants, everyone benefits. Tenants should be well-informed of all matters relating to the property. Any plans and timelines for renovations should be communicated to tenants well in advance.
Changes to your investment property can have a significant effect on your tenant’s lives. That’s why your property manager should always be professional and polite when it comes to relaying this information. All conversations about your property to the tenants need to be approached with the utmost care and respect. Showing this level of care encourages a positive relationship with your tenants and encourages more respect for the care of your property.
Advertising
Whenever your property is vacant you’re essentially losing any profit you would be making from charging rent. Your property manager needs to be proactive when it comes to advertising your property. A good advertising campaign should see your property occupied within a short period of time.
The turnaround time for getting your property occupied by tenants can depend on the quality of your property and the suburb it’s in. When your property’s advertising campaign is successful your property manager will have a large number of inspections booked in. The more inspections you have, the more chance there is of you getting your property occupied sooner.
A large pool of potential tenants will allow you to be more selective with the tenants living in your investment property. You may be able to choose tenants from a pool of families, students, or even professional couples. So with good advertising and plenty of inspections, your property manager should be able to find the perfect tenants for your property.
Final thoughts
Our final words of advice is to pick someone you really trust with your investment property. Don’t ever feel like you’re stuck with the same manager if things aren’t going well. If you feel that a property manager isn’t providing the right amount of care and attention your property deserves then start looking around for better options.
Next Article >> 6 Ways to increase your rental income.
There’s always plenty of property managers out there eager to help you out and take on the responsibility of making your investment property more profitable. Take the time to interview them and compare rates before you commit to choosing another property manager for your investment property.
Always try and look out for a property manager with great credentials. Look for years of experience and expertise in properties similar to yours. Get reviews from past and current customers and see what they have to say about the property manager. Back yourself and be confident that you’ve made the right decision on your next property manager.