What Does a Property Manager Do for Landlords and Tenants?

If you own a rental property, then you’re most likely going to partner with a property manager or property management company.

Managing an investment property is a time-consuming and complicated process, and a property manager can handle all the day-to-day activities on your behalf.

As well as this, great property managers will take a holistic, long-term approach in order to maximise the value of your investment while minimising risk.

While it’s true that property management services are primarily for the landlord, the best property managers also work closely and collaboratively with their tenants.

After all, tenants are an essential element of the property investing equation, and all tenants want to find a rental property they can live in and take care of without much hassle.

In this article, we’re going to outline property manager duties for landlords and tenants.

For just about every service that a property manager provides, you will see that there are benefits for landlords on one side of the coin and benefits for tenants on the other.

Let’s get started.

Finding the Right Tenants

Most people would agree that every successful rental property needs tenants.

But as experienced rental property managers on the Sunshine Coast, we would take that statement one step further.

Every successful rental property needs the right tenants – not just any tenants. And that requires a thorough tenant screening process.

Here is some of what a property manager can do to find suitable tenants for your rental:

• Arrange professional real estate photography and videography
• Create floor plans for prospective tenants to view
• Advertise your property to potential tenants through online listings and offline campaigns
• Stage your property for inspection and run open homes
• Screening tenants to confirm their rental history, employment information and income, proof of identity, and other must-haves.

If you are a renter, then a residential property manager can:

• Get to know you and understand your housing requirements
• Provide a selection of available rentals to view online
• Organise times to view open homes
• Guide you through the application and approval process

Creating and Signing Agreements

The tenancy rental agreement or lease agreement is just one of the important documents that a property manager can prepare for a landlord.

These legal contracts are important because they outline things like the length of the tenancy agreement, the level of flexibility in the contract, how and when rent is paid, the amount of notice required to end the agreement, each party’s responsibilities, and more.

Your property manager will ensure the rental agreement protects you, your property, and your overall interests. Additionally, property managers will keep records relating not just to tenancy agreements but everything from repairs to maintenance requests to tenant complaints.

For tenants, the property manager will give you the agreement to review, answer questions about the document, offer information about filling out and signing the agreement, and provide access to a signed version of the rental agreement.

All Things Rent

Both tenants and real estate investors need to deal with the realities of rent, and an experienced property manager can help you along the way.

The rental services provided by a property manager include:

• Setting the rental price: The best rental rate for your property isn’t necessarily the highest or lowest price point on the market. A quality property management team will use their in-depth knowledge of today’s market to set the best price for landlords.
• Setting the rental payment period: Rent may be paid monthly, fortnightly, weekly, or at another agreed time. Your property manager can finalise the rental period via the tenancy agreement and inform the tenant of their payment responsibilities.
• Collecting rental payments (for tenants):A property manager should make the process of paying rent clear and simple. It should be easy to pay rent, and a property manager can help you with things like setting up automatic direct debit payments or other payment options.
• Collecting rent on time (for landlords): Your property manager will ensure rental payments are collected in full and on time every time. In the case of late payments or missed payments, the manager will collect unpaid rent ASAP and record this information so it can be used in future legal proceedings if necessary.
• Reviewing the rental price:At the end of any fixed rental period, a property manager can guide landlords through their options for increasing rental payments in line with the Residential Tenancies and Rooming Accommodation Act. Using expert industry knowledge, we can determine how much you should increase rent (if at all) and communicate this information to tenants.
• Handling rental money: Rental income is typically paid to the property management company and held in an account before being released to the landlord in a timely manner. To further simplify matters, property managers can arrange for payments like council rates, and utility bills to be taken directly from the rental income so landlords don’t need to worry about making those payments separately.

Collecting and Releasing the Bond

As well as rent, another major monetary matter is the bond or security deposit.

Property managers can collect bond payments from current tenants on behalf of real estate investors and hold this money in a secure account for the duration of the rental period. This money acts as security and can be released to the landlord if the property is left in an unsatisfactory condition at the end of the rental period.

Bond services for tenants include collecting the bond, ensuring it is held in a secure account, and releasing the bond following a successful final inspection at the conclusion of the rental period.

Both parties can enjoy peace of mind knowing that the bond money is being held securely and will be released to the appropriate parties at the end of the agreement.

Regular Inspections

Speaking of inspections, a property manager can arrange and carry out routine quarterly property inspections as well as final inspections.

