A good property manager can make life easier for an investor, but what separates a good one from a poor one? Here is a six point checklist.
Slavko Romic and Anthony Moore are the principals at RomicMoore property and they say they have the perfect six step guide of what a property manager should do for their clients.
“We recognise the significance of a property manager, and we take this role very seriously. Your property manager can be make or break for your largest most valuable asset,” he said.
Their six top tips for what property managers should do for their clients are:
1. Promoting and advertising property for lease
It is key when promoting a property to show off the best features of the property and its location. Your manager should be choosing the most effective images to display on the right platform at the right time.
2. Leasing and selecting suitable tenants
Property managers should work hard to get properties rented to the best tenants quickly. By negotiating the best rental rate they can for their clients and carrying out inspections and rent reviews. To ensure this, personality conducts, and onsite signage are a must before leasing the property.
3. Arranging repairs and maintenance
It is important for a property manager to carry out routine site inspections to record any necessary items of planned or reactive repairs or maintenance. A property manager should always take a proactive stance and clearly communicate any maintenance updates with the landlord.
4. Minimising stress associated with property investment
Property managers can alleviate stress by providing ongoing advice and assist with managing tenants. A good property manager will help their clients to understand the market and the dynamics of the property’s location.
5. Being easily approachable and super-efficient with all task and instructions
Communication is key to a relationship, especially for landlords and tenants. The right property manager will be the best middleman, by updating both parties when needed. It is important for a property manager to be friendly, approachable and never “too busy”.
6. Financial advising and strategic investment management
Your property manager will make payments of outgoings, manage rent collection, control arrears and conduct valuations. They should disburse funds by providing statements and financial reports on any property related matters. A great property manager should also have through knowledge of legislation and make recommendations to maximise the financial return on your investment.