Some investment property owners think their Property Manager’s abilities centre around only three major things: finding a tenant, collecting the rent, and carrying out regular inspections. Unfortunately some Property Managers also believe this! However, great Property Managers know that their role is so much more, and are highly appreciated by owners for their knowledge and service.
Great Property Managers know their owners’ five or 10-year property plan, and link them up with the right people and resources to set them on their way to attain their property goals – this may be in the form of an advisor, mortgage broker, or trades and appropriate services.
Great Property Managers also monitor the market and suggest rental increases to owners as often as the market permits. They might also advise on renovations that could help an owner achieve higher rent.
Of course, it goes both ways, and a Property Manager should also be looking after tenants. If tenants are not being cared for, then they in-turn will not look after the property to the best possible standard.
Maintenance and repairs is also another huge area of responsibility for Property Managers. Property Managers should not just be “reactive”, but “proactive” in their approach to maintenance and repairs.
For instance, if your Property Manager notices the silicone needs replacing in the shower at inspection, this should be fixed before it becomes a bigger and more expensive problem. Like any home, getting the little repairs and maintenance tasks progressively done is a smart move, before they become larger and more costly jobs. This certainly saves property owners money in the long term – often a lot!
For property owners, it’s also important to be confident in the chosen Property Manager’s experience and knowledge – being comfortable to lean on him/her for advice and to solve any problems. As an owner, there are many tenancy rules and regulations to follow, and having a Property Manager and agency who knows how to deal with the vast array of possible issues and their implications, saves a lot of stress and headaches. With a great Property Manager, issues are resolved quickly and cleanly.
Property Managers are also the ones responsible for having the hard and sometimes awkward conversations with tenants – for example, when their cleaning is not up to scratch. This needs to be done firmly and tactfully, with some sensitivity to ensure the issue is understood and actions are taken to solve it. How this is dealt with is critical to the future owner/tenant relationship.
Another part of the job is not just collecting the rent, but also acting as a mediator at times between tenants and owners, finding solutions that all parties can accept and move forward with.
Aside from all this, a great Property Manager will also regularly update owners on the property’s value in the current market.
Having a highly skilled and knowledgeable Property Manager ensures a smooth running investment for owners, and a nice way of life for the tenant. Great Property Managers are like gold!
To learn more about our award-winning Property Management service, please call us on 4628 7444.