If you are thinking of purchasing an investment property, chances are you may also be thinking of enlisting the help of a property manager. A property manager is someone who oversees the daily operations of a real estate investment for landlords, but the responsibilities don’t just end there. Today, we have a look at the 6 roles and responsibilities of a good property manager, so read on to find out more!
Advertising and Scheduling Inspections
When it comes to leasing your property out, a good property manager will always ensure they are one step ahead when it comes to advertising your property online. Property managers also conduct open inspections where potential tenants have the chance to take a look at your property before deciding on whether they want to lease it or not. It doesn’t just end there, though. Property managers also conduct regular inspections of your property as it is being leased out in order to ensure that it remains in good condition in the hands of the tenant
Thorough Screening Of Tenants
You’ve spent a lot of your hard-earned money purchasing your property investment, so making sure that you have the right people living in your home is crucial. The last thing you want is for irresponsible tenants to ruin your beautiful home, let alone tenants who fail to pay their rent or create trouble with neighbours. Vetting a person on your own takes a lot of time and effort, and this is where a property manager can be very helpful in screening potential tenants.
Your property manager will do thorough checks on credit and criminal background in order to ensure that the people who are being trusted with your property are deemed responsible and trustworthy. Additionally, your property manager will be able to access previous rental histories from past landlords which can be incredibly eye-opening when trying to choose the perfect tenant for your property.
Another responsibility that falls on a property manager is regular property maintenance. Part of a property manager’s job is to ensure that your investment remains in good condition even inhabited by tenants. This means making sure that your property is a safe and comfortable environment for anyone living in it. Maintenance also involves investigating and resolving tenant complaints that may arise and enforcing rules of occupancy such as subdivisions and adherence to noise ordinances.
Collecting Rent and Chasing Arrears
In a perfect world, a tenant would pay their rent on time each month and never miss a payment. Unfortunately, this isn’t the case in real life, and there are many instances in which renters may consistently provide late payments or end up owing hefty amounts in rent arrears. A good property manager will put in place an efficient system to collect rent from tenants. If payments are for some reason or another delayed, your property manager will also follow up to ensure that your rental income isn’t unnecessarily delayed.
Managing Maintenance Requests
No matter how lavish a home is, you can be sure that things end up breaking or not working at some point or another. If you manage your own property, having to deal with maintenance requests can prove to be incredibly time consuming and frustrating. Thankfully, property managers are able to bear that burden and give you peace of mind by ensuring that maintenance requests are managed and attended to as soon as possible. An established property will usually have plenty of great contacts or tradespeople they can call on, enabling swift and immediate action when it comes to maintenance issues such as plumbing, electricity, lighting and so on.
Paying Your Bills
Lastly, a property manager is able to ensure that all your bills are taken care of, some of which include the setting up of utility and water bills, council rates and strata levies. These payments are simply offset from your rental income and are easily one of the best ways for any investment property owner to ensure that all bills are paid on time.
Managing an investment property on your own can be incredibly hard work, which is why we always recommend enlisting the help of an experienced and trustworthy property manager. We hope that this article has given you some valuable insight into some of the many responsibilities of a property manager and how they may be able to assist you in taking care of your assets.