As a homeowner looking to rent out their property for the foreseeable future, there are a lot of moving parts that go into making sure it’s a positive experience, both for you and your potential tenants. Speaking with a team of Melbourne property managers, we decided to tackle one of the more pressing questions that many new landlords have. Namely, “what does a property manager do, and what should I be looking out for?”.
So, to provide homeowners with a helping hand through the hurdles of renting their property, let’s look at what you should be looking for in a property manager!
In Regards to Rent
Let’s start with the most pressing role of a property manager. Given their expertise and experience, property managers should know how to find the balance between lucrative and reasonable when it comes to setting rental prices. Ideally, a price can be found which is relatively in line with the current average for a particular area, whilst still providing good returns for the homeowner.
Additionally, property managers tend to be tasked with the collection of rent, and stringent enforcement of repercussions if deadlines aren’t met by the tenant. While it may not seem like it at first glance, this is a huge benefit of having a reliable property manager, as it takes away the hassle of trying to chase overdue rent. Having a middleman in these circumstances allows you to feel secure knowing that issues are being handled by a professional.
Finally, a property manager will often be the one to increase or decrease rent where necessary. This is common in rental properties, and tends to coincide with rises and drops in a suburb/area’s median prices.
Avoiding Tenant Tension
Generally speaking, the property manager is likely to have more interactions with the tenant than the landlord themselves. This is due to them being tasked with, well, managing tenants. This often includes finding suitable tenants, screening them to ensure that they are an adequate fit for the property, handling lease terms and much, much more.
Ensuring that tenants don’t feel smothered, whilst still making sure that the property is well maintained, is a difficult balancing act. This is also true when it comes to move out day, as determining whether or not the bond (or security deposit) will be returned to the tenant at the end of their tenancy can take quite a lot of checks and inspections.
Finally, there’s evictions. Nobody wants to kick a person out of their home, even if that home is owned by you. However, if a tenant doesn’t pay rent or adequately adhere to the terms of your lease, it’s often the property manager’s duty to ensure that they are removed from the premises.
Maintenance and More!
Just as the property manager ensures that the tenant is living up to their lease terms, the inverse is also true. Properties must be kept in a habitable state, and many of the maintenance tasks involved in this upkeep are the responsibility of the landlord and property manager. If a utility or structural area of the home is damaged or improperly maintained, actions must be taken to ensure that the property is up to scratch.
Luckily, property managers tend to be tasked with organising repairs and restorations where necessary. This means that the landlord doesn’t have to deal with these issues, and that problems can be rectified in a shorter timeframe for the tenant.
While there are certainly more factors that go into the property manager role, we have hopefully provided you with some insight into what you should look for. Read reviews, look into your property manager’s history and make a choice that works for you. Good luck!