What does a property manager do?
The term ‘property manager’ might seem self-explanatory, but many people wonder what it is they do all day!
At We Love Rentals, we believe property managers should take special care of each rental property they manage — and this can involve tasks that you might not have ever considered.
The tasks a property manager does can fall into one of three categories:
- day-to-day management (sweating the small stuff so you don’t have to!)
- managing any tricky issues that may arise (they’re great at catching curveballs…)
- strategising (helping you make the most out of your rental property).
Masters of strategy
From the beginning, a great property manager will plan how best to use your rental property to your advantage.
In the early stages, they can assist you with:
- choosing the best time to rent
- deciding whether to renovate
- finding potential tenants based on your needs
- vetting rental applications carefully
- advising on the best tenant (for you!)
Once you find a tenant, a property manager can advise you on the best strategy in many different scenarios, from whether the tenant wishes to break the lease to if you want (or need) to increase rent.
At the end of a lease, a property manager can be invaluable. Smart strategy can be necessary for situations like:
- a tenant breaking the lease
- needing to evict a tenant
- conflict arising around who can claim the bond
- damage to the property.
A good property manager should be constantly learning, keeping their knowledge of the Residential Tenancies Act and other laws up to date.
Tenancy law can be a total headache if you don’t understand it, so taking on an experienced, knowledgeable property manager is essential.
Taking care of the day-to-day
Some of the everyday tasks that a property manager takes care of for a rental property can include:
- collection of rent (and following up if it’s late…)
- routine inspections
- collecting keys from the landlord and issuing them to the tenant
- testing security alarms or reticulation systems
- arranging routine maintenance
- liaising with the landlord’s insurers
- negotiating lease renewals
- lodging the bond
- either claiming the bond at the end of a lease or releasing it to tenants.
At We Love Rentals, our property managers never manage more than 80 properties at once — this means they have ample time to manage your property.
To find out the other ways we’re different to most property managers, click here.
Managing tricky issues
Sometimes, there might be problems at your property. These can be relatively small and easily dealt with, or require urgent action.
Minor issues can include:
- needing to arrange repairs and maintenance
- a tenant having an unauthorised pet
- following up on a tenant’s maintenance of the property
- additional residents moving in without permission.
Major issues at the property may include:
- a house fire
- criminal activity
- the untimely death of a tenant.
Many landlords do not fully understand tenancy law or the appropriate actions to take in these situations. In fact, even an experienced property manager may need to do some research before navigating an issue as complex and uncommon as the death of a tenant.
We Love Rentals’ property managers are rental specialists, experienced in dealing with all kinds of property management situations – to find out more, give us a call on (08) 6254 6300.
We Love Rentals: experienced, specialised property managers
At We Love Rentals, our property managers only manage rental properties. They have extensive experience, in-depth knowledge of tenancy law and can help you make the most out of your rental property.
If you think we can help you manage your rental property, click here to request a free rental appraisal today!