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Get The Most Out Of Your Property Manager

Get The Most Out Of Your Property Manager

5 tips to get the most out of your property manager

A property manager is your friend indeed when you’re in need of property management help. Perhaps you’re not good at managing properties, you have no experience as a landlord, or your profession demands time and effort. If that’s the case, then hire a property manager who specialises in the services you need. Hiring a professional is just the first step. Managing the property is quite another matter. To get high returns from your portfolio, you have to tap into your property manager’s skills and capitalize on them. But how do you really do that? Just read on.

Focus on your property

Managing individuals and assets is a property manager’s line of work. They are responsible for tenants, rents and maintenance. Besides that, they are in charge of marketing the property and finding new tenants. A lease expiring or a tenant moving out can cost you dearly if another tenant does not move in soon. You can’t let your apartment be vacant for long. This can bother you financially. To relieve such financial headaches, hire a professional who puts
your property first. The property manager must cut vacancy rates and set a rent that attracts tenants.

Build trust

Property managers handle many things. They collect rent, take care of your property and manage the budget. If these tasks are left to an unscrupulous professional, you may incur significant losses. To avoid instances such as late rent collection, poor property condition and out of control budget, use a manager who is trustworthy and who minds your investment and business interest. From tenant screening to rent collection and proactive maintenance, your portfolio manager must be your trusted aide and be impeccable at the job.

Hire locals

Only hire a local property manager. Locals know the market better, are familiar with rental laws and are economical. In addition, they pay regular visits, collect rents on time and handle disputes efficiently. As they are locally based, they can properly price your property and advertise it to buyers who are interested in the area you are in. Rental laws can vary from one state to another. Make sure your property manager knows the local laws and statutes.

Emphasise on marketing

Marketing is essential in advertising rentals and getting tenants. Today, property owners list their properties online where potential buyers are looking for land and apartments. That said, your property manager should manage the marketing of your real estate. It’s a plus if the manager has a website and is active on social media. In addition to a well-maintained website and social media profile, the manager must keep up with the latest property management
marketing trends.

Automate processes

Property management is not an easy task. That’s why you hired a property manager in the first place. To simplify work processes, you have to embrace technology. In this digital age, instantaneous response and streamlined procedures are vital. Tenants want immediate feedback and prospects want to occupy apartments as soon as possible. Property management software makes it easier and quicker to respond to emergencies and to lease apartments. It also enhances communication and management of records.

Credit to Aero Property Management for these insights. Get in touch with them if you’re based in South Melbourne.

10 Questions To Ask Your Property Manager

10 Questions To Ask Your Property Manager

10 important questions to ask your property manager

 

When hiring a property manager, it’s highly important to determine whether they’re the perfect fit for you and your property. The questions you ask will help you to determine their knowledge, skills, and level of service. When you first call or meet your property manager, ask relevant questions like…

1. Are you certified and licensed?

In most states, rental managers are required to have a license in order to show apartments. Similarly, you may want to know if the manager has acquired the training and knowledge required to receive proper certification.

2. Do you have local experience?

To get an overall picture of the property manager’s experience, ask them how long they have been in business, what type of properties they’ve managed, how many properties they’re currently managing and if they have experience dealing with a property like yours.

3. What is your pricing structure?

Most property managers charge a management fee. Besides that, ask if there are additional charges for services like advertising, maintenance, evictions, tenant placement etc. Talking of services, ask…

4. What types of services do you offer?

Generally, property management companies provide numerous services, including maintaining/repairing your property, advertising your property, collecting rents, etc. However, the services offered can be tailored to your personal needs and expectations. So, make sure your needs and expectations are covered in the contract.

5. Do you perform property inspections & repairs?

Know what types of property repairs and maintenance the property manager performs. Also, find out how long they take to respond to tenant repair requests, and if you need to deposit a certain amount of money up front into a repairs/maintenance fund.

6. Where do you hold funds and how do you handle money?

Determine when and how you’ll receive your money and whether you’ll be paid by check or by direct deposit. You may also want to know where the building funds will be held and where the tenant’s security deposits are kept. Make sure the manager sends you the monthly expense and income reports.

7. How do you deal with problematic tenants or difficult tenant situations?

Ask the property manager to describe an instance where they faced a difficult tenant situation, plus how they managed to resolve the situation. Of importance, ask how they deal with tenants who default on rents, break the tenancy rules or cause damage to the property.

8. What procedures do you take to fill vacancies and retain tenants?

Establish exactly how the rental manager finds and screens prospective tenants and how long they take to fill vacancies. What’s more, they should tell you how they set the right rents for the property, plus when and how they collect the rents each month.

9. Are you conversant with the tenant laws?

Property managers who are familiar with the landlord-tenant laws can save you headaches associated with lawsuits. The manager you hire should be knowledgeable about the state and federal housing laws, your property’s safety codes and pet policies.

10. Can you provide references?

Reputable property management firms should give you names of clients – past and present – who you can speak to and ask about their experiences.

Lastly, make sure you ask your property manager how they communicate. Communication is very important, particularly if you live far from your property. Whether you’re in regional South Australia or in Adelaide there are great property managers across the state. We hope you’ve found these 10 questions to be helpful when dealing with your property manager.

Routine Management Advice: Regular Tenant Inspection

Routine Management Advice: Regular Tenant Inspection

The landlord should provide a notice of inspection forty-eight hours before the inspection. They should first discuss on the time allocation for the inspection before it occurs. It is not compulsory for the tenant to be present during the inspection. If the tenant won’t be present during the inspection, the owner should provide a list of the things to inspect to the tenant.

The inspection should be taken at a reasonable time of the day. A regular inspection on the tenant is important as it helps prevent more or worse damages on the house. The damages may include a problem with the stove, leakage on the ceiling or even a broken pipe in the house As soon as the damage takes place in the house, the tenant should report to the owner or manager immediately. Also, it is done for health safety issues as a result of the above damages, the owner should check on how the tenant is taking care of his / her property. This isn’t a major problem in South Australia, but still, something to be cautious of.

Before the owner hands over his property to a tenant, he/she should first provide a checklist and an agreement including rules and regulations of the owner to the tenant, for them to read before getting into the house and it should be signed by both of them. This is to ensure that there is proof they had an agreement just in case one of them goes against what they promised. The checklist should contain the following; 1.General cleaning of the house.(this includes all rooms, floors, walls, and ceiling) 2. Gardening and trimming of grass. 3. Mould from surfaces.

During the inspection, the inspector should have a camera to take photos of the things they are inspecting and they should leave things of the tenant as they found them. It is important for the tenant to make sure they make sure everything is clean and in order before the day of inspection. The tenants should take good care of the landlord’s property as if they own them. It is important to create or have a good relationship between the owner and the tenant. A good relationship ensures stress-free communication between the two parties and this even makes the inspection easy because the tenant will cooperate. It also encourages a long time living off the tenant.

The inspection also helps the owner spot any illegal practices of the tenant if any. This encourages safety in the neighbourhood. Owners inspect their property just to be sure that the tenant is taking care of their property as per the agreement.