A business support manager has touted a myriad of financial and non-financial benefits that arise from investing in a property manager during the unprecedented COVID-19 crisis.
In a blog post that posed the question: “Should I have an experienced property manager in my corner now?”, Raine & Horne business support manager Maria Milillo gave a resounding “Yes!”
“Now is the time to have an experienced property manager in your corner,” she continued.
She said a property manager who possesses excellent negotiation skills that can represent your interests “is worth his or her weight in gold”.
For starters, a good property manager will be completely across the legislation concerning financial hardship measures for tenants in the state or territory where your investment lies.
At the same time, Ms Milillo said you want a proficient manager who will provide tenants with the right hardship assessment paperwork and who will seek the correct information to support any claims for rental relief or a rent reduction.
“A proactive property manager can also refer your tenant to the possible government payments such as JobKeeper and rent subsidies.”
A quality property manager should also be armed with information around any support that is available to a landlord, she continued.
The business support manager then explained that while a property manager is unable to give financial advice, “they can assist you and your tenants understand the government supports being made available to help us all navigate through these unheralded times”.
While every state and territory does have a moratorium on tenant evictions, Ms Milillo flagged that different policies and requirements do exist between jurisdictions.
“While a COVID-19-related hit to a tenant’s finance is a common denominator with the moratorium being established, there are differences between state jurisdictions, which the savvy property managers will be able to communicate to you,” she outlined.
In NSW, households that have suffered a loss in income of more than 25 per cent will be considered as being impacted by COVID-19, while across in South Australia, the Tenancy Tribunal will review claims case-by-case, she highlighted.
When it comes to insurance, an experienced property manager will also have a lot of skill in dealing with insurance providers as needed and can help with navigating claims.
Away from the financial side of things, a property manager will already be using new technologies to mitigate the impacts of social distancing on your property.
They’ll be armed with tools for conferencing and 3D videos instead of relying on home inspections and routine inspections, with private inspections also able to be arranged to show properties that are available for prospective tenants to rent.
According to Ms Milillo, they’ll even be in proactive communication with their suppliers, such as plumbers and electricians, to ensure they are complying with the government protocols and regulations around isolation before they visit your rental property.