If you own one or even more investment properties, there are benefits to employing a qualified property manager to take care of your assets and who will ensure that the essential areas are taken care of.
A good property manager will take the potential stress away from you when it comes to management of the property on a day-to-day basis with thorough knowledge of legislative requirements and advise you of your responsibilities as a landlord.
Lease the Property
A property manager will market and show the property to prospective tenants. They will also put any applications through rigorous checks to verify factors such as identity, income and previous rental or ownership history and provide you with the details to decide on a tenant of choice.
The property manager will prepare all lease documentation and an ingoing condition report detailing the condition of the property at the commencement of the tenancy and prepare the property for move-in day.
Manage the property through the tenancy
Throughout the tenancy, there will be regular repairs and maintenance items that will occur due to use and fair wear and tear. These repairs may range from leaking taps to appliance repairs, hot water systems or more major maintenance. They can arrange relevant trades to carry out the repairs and pay the invoices as they arrive, keeping track of the essential paperwork that you will require for tax time.
A property manager will also conduct routine inspections of the property to check the condition that it is being maintained as well as repairs and maintenance that may need to occur. They will also recommend potential work that may need to be done in the future to maximise your investment which will allow you to plan for future refurbishment or improvement costs.
From time-to-time disputes can happen, whether it be due to factors such as rent arrears, breaches during a tenancy, managing repairs and vacating challenges. A property manager will assist with negotiating through these challenges, talking with the tenant and you as a landlord to resolve the dispute.
Should any matters require referral to the tribunal to resolve, they will also appear as a representative on your behalf to resolve the matter.
While rent is paid each month, a property manager can also pay bills such as council and water rates, strata levies and maintenance invoices on your behalf from the rental funds. You will then be provided with a statement and a copy of the bills so that you can take them to your accountant at tax time.
Provide Professional Recommendations
As a trusted advisor in managing your investment, your property manager will provide professional recommendations on work that may need to be carried out to the property to maximise your investment.
They will also keep an eye on current market conditions and advise you on potential rent increases, and the best time to implement increases while maintaining good tenants. If they are working with a sales team, they can also provide a market appraisal for sale so that you can keep your finger on the pulse of your property value.
Content originally appeared on The Real Estate Voice 5 reasons to hire a property manager