From finding tenants to managing agreements and maintenance, leasing a property comes with its fair share of challenges. The good news is that you don’t have to do it alone. In Australia, a large majority of landlords rely on the services of a property manager–and for good reason.
Once a property manager is assigned, they are tasked with overseeing various aspects of the lease. Ultimately, the assistance they provide significantly reduces the individual burden for the owner and facilitates a smooth process for both parties.
As we’ll go on to cover, there are countless benefits of working with a trusted property manager. Let’s get started.
Do You Need a Property Manager?
Did you know that approximately 75% of Australian landlords use the services of a property manager? When you weigh the pros and cons, it’s easy to see why–especially if you’re unsure of the answer to any of the following questions:
- Do I have the knowledge required to navigate the process?
- Do I have the time to manage all the fine details?
- Do I have the energy to negotiate with my tenants?
Read our article on ‘Self Managing vs Property Managers – What Are the Key Differences?’ to learn more about your options.
10 Benefits of Working with a Trusted Property Manager
1: Marketing Your Property
First impressions matter, and when it comes to time to attract new tenants, presentation really goes a long way. Drawing on their industry experience, a property manager knows how to showcase your property in the best possible light. They’ll arrange professional photos, write up a compelling listing, and make sure it gets seen by the right people.
They can also provide options on where you want to advertise–be it REA, Domain, or social media—all so your property gets maximum exposure. Without the right marketing approach, your property could sit vacant for weeks, costing you valuable rental income.
A good property manager also understands market trends and knows how to position your rental competitively. Here, they’ll work with you to set the right rent price—one that attracts quality tenants while setting you up to get the best return on investment.
2: Organising & Attending Property Viewings
When the property listing is live, it will be updated with times for property viewings. While these property viewings are often open to the public and commonly held on weekends, they can also be conducted privately with limited visitors.
On the day of the inspection, the property manager will be there to greet guests, take down their number, then provide an application link to any interested parties. In the case of private viewings, they’ll also be the main point of contact for potential tenants.
3: Securing the Right Tenants
At We Do Property, we’ve always believed that the key to a successful leasing experience begins with finding the perfect tenants. This is why a good property manager will conduct a thorough screening process to present the best possible candidates to the owner.
Why is this so important? A thorough vetting process is all about significantly reducing the risk of problem tenants. Because they’ve conducted this process in the past, property managers also know how to spot red flags, such as inconsistent rental history, financial instability, or past disputes with landlords.
4: Completing Condition Reports
Before a tenant moves in, a property manager conducts a detailed condition report where they document the state of the property with photos and descriptions. Once complete, the property manager sends this to the new tenant for them to cross reference and provide feedback.
This documentation makes it easier to assess any damage at the end of the lease and avoid disputes over bond refunds. Condition reports also protect both landlords and tenants. If a disagreement arises over damage or wear and tear, there’s clear documentation to refer back to. This makes the bond refund process much smoother and reduces the risk of financial losses.
5: Handling Lease Agreements and Paperwork
Lease agreements can be tricky, and it’s important to get them right. First things first, a property manager verifies that all documentation is legally sound and up to date with local tenancy laws. They also explain the lease terms to tenants, so everyone is on the same page from day one.
In most cases, these documents are sent to the successful applicant via email, and the property manager acts as the go-between. They’ll also keep track of important dates, like lease expiry and bond lodgements, so nothing gets overlooked. Having a legally binding agreement that’s well-structured will ultimately prevent disputes so that the tenancy runs smoothly from start to finish.
Ready for a stress-free investment experience? We’re a team of friendly, knowledgeable, and dedicated property managers on the Sunshine Coast. Reach out to us today and put your best foot forward!
6: Managing Rent Collection and Finances
Chasing up late rent payments is awkward and stressful. Luckily, a property manager can handle this for you, be it rent collection, enforcing due dates, or following up on any overdue payments. They also keep detailed financial records so you have a clear view of your rental income and expenses come tax time.
Some tenants may struggle with payments, and a property manager knows how to handle these situations in a professional manner. They can implement payment plans, issue breach notices, and escalate matters if necessary. This ultimately takes the pressure off you, as well as keeping the rental income steady.
7: Arranging Maintenance and Repairs
Maintenance is a natural part of the leasing process, and you never quite know when a request will arise.
From leaky taps to major repairs, property managers help to coordinate any maintenance issues, so you don’t get late-night calls from tenants. In these circumstances, they’ll often use a network of trusted tradespeople who can get the job done efficiently and at a fair price.
Because property managers work with reliable contractors regularly, they often secure better rates and priority service for repairs. This not only saves you money, but also helps to ensure that any issues are fixed quickly, keeping tenants happy and reducing the likelihood of vacancy.
8: Liasing Between Landlords and Tenants
From the application to the time of lease renewal, a property manager is the go-between for both parties. This arrangement helps to keep things professional and ensures that any issues are attended to and resolved quickly. Whether it’s responding to tenant concerns or keeping you updated on the property’s condition, they’re able to take care of it all.
Clear and consistent communication helps prevent misunderstandings. If tenants have any concerns, they know exactly who to contact, and you won’t be caught off guard by unexpected complaints. A good property manager keeps both parties informed, reducing stress for everyone involved.
9: Carrying Out Routine Inspections
Routine inspections are another fundamental responsibility of the property manager. This typically involves an overall assessment of the property’s condition, as well as asking the tenant if there are any maintenance issues that need attention.
Inspections may take place annually, every six months, or even on a quarterly basis. In an ideal world, these inspections are simple and easy because if you’ve selected the right tenants, they should be taking good care of the property.
However, things don’t always go as planned. In some cases, the state of the property may be unsatisfactory or below the standard of when the lease began. From here, the property manager will inform you of any issues and work with you to determine the best course of action.
10: Organising Lease Renewals and End-of-Tenancy Processes
When a lease is coming to an end, a number of decisions need to be made. First, you’ll need to decide if you still want to lease out the property, then if so, whether you’re happy to continue with the current tenants or not.
Hopefully, everything has been smooth and you’re ready to offer a new leasing agreement. This can be either fixed or ongoing, and may include revisiting the weekly rental amount. Once conditions of the new lease have been finalised, the property manager will liaise with the tenants and send over the documentation for it to be signed.
If, on the other hand, new tenants are needed, or you’ve decided to sell, the property manager will oversee the final inspection, manage bond returns, and make sure that the property is ready for the next occupants. From here, the entire process restarts again.
Get Ready for an Extraordinary Property Experience
Whether your goal is to lease a new investment property or find new tenants on the Sunshine Coast, the first step is to contact us on 07 5337 6495. From here, our dedicated team will leverage their expertise to develop an understanding of your circumstances, aspirations, and goals.
We have dedicated property managers in Alexandra Headland, Buderim, Mooloolaba, Sippy Downs, and everywhere in between. Our team can offer a streamlined approach to every step of your property journey, using extensive knowledge of local laws and real estate compliance to create a stress-free lease for all parties involved.
Reach out to us and let’s chat about your next adventure!
