Property Management is quite simply the process of managing property that is available for lease by maintaining and handling all of the day-to-day activities involved in that property. There are many responsibilities managed by a property manager, here we explain them for you so that you can better understand if and why you need one for your Australian rental property.
The Responsibilities of an Australian Property Manager
First things first, you need to make sure that any property manager you are considering hiring to manage your property is a trained and qualified professional who has a reasonable understanding of the local areas market and its property laws.
A property manager is in charge of many aspects of your properties its day-to-day activates, including:
- Rent Responsibilities – Dealing with any rent issues, setting rent in order to attract the right tenants, collecting rent and adjusting the rent as needed and according to local laws.
- Tenant Responsibilities – Managing tenants including finding them to fill the vacancy. This involves knowing where to advertise and what to include in these ads to attract potential tenants. Screening tenants, which includes running credit and other such checks and helping to select the right ones (the ones that will pay on time and create the least amount of problems). They also handle the lease terms and conditions, as well as deal with any complaints or emergencies. Equally, they manage the moving out of any tenants to ensure a smooth transition to the next.
- Maintenance and Repairs – Performing preventative property maintenance in order to keep your property functioning in top condition. This includes managing any repairs as needed through the coordination of reputable contractors in the area.
- Knowledge of Landlord-Tenant Law – A good property manager will understand the state and nation laws regarding the proper ways to screen a tenant, handle bond deposits, terminate a lease, evict a tenant and comply with any pertaining Property Safety Standards.
- Supervising Responsibilities – A property manager can be hired to look after a vacant property, which is an excellent way of ensuring no vandalism occurs, repairmen or contractors are completing the work as promised and that no squatters take up residence.
Having your property managed is an excellent way of ensuring that no matter where you are, your investment is being well looked after. Many choose to manage their property themselves, but unless you are experienced with this we wouldn’t recommend it. If managed incorrectly, it could end up costing you big. A properly managed property will remove all of the day-to-day stress, not to mention free up a considerable amount of your time.
No matter if you are leasing a commercial, industrial or residential property, you are going to want long-term tenants that pay on time and don’t cause any major issues. Hiring a well-respected and qualified property management service to look after your property can help you secure the tenants you need to make your investment work for your needs.