should be doing
A lot of property owners don’t understand just how much a good property manager takes responsibility for. It’s about more than just managing a house or apartment, it’s about providing knowledge, giving advice, minimising risks and managing relationships too.
What distinguishes a good property manager from a great one is being able to genuinely help a landlord create wealth through property investment. For starters, there’s building insurance to worry about, plus owners corporation rules, smoke alarms, the servicing of gas appliances and window blind and pool fencing legislation.
Being proactive about monitoring the market is a critical duty of property managers. You shouldn’t need to wait for a lease to end before you think of putting up the rent if demand is increasing.
Maintenance is another key area in which being proactive is extremely beneficial. Being able to pick up on aspects of wear and tear on a property early can save a landlord lots of money down the line. They might also advise on renovations that could help an owner achieve higher rents.
It’s important to remember that looking after the tenant is part of that role too. Happy tenants will respect and look after your property which will cause less grief in the long run. Being able to keep on good terms with tenants makes everyone’s lives much easier. Property managers are also usually the ones responsible for having the awkward conversations with tenants.
Property management typically has a high turnover rate and many lack the experience necessary to effectively carry out the responsibilities required of them.
So when you’re looking for your next property manager, make sure you ask them whether they own investment property as well as about their experience. If you can find the perfect property manager, hang on to them tightly.
