When it comes to investment properties, many owners bear a can do attitude. The idea of paying fees puts a lot of owners off using a property management company. But what most people don’t realise is how time consuming and involved managing a rental property can be. Below is a break down of the common day-to-day tasks of a property manager.
Liaising With Tenants- once a property is tenanted, any problems, concerns or questions the tenant has will go to the property manager. If you use a property management company, we recommend all contact with the tenants to be kept between the property manager and tenant.
Doing Inspections- when owning an investment property it is important to do regular checks. For most insurance companies inspections at least every 3 months is a requirement. The property manager will organise a date and time with the tenants to do the inspection. The purpose of regular inspections are to make sure the tenants are taking care of the property and stay on top of maintenance.
Maintenance- the property manager may notice maintenance issues during inspections or the tenant may notify the property manager of any issues. The property manager will organise trades people to assess these issues right away if urgent. If the issue is not urgent the property manager will run the issue past you first. It is important to stay on top of maintenance to preserve the life of your property.
Setting Rent- setting rent involves evaluating the rental market and your property in order to maximize your return. If the rent is set too low you’re leaving money on the table. If you set it too high the property will be difficult to tenant.
Marketing The Property- when your property is vacant or becomes vacant the property manager will need to advertise. This involves taking and editing photos and listing the property on all necessary channels.
Selecting Suitable Tenants- picking a suitable tenant for your property can be a difficult task. A property manager will assess each application received and narrow them down to a tenant they think will be most suitable for your property. The process involves checking references, credit checks and ensuring the prospective tenant or someone on their behalf has viewed the property.
Tenancy Agreements- the property manager will arrange a time for the tenants to sign and fill out the tenancy agreement. This is a legally binding document outlining the terms and conditions of the tenancy. A copy will be sent to both you and the tenants and another kept on file in office.
Tenancy Tribunal- in the event that the tenancy tribunal needs to be involved, the property manager will attend and act on your behalf to try and resolve the issue.