The value of a property manager
With times a little tough at the present, many people are looking to tighten the purse strings wherever they can, but should that extend to managing your own rental property?
Self-managing a rental property is not without stress, and there are good reasons most investors use professional property managers rather than going it alone.
So, here’s a quick insight into the value of a property manager.
The role of a property manager
In many ways the property manager is the middle-man of the rental world. Their skill lies in liaising with both tenants and landlords to ensure a property’s rental value is maximised and an asset is protected in terms of maintenance, repairs, and selecting the right tenants to care for a residence.
The property manager is the person on call to navigate suitable outcomes, ensuring rules and regulations are adhered to, obligations are met and most importantly, the property is looked after.
That means their role extends far beyond finding tenants. It’s part negotiator, part problem solver, part compliance expert, and part trusted advisor.
What do we mean? Well let’s dive a little deeper…
A trusted advisor
A property manager isn’t just someone who vets applicants and ensures all the boxes are ticked on a lease. They are a landlord’s trusted investment advisor.
With their finger on the pulse when it comes to rental demand and rental prices, they have expert insight into the weekly rent that a property will command, and the timeframe it will take to secure good tenants.
A source of security
One of the most important roles a property manager plays at the outset of the rental process is securing good tenants.
Not only does the property manager organise advertising and arrange inspections, they also conduct the screening process that ensures a tenant has a proven track record of looking after a property and paying their rent on time.
In doing so, they draw on a wealth of professional tools including their own database of qualified tenants, and national checks that indicate whether a tenant has previously defaulted on their rent or damaged a property.
Throughout the life of any lease, the property manager then utilises systems and procedures that ensure your rent is paid on time, and that the property is regularly inspected to identify any damage or maintenance issues.
A compliance expert
Rental tenancy law can be complicated and subject to frequent change, with the rights and responsibilities of both landlords and tenants altering over time, and varying from state to state.
It is a professional property manager’s job to stay on top of these changes and bring relevant alterations to each party’s attention.
This protects all parties in the rental relationship, and ultimately safeguards the landlord’s investment.
A real dollar value
The processes and procedures that property manager’s put in place have a real dollar value when it comes to maximising the value of an investment.
With an eye for detail, they will conduct regular routine inspections, alert the landlord to any issues, handle potential problems like late rent payments, organise essential repairs in consultation with the landlord, and act on the landlord’s behalf if the tenant has breached their lease.
In the meantime, they field any maintenance requests and navigate all the paperwork including lease ends, lease renewals and more.
Perhaps a property manager’s most underrated asset is their skill as a negotiator. As the middle-man for both the landlord and the tenant, the property manager is the person who can navigate a win-win outcome in accordance with the law.
An impartial professional, they shoulder the responsibility of ensuring both parties needs are consistently met, and each is meeting their obligations.
In the process they protect the greatest asset many of us own – a property.
At Eview Group 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.