For landlords, these routine inspections provide peace of mind that the property remains in good condition and nothing has gone unreported. Additionally, a final inspection ensures the property remains in reasonable condition at the end of the rent and allows the bond to be released appropriately (as discussed above). It pays to have your property closely inspected by an industry expert rather than doing it yourself.

Tenants may see inspections as a nuisance, but property managers can also pick up on issues that the tenant may not have noticed and have those fixed. Additionally, tenants usually prefer inspections that are run by property managers rather than landlords, as a good property management firm will always strive to respect the privacy and timetable of their tenants.

Property Maintenance and Repairs

As a landlord, you don’t want to deal with rental property repairs and maintenance costs, and as a tenant, you don’t want repairs and maintenance to be delayed.

A property manager can oversee all things related to property maintenance and repairs. This includes organising repair and maintenance services for tenants and proactive property maintenance, such as seasonal gutter cleaning.

Property managers can also alert landlords to repair and maintenance issues so they can take care of these themselves if they prefer.

When maintenance and repair requirements are the tenant’s responsibility, the property manager can inform the tenant of this and point them in the right direction.

Part of property maintenance and repairs is maintaining strong relationships with various reliable vendors who can complete a range of different tasks. The best property managers will always know which number to call when work needs to be done, ensuring the rental property is kept in great condition and the tenants aren’t left waiting long for important work to get done.

Managing Communication with Tenants and Landlords

Another key property management responsibility is regular communication with all parties.

A property manager will handle all concerns or complaints that a tenant may have so the landlord does not need to deal with these issues. Depending on the issue, the property manager can provide a practical solution or negotiate a viable resolution that’s beneficial to all partners.

As well as handling tenant communication on a landlord’s behalf, property managers will also actively communicate with landlords about everything from repair and maintenance requirements to rental income to the overall performance of their investment.

Education and Advice

Property management companies will often act in an advisory setting for landlords. They can advise property owners about everything from rental prices to legal issues, as well as educate rental providers about their rights and responsibilities as a landlord.

Similarly, the best property management companies will ensure new tenants understand their rights and responsibilities to enable a smooth relationship for the life of the rental agreement.

Enforcing the Lease, Evicting Tenants, and Other Legal Matters

Property managers will do everything they can to maintain a seamless tenant-landlord relationship. However, they are also responsible for helping landlords if this relationship begins to break down.

With a strong knowledge of landlord and tenancy law, property management companies and their legal teams can assist you with:

• Advice regarding tenant, landlord, and manager responsibilities under state regulations and federal law.
• Advice about the steps a landlord can and cannot legally take in any given situation.
• Tenant dispute resolution and representation for landlords at tribunals and hearings.
• Communicating with tenants when they have violated the terms of their lease and enforcing consequences for first-time and repeat violations, as outlined in the rental agreement. (Consequences can range from fines to voiding of the contract and evictions/blacklisting).
• Evicting difficult tenants, including issuing notices, following the correct processes and timelines, and presenting evidence to ensure the best possible result in the shortest amount of time.

Tenant Turnover Services and Vacant Property Preparation

If there’s one thing a landlord doesn’t want to see, it’s a vacant rental property. When a tenant permanently vacates your rental, the property manager will spring into action and start carrying out a range of “tenant turnover” services.

These services include collecting the keys, final inspections, refunding the bond/security deposit as appropriate, and restoring the property to rent-ready condition. The property manager will also enforce the move-out date with the tenant and take appropriate actions if the rental is not vacated at the agreed time.

Once your rental property has been vacated, the property manager can ensure it’s clean and maintained while a new tenant search gets underway. In some cases, landlords will want to complete additional renovations before finding new tenants, and a property manager may be able to help you coordinate these improvements.

The Right Property Manager for You on the Sunshine Coast

If you’re searching for a property management company on the Sunshine Coast, look for professional managers who can handle all of the above and more for landlords and tenants.

Property managers should also be appropriately licensed, credentialled, and insured, so you are protected in all proceedings.

If you’re looking for property managers in Caloundra West, Mountain Creek, Nambour or anywhere on the Sunshine Coast the team at We Do Property is here for you.

We Do Property offers an all-inclusive end-to-end service for the long-term management of investment properties, taking care of landlords and tenants alike.

Explore our property services and discover what an all-inclusive approach to property really looks like!

To experience property renting and investing differently, reach out.