A property manager in Australia is a professional with the skills and knowledge required to manage and supervise a property on behalf of its owner. This involves a multitude of duties ranging from ensuring the property is rented, well maintained and retains its resale value.
Property managers need excellent communication skills, customer service skills and extensive knowledge about property maintenance, property markets and relevant legal matters. Below we take a look at the key services our property managers at Hayeswinckle offer.
Managing Tenants
Managing tenants is one of the main responsibilities of a property manager, from finding them to dealing with complaints and undertaking the eviction process. Finding the right tenant requires a well-coordinated advertising and open for inspections process. A property manager can screen potential tenants before they move in using the National Tenancy Database. This enables them to verify information such as:
● Identity
● Tenancy history
● Public record checks on bankruptcies and court orders
● Visa verification if required.
Experienced property managers know what to look for when it comes to selecting a tenant who will pay rent on time, create fewer problems and have a longer tenancy. Property management also involves setting the length of the lease, handling maintenance requests, handling the moving out process and ensuring there are necessary provisions in the lease to protect both the property owner and tenants.
Property Maintenance
Regular maintenance and repairs is crucial for retaining the resale value of a property. A good property manager can eliminate many of the high costs associated with preventative maintenance and emergency repairs using an established network of plumbers, electricians, carpenters, gardeners and other contractors whom they have partnerships with.
Property managers have a good eye when it comes to recognising issues early and recommending improvements to the owner. Periodic inspections and 24/7 response services to tenants and clientele ensure any issues are dealt with promptly.
Property Accounting and Legal Considerations
Managing financial aspects of a property requires skill, knowledge and dedication. This includes knowing how to set the right rent level to attract tenants while staying in line with market conditions. This requires in depth knowledge of the local market and other factors that influence the desirability of the property, such as where it’s located, its proximity to amenities and attributes of the property itself.
Other financial and legal duties a property manager undertakes includes:
● Collecting rent
● Managing tenant security deposits
● Distributing monthly income statements to the owner
● Distributing monthly direct deposit payments to the owner
● Managing any outgoings requested such as council rates, water rates, and
● Keeping accurate records and budgeting for the ongoing management of the property.
Rent can be adjusted over time based on demand, local growth, inflation and improvements made to the property. However, this process is governed by strict rules and regulations under the Residential Tenancies Act 1987. Property managers must have a thorough understanding of state and national laws governing the rights and obligations of tenants and property owners to ensure all of these processes are properly handled.
Property Management in Geelong
If you need a property manager for your residential property in Geelong, speak to the local experts at Hayeswinckle. We use our understanding of the local community to achieve great results for our clients. By working with us, you can enjoy the peace of mind that comes with having an experienced, local professional managing and supervising your property investment.