What does a property manager do? Find the tenants, collect the rent and do inspections, right? No. Wrong! Not good ones anyway. A good property manager does much more than these three tasks.
Property managers need to be expert risk managers. As a landlord, there are lots of things to potentially worry you. Building insurance, smoke alarms, gas appliance servicing and relevant legislation just to name a few. Your property manager needs to have expert knowledge on all of these things. A good property manager will educate the landlord on how to reduce risks to their investment.
Help you to create wealth
Your property manager should help you create wealth in your investment by discussing five and ten year plans, putting you in touch with a mortgage broker, and recommending tax depreciation schedules. They should monitor the market and conduct regular rental reviews to enable you to get the maximum rental yield. Recommending renovations where necessary will help to gain long-term capital growth, and increase rental return.
A proactive property manager will get on top of maintenance issues before they become bigger problems. By proactively dealing with problems, they avoid inconvenience to both the tenants living conditions, and also to your finances.
Look after the tenants
By looking after the tenants, they are actually looking after you and your investment. The tenants need to be kept well informed of all plans, and timeframes. All conversations and correspondence need to be professional, and polite. Property managers often have to have awkward conversations with tenants when issues arise, and this awkwardness is minimised for both parties if they have professional, polite and respectful manner in their working relationships.
A property manager who has relevant, and specific expert knowledge is worth their weight in gold. They are an essential part of your investments growth, and can be the difference between money lost now, and money gained later.