What does a property manager do? Understanding the role
Here is a breakdown of what a property manager does and how they can help you to manage your investment property eliminating some of the time and stress that can come with property ownership
Managing multiple investment properties can be time-consuming, not to mention stressful when things go wrong. The role of a property manager is to take the stress off your hands. From handling renter issues and maintenance to understanding your responsibilities, this blog covers the main roles and reasons why a property manager can make a world of difference in managing an investment property.
Why use a property manager?
With the numerous responsibilities, laws, and regulations applying property investing, outsourcing the management of your rental property can save you time and hassle compared to managing a property yourself.
What are the costs involved?
A property management fee is approximately 6-9% of the total rent (+GST), a fair price for eliminating many of the stressors that can come with property management.
So how can a property manager help?
- Finding great renters.
Finding the perfect renter is not easy when you are doing it alone, it requires time and effort. Property managers have the contacts and expertise to connect you with the right person for your investment.
With access to systems and software, property managers can obtain information on renters and their rental histories that can provide greater security for property owners, help streamline the process and ensure more stable and reliable occupancy.
“Property managers are well connected in the rental market and have access to tenancy databases to check potential renter's rental history. They can make the process of matching a renter to a property quicker and reduce the vacancy rate for your property,” explains Fabian Ekker, Hockingstuart Head of Property Management Systems & Integrations.
“Property managers will also advertise your property and host inspections on your behalf, ensuring your property is seen by as many people as possible to have a reliable renter move in as quickly as possible.”
- Managing complaints, maintenance and repairs.
Meeting the demands of renters and delivering on expectations can be overwhelming. Property owners can run into issues if maintenance and repairs aren’t addressed promptly and properly for renters. This is where a property manager can play a crucial role in reducing stress and hassle, by handling problems quickly and efficiently.
“A property manager ensures that tradespeople are qualified and insured for the job,” explains Fabian. “Without one, the owner is left to handle organising contractors, obtaining quotes, communicating with renters, and arranging property access—tasks that can be both time-consuming and stressful.”
“Additionally, contractors working with property managers understand the need for quick maintenance and are often the most reliable choice for emergency repairs.”
Property managers also have systems and processes in place to handle all miscellaneous complaints and avoid unnecessary unpleasant confrontations by addressing everything from pest control, broken appliances etc and in doing so ensure good communication channels between the renter and property owner.
- Ensuring your property complies to ever-changing rental laws and regulations.
In the ever-evolving world of rental reforms, it can be overwhelming to keep up to date with all the latest requirements. Utilising a property manager can give you the reassurance to know that you are across all the legal requirements and up to date on any changes.
Having a property manager who is well-versed in their state's tenancy regulations and can clearly explain how they apply to both renters and property owners—is invaluable," says Fabian. "It not only helps navigate challenging conversations with renters about their responsibilities but also ensures property owners have a clear understanding of their own rights and obligations.”
Rental properties, investment owners, and renters are subject to various laws that can differ by state, and owners need to stay updated on the fine print when renting out their property. Keeping track of these regulations, especially with ongoing changes and new laws, can be overwhelming. For many property owners, hiring a professional to manage the legal aspects is a key reason for choosing a property manager.
- Rent collection and property inspections.
One of the important roles of a property manager is ensuring timely rent payments. A property manager can be the first point of contact for renters when issues do arise. With knowledge and expertise in this space property managers can often bring a layer of professionalism that can make a tricky situation easier to navigate than for a property owner alone.
A property manager will also ensure your property is well looked after through routine property inspections and regular reports provided to owners to reassure them throughout each tenancy.
Peace of mind for property owners.
Engaging a property manager will simplify the process of managing a rental property. From finding reliable renters and handling day-to-day issues to collecting rent and staying on top of regulatory requirements, they have the tools to efficiently manage both the administration and maintenance of your property.
Always available to keep both you and your renters satisfied through regular inspections and prompt issue resolution, a property manager ensures a dependable point of contact.
If you’d like some help keeping on top of all the admin and maintenance of your investment property/ properties it may be time to speak with a property manager.
To find out more about Hockingstuart professional property management services please visit our property management page or speak to your local Hockingstuart office.