What you Should Look for in a Property Manager?
Do you need a Property Manager?
Investing in property is one of the most popular ways to start building up assets and setting yourself up for the future. Your plan may be to rent out the property and eventually move in or accumulate properties to build up a decent investment property portfolio. There are plenty of benefits to investing in property. One of the biggest challenges in property investment is the management of the property itself. Particularly if you find yourself owning more than one property, dealing with the issues that come with managing a property can turn into a full-time job in itself. This is why enlisting the services of a property manager to handle everything on your behalf is the best option for most property investors who are renting out their investment property.
What Does a Property Manager do?
When you are on the hunt for a property manager, it is important to understand just exactly what the role entails in order to find the best person for the job. There are a few different aspects to their job, but first and foremost, their job is to manage your property. This means that they are responsible for being the person that you and your tenants communicate with. It includes finding tenants, ensuring rent is paid on time and making sure that if there are any issues with the property, that both you and the tenant are kept in the loop. Not only are they in charge of the communication, but they are also responsible for all the paperwork and official documentation that goes with leasing out your property, like lodging bond forms, ensuring contracts and leases are signed, documenting any damage and making sure any maintenance issues are handled correctly and to code. Their job is to be the person that acts on your behalf and communicates for and to you about the state of your property.
What are the Skills that Property Managers Need to Have?
Looking over the roles and responsibilities, there are certain traits that property managers need to have.
1. Excellent Communicator
Communication skills are paramount. A property manager needs to have excellent communication skills as he/she will be the person communicating on your behalf. They could find themselves solving and adjudicating any disputes.
A great example highlighted in an article by Domain.com.au is that if something like a plumbing issue was caused by the tenants doing the wrong thing, then ultimately it is the tenant’s responsibility to pay for any damage. Having a tricky conversation like that may lead to issues, so having a property manager that can handle these types of situations and communicate respectfully is exactly what you need. When looking for a property manager, assess the way they communicate with you as a prospective client. If they are prompt in getting back to you, answering any questions and ensuring that all your needs are met, then that is a sign they have good communication skills.
2. People Person
Finding a property manager who is approachable and a people person is not just a positive for you as an investor, but for a potential tenant too. You want to have the line of communication between yourself, the property manager and the tenant as smooth as possible. That way you can be sure your investment is in good hands.
Another skill that is vital in a fantastic property manager is organisation skills. There is so much paperwork and ongoing duties such as inspections, filing reports and all the responsibilities that come with being a property manager. This is why it is important everything is documented, filed and lodged at all the right times. If a prospective agent is showing you, they have all the forms you need, has a history of their work and just overall gives the impression they are organised, that is another tick in the right box.
4. Local Knowledge
Local knowledge is also incredibly important as is having contact with local tradespeople, especially in maintenance emergencies. Their local expertise will guide you on setting the right rental prices. Understanding the market and ultimately, just all the little things that come with knowing the area, will give you the edge when finding the right tenants and managing the property smoothly.
The ability to multitask is another one of the major skills they need. As agents maybe managing multiply properties and there being so much that goes on with just one property, this skill is necessary.
Let Reventon Manage Your Asset
With all the information on what to look for, now you need to decide on the right property manager. So how does Reventon match up? Servicing Melbourne, Geelong, Ballarat, Bendigo and South-east Queensland, you will be hard-pressed to find a more professional service than one offered by Reventon. While our reputation speaks for itself (check out the reviews on Google or Property Investory), the services that we offer are only the beginning of why you should let us manage your asset. Founded over 15 years ago, our focus is to provide our clients with professional and quality investment and financial services. The passion we have for our work as well as putting our clients at the forefront guide all the services that we offer. Operating with integrity, quality and care, you can be sure that we check all the boxes when it comes to excellence in property management. If you hire the property management services from Reventon you can expect:
- Exceptional communication
- Knowledge of all official processes (bonds, rent collection, local laws)
- Up to date reporting
- Advertising, with professional photography, to attract the best tenant
- VCAT Representation
- Insurance preparation
- Consistent inspections
- Everything available digitally
Seek out a property manager that not only communicates exceptionally is approachable, but one that can multi-task, stay organised and be an adequate representative for you in all necessary situations. For more information on how Reventon can help you with managing your investment property, contact us and we will be in touch soon.