What is property management
In Australia, residential properties can either be managed via a real estate business that employs a property manager to look after the tenancy process and property itself, or they can be managed independently via the investment property owner. Many owners, however, lack the time or resources to be able to handle every part of the management and tenancy process. This is where a property manager comes in to make the owner’s life easier.
What is property management
A property manager, put simply, is a intermediary between the property owner and the tenant. They are responsible for handling day-to-day tasks such as managing maintenance and collecting rent for a property. Using a property manager is common when a property owner might not have the time or expertise to manage renters or the general upkeep of the premises.
Property management can be described as the day-to-day overseeing and management of real estate properties by a third party contractor. Generally, property managers take responsibility for everyday repairs and ongoing maintenance, security, liaison with building managers, and upkeep of the residences. They usually work for the owners of investment properties such as apartment complexes and private homes for rent, and their main roles are to handle routine tasks set out by property owners.
Other common activities carried out by property managers include finding potential tenants, collecting rent, managing arrears, organising maintenance jobs, and conducting routine inspections.
Who needs a property manager
There are advantages and limitations when it comes to managing a property as the owner. There is a steep learning curve and it requires constant attention and following up, which can be quite time consuming. From learning what to look for in potential tenants, negotiating tenancy agreements, settling disputes and keeping up to date with legislation, self-managing a property can be a tough job.
When done incorrectly, it can lead to high tenant turnover rates, or damaged properties by the end of the lease period due to inconsistent communication or inspections. However, the main benefit is that the cost of hiring a property manager through an agency is saved, which can lead to more sizeable profits in the long term.
A good property manager will ensure that when listing the property for rent, professional and clear photos are taken of the premises, and the advertisement looks up to standard to be listed on Domain.com.au or Realestate.com.au. When deciding on the tenant, rigid screening processes with reference checks should be carried out, which experienced property managers should have no trouble with.
Property management and technology
Property managers are responsible for making everything in the rental process goes smoothly and is adhering to landlord-tenant regulations. In return, owners pay a percentage
It’s common for a property manager to use property management software (proptech) in order to streamline daily workflow and essentially make their job easier.
Proptech is the future of this industry, and allow users to perform a variety of tasks, such as:
- Keep on top of to-do-lists
- Easily expand their portfolios
- Simplifying tenant and lease management
- Manage online rent payments
Tech platforms like as Kolmeo are designed to make everyday jobs easier for all three parties involved, streamlining payments, communications and management requests all on one app.
A property manager will ensure high levels of communication and clarity between the tenant as well as property owner, keep documents and statements organised and ready, ensure the premises is well-maintained, and will resolve day-to-day issues by making independent decisions.