In Australia, properties can be managed by a real estate agent, a property manager, or the investment property owner (DIY property management).
Some believe that property management is all about sitting back and collecting rent monthly, but in reality, property management is much more than that. Some property owners may feel they are paying their property manager only that, which is a clear sign of a poor property manager.
Ensuring that the property is in good condition and the tenants are happy is an art form with many tasks.
Property management services include:
- Collecting rent
- Finding (and evicting) renters
- Chasing liabilities and arrears
- Maintain property condition
- Organise maintenance when needed
- Performing regular inspection
- Ensure compliance with specific state or local property laws
- Invoice Management
- Preparing houses for rent
- Excellent local agency information and insights
- Knowledge of local laws and regulations
- These trained professionals are the ones who “know” what to do and how to react in any situation.
- Commercial Property Management
- Residential Property Management
- Traditional property managers
- New Model Resource Managers
- Do-It-Yourself (DIY)
Residential properties include but are not limited to:
- Village house
- Industrial building
- Office space
- Shopping centre
- Storage room/areas
This can leave you in the dark when you approach a new property manager without warning, and miscommunication is a common but significant complaint from landlords. However, traditional property managers have also been known to manage up to 150, so your property may be a low priority.
They take care of the day-to-day maintenance of your rental property so that you can spend your time on other things. First, a real estate agent takes care of everything until you buy a property, such as financing, commitment and negotiations. Then, the property manager takes care of everything from buying to selling the property, such as finding tenants and maintaining the property.
The big picture is that your property manager should work in your best interest when managing your property. Here is a brief description of the essential tasks that every project manager should take care of and do well while working for you:
- Detailed marketing plan
- A listing prepared for buyers
- Professional photos to show the home in its best light and attract the right tenants
- Your property doesn’t have a high turnover rate, which means you’ll get a free investment
- Your parcel will likely be well-maintained, which means less out of pocket expenses
- It helps not to think about ownership if it’s not something you want to spend your mental bandwidth on.
- Having someone saves you a lot of time. Savings, repairs, maintenance and finding tenants take longer than you think.
- You get a professional to manage your property. Real estate agents can use industry experience and local knowledge to help you improve your real estate brand.
- They help reduce your risk. A good property manager will reduce the chances of extension of time and be the plan for your property in the next few years.