Ask any experienced property investor (landlord) and they’ll tell you that property management is not for the faint hearted! Many new landlords assume that managing tenants and the property itself is simple and straightforward. They don’t realise there is a huge amount of administration and effort that goes into successfully managing a property.
I have compiled a list of 5 of the most important things a professional property management agency will do for you in managing your investment property.
1) Finding the right tenant
A professional property management agency knows how to find the best tenant to occupy your property. Property management agencies conduct background checks, reference checks and conduct interviews to ensure that only the best tenants are considered.
2) Day-to-day tenant management
Property management agencies spend most of their time on the day-to-day management of their landlord’s properties. Property Managers speak to tenants about rent owing, rent increases, noise complaints, and many other issues that arise on a daily basis.
3) Property maintenance and upkeep
Another aspect of managing a property is property maintenance and repairs. Landlords often under-estimate the amount of work and patience this requires; from dealing with the tenant and addressing their queries, identifying the issue, getting the best quote, and then getting the appropriate repairman/tradesperson to fix the problem. Next is the liaison with the tenant to ensure the repairman can get access at the required time, follow-up, and finally billing and payment.
4) Rent payments and other issues
Keeping track of rent monies and other payments such as water usage is a huge factor when it comes to managing an investment property. Professional property management agencies have the software and systems to keep track of monies paid, and can immediately attend to non-payments before they become a larger problem.
5) Regular and thorough inspections of your property
An investment property needs regular inspections that are fully documented, and if needed, supported by photos.
Property Management agencies will organise for these inspections to be done, to ensure tenants are looking after the property as detailed in the tenancy agreement. Any issues are dealt with efficiently by the Property Manager.
Harcourts’ property management service is industry leading and multi-award winning.