What is a property manager? If you are a property investor or a tenant, you would know what a property manager is. From a landlord perspective, do you really know what they can do and how important they are to enhancing your investment returns?
Selecting the right property manager can make a real difference. In this market insight we share some details on what is a property manager and what they actually do.
What is a Property Manager?
They are responsible for managing a rental property on behalf of the landlord. They take care of the landlord’s day-to-day obligations. These obligations change every year and some are not as easy to take care of if you don’t work within the industry.
What does a Property Manager do?
A good property manager has a high level of knowledge in understanding the various rules and regulations while acting as the intermediate between the landlord and the tenant. It sounds easier said than done. Some of their primary responsibilities include:
- Advertising and sourcing a tenant
- Reviewing tenant applications
- Processing reference checks
- Hosting open inspections
- Collecting bonds and rental income
- Hosting property inspections and condition reports
- Managing tenant relationships on a daily basis
- Responding to repair and maintenance requests and coordinating tradespeople
- Tenant turnover management
- Coordinating possible tenant disputes or loss of rent
- Assisting at VCAT hearings
- Taking care of insurance claims
There are many duties and services offered to landlords. There are more, but the above are the most commonly known. A property manager is a vital trusted partner for a successful investor. There are a number of members a property investor should have in their investment team, but this is likely one of the most underrated roles.
Do you want help buying an investment property?
There are many benefits of owning an investment property. At Crest Property Investments, we help source properties for buyers. If you’d like to learn more about buying a property, please don’t hesitate to contact us. We would welcome the opportunity to help with your property purchase.
Our YouTube channel and Market Insights also provide a wealth of information to assist you with many areas relating to property.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
October 2023
