Seven things a property manager handles for the landlord
Managing a rental property might sound like an easy role, but the reality is it’s one of the most complex jobs in the real estate industry.
Drawing on skills like attention to detail, negotiation, empathy, legal knowledge and market insight, a property manager is the middleman who represents the interests of the landlord, while protecting their investment and also upholding a tenant’s rights.
Choose the right property manager and you will have a hassle-free tenancy, with timely communication and proactive management.
Choose the wrong one or opt to go it alone as a landlord and it could be a costly endeavour.
So, what sort of things does a property manager do? Well, here are just seven things a property manager handles on the landlord’s behalf.
The property manager looks after all areas of the leasing process, including recommending the right rental price based on market knowledge, advertising the property for rent, handling tours of the property, and taking rental applications.
They also then cross-check each applicant’s information including employment details, previous rental history and references, before recommending to the landlord the applicant they feel best suits the property.
In the process, they also ensure all paperwork is taken care of, drawing up the legally binding lease with any required conditions, taking the deposit, and lodging the bond with the relevant rental authority.
Collecting the rent
The property manager is responsible for collecting the rent, ensuring the right amount is paid on time each week or month.
At the commencement of an agreement, they will provide the tenants with details on how to pay, when to pay and what to pay, and keep an accurate account of all payments.
These are generally held in the real estate agency’s trust account and then disbursed to the landlord each month, minus any fees and maintenance costs.
Throughout any tenancy, the property manager will also handle all routine inspections, which generally occur every three months and no more than four times a year.
During a routine inspection, they will visit the property to assess its condition inside and out, seeking to ensure the property remains in good repair with no damage, and ascertain that all lease conditions are being met by the tenants.
Maintenance and repairs
The property manager is the port of call for all maintenance and repairs, liaising with tenants, landlords and tradespeople to ensure the property remains in the best possible condition.
That might involve scheduling routine maintenance such as lawn mowing and pool maintenance, responding to maintenance requests from the tenant and notifying the landlord, or handling emergencies such as when a property incurs storm damage or something unexpected goes wrong.
In the process the property manager liaises with suitable tradespeople, sources quotes and also organises access to the property in compliance with required notification periods.
Breaches and disputes
Should a dispute arise or either the landlord or tenant breach the rental agreement, the property manager will also step in to mediate any problems.
For example, they will proactively address any rental arrears, issue any required notices to remedy a breach, and adhere to the required process to terminate a rental agreement if breaches consistently occur.
End of lease and lease renewals
As a lease draws to an end, the property manager will notify the landlord about the impending conclusion date, liaising with tenants and the landlord about what they wish to do next.
For the landlord, options include renewing the lease at the same rental price or an altered one, or ending the tenancy.
If the tenant wishes to leave at the conclusion of the lease, the property manager will notify the landlord and set about the process of advertising the property for lease, conducting an exit inspection and seeking new tenants.
In addition to all of the above, the property manager will provide the landlord with all required paperwork and financial statements at the end of each financial year.
This allows the landlord to then complete their tax return, claiming for any investment expenses and detailing the property’s income.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both tenants and landlords. We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you looking to buy a property for investment purposes, you can view our properties available for sale here.