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Property Update: What to Expect from Your Property Manager

1 Sep 2016 vicpark 0 Comment

If you have never worked with a property manager before, you may not know what to expect from them. Should a property manager screen potential renters? Do they take care of maintenance issues? Yes. A property manager will handle all of this and more for you, and a good one will even exceed your expectations. Professionals is your local neighbourhood expert when it comes to property management in Victoria Park, and we would like to share a few tips to help you make sure that you are in the best hands.

Managing Your Finances

Your property manager is in charge of managing all the finances including collecting rent and holding security deposits. Unfortunately, not every tenant can be relied on to pay their rent on time, even when they have passed the pre-screening criteria. Most property owners are too busy to check if they are receiving rent payments by the due date. A good property manager will ensure rents are paid on time and deal with any issues that may arise. They will also collect fees and hold security deposits so you don’t have to think about all of this. If they are really on the ball, they may even keep you informed of fluctuations in the market and make recommendations if they think it’s time to increase the rent.

Find Quality Tenants

Since a property is only as good as its tenants, you should expect your property manager to find you quality tenants who aren’t going to damage your place and will pay the rent on time. Finding the right tenants isn’t always an easy feat. This is where your property manager does the hard work to screen tenants and check their credit, criminal, employment and rental history. You can be at ease knowing that a good property manager will go out of their way to find the best tenant for your property.

Maintenance and Repair

Another important responsibility your property manager should handle is all maintenance and repair issues concerning your property. Accidents happen and sometimes things break. When they do, it always seems to be in the middle of the night! If you are working with a good property manager, they will be the one to take the phone call, not you. They will then make the necessary arrangements to get repairs done by approved and reliable tradesmen as quickly as possible.

As well as being reactive, a good property manager should be proactive when it comes to staying on top of ongoing maintenance issues. They should recognise that small problems can blow up into much bigger issues if they are neglected. They should always be one step ahead in looking out for your best interests and keeping your property in peak condition at all times. For example, they can make you aware of the benefits offered by depreciation schedules, suggest high-return improvements and inform you of your options when it comes to insurance.

Stress Free Tenant Transitions

Move in and move outs can be a stressful time for a property owner, but your property manager should manage all tenant transition issues to make it as stress-free as possible. When a tenant gives notice to move out, your property manager should go and inspect the property and inform the tenant of anything that needs to be repaired and any costs involved. After the tenant has vacated, the property manager will return to do a second inspection and check if things were completed, and collect fees if required. They will then make sure everything is in order before the new tenants move in.

Managing real estate, especially when other people are living in your property, can come with a whole range of issues. Working with a good property manager will make property ownership a much less stressful experience. Our friendly team would love to hear from you and share how we can assist with your property management in Victoria Park.

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