If you’re looking at potentially hiring a property manager to oversee your property, you’re likely wondering exactly ‘what does a property manager do’ and what benefits do hiring a manager have for your rental income. To help you make a decision, we’ve compiled a quick guide on some of a property manager’s responsibilities and added some tips and tricks on how to find a good property manager (and avoid the bad ones!)
What is a property manager?
A PM is a person who’s in charge of looking after the operations of a rental property. This may include making sure the living conditions are sound, setting and collecting rent, and regularly keeping in contact with the tenants.
What does a property manager do for landlords?
A PM has an in-depth knowledge of the property market, which makes them uniquely qualified to setting up an appropriate rental price. After a rental amount is agreed upon between the property manager and property owner, a manager will then determine the prospective tenants, and create an ad that appeals directly to that demographic.
Creating a property ad.
Your manager will then organise a real estate photographer to take some photos of your property, create an attractive ad highlighting your property’s features, and upload it to various real estate websites.
Finding and screening applicants
Now for the most challenging part – finding the right tenants for your property. Ultimately, your manager will be looking for a tenant that pays on time, offers no disturbance, and will keep the property in good condition. Considering a manager is well versed in what to look for in tenants and can determine pretty quickly if potential tenants are displaying any red flags.
Organising the signing of the lease and related paperwork
With a manager, you won’t have to worry about organising all the annoying paperwork involved with renting a property – it’s all taken care of for you. Your manager will liaise with tenants to create an agreement, and to organise a regular schedule of rental payments. A manager will also manage any bills associated with property maintenance, which also helps make things easier for you come tax time.
Managing interactions with tenants
A manager will take over all correspondence with tenants, including the handling of any maintenance and repair issues, and responding to any issues that arise with the property. If the unfortunate case occurs where a tenant is troublesome, a manager will attend to the matter and pursue evictions if necessary.
A manager will arrange regular property inspections to ensure that not only is the property up to code, but that the tenants are keeping it in check. If there are any maintenance issues, a manager will arrange for a tradesperson to conduct a repair and liaise with the tenants to organise a time.
Managing tenant turnover
A good manager will be able to scope out long term tenants but also organise tenant turnover if tenants decide to move on. They will strive to create the shortest turnover time possible by marketing your property well, to ensure you’re not missing out regular payments.
How to find a good property manager
If hiring someone to look after your property seems like the ideal solution for you, you’re likely wondering ‘how to find a good property manager.’ Much like tenants, not all property managers are made equal, and picking a bad one can result in a loss of rental income or create more problems than solutions. In Queensland, a manager must have a property industry license to operate, so it’s worth asking to see proof when you’re looking around. In addition to registration, a good way to determine the reliability of a manager is to ask the right questions. Some good questions to ask include:
- Can you provide a breakdown of the costs involved with hiring a person to manage my property?
- What do you look for in tenants?
- Have you dealt with problem tenants before and what did you do to solve it?
- How would you market my property and who to?
- Why am I better off using a manager than doing it myself?
- What qualifications do you have?
- Do you know my area well? Do you manage other properties in my area?
- How many other properties do you manage and how much time will be spent managing mine?
- What added value will you provide?
We hope our article on ‘What does a property manager do’ has given you a good idea of the responsibilities of a property manager. If you’d like to find out how a manager can help you with your property, you can call us on 07 3188 7651 or email us at firstname.lastname@example.org and one of our managers will get in touch shortly.