A property manager is a real estate professional who handles all aspects of managing rental properties, from finding tenants to collecting rent, handling maintenance, and acting as a conduit between landlords and tenants. They provide a range of services that can be tailored to a landlord’s specific needs and ultimately take the stress out of being a landlord. Recently, we wrote an article about what to look for in a Property Manager. This blog looks closely at three essential services a property manager does for you.
The two most important concerns for most landlords are that the property is tenanted for the maximum time frame possible and that the tenants care and look after your prized asset! You may be forgiven for thinking that it is easy to rent out the property yourself during a rental crisis. But bear in mind that you are losing potential income every month that your property is not being leased. A property manager will advertise and showcase your property for you, have open days, show prospective clients around and create a shortlist of potential tenants for you. They will also conduct all reference and credit checks, lease signing, and paperwork. The more you consider it, the more there is to do and the more that can go wrong. Every week that you fail to find the right tenant is a month of lost income, but accepting the wrong tenant could lose you both income and sleep!
Your property manager will ensure that the necessary legalities, paperwork and scheduling are set up and in place to ensure that your rent is paid in full and on time. They will also keep an account of all payments and costs and provide necessary next steps should there be delays on unpaid rental arrears. An essential point to consider here is the value of peace of mind – your property manager is paid to stay on top of rental payments, meaning that you do not have to be chasing any delayed payments or other financial-related interactions with the tenant. Furthermore, your agent can advise as to the best rental rates to ensure you are renting your property for the correct market return.
A great tenant looks after your property, pays the rent on time and is respectful of your neighbours. So it is more than wise to take great care of your tenant so that they are happy, which means they are more likely to stay long-term ( and avoid the costly process of changing tenants). There is little a professional and experienced property manager hasn’t seen before, so they can be the key to ensuring a smooth tenancy and happy long-term tenants.
Local Mercer and Cooper Property Manager Lisa Megrath points out that “Tenancy laws are more discerning than ever before and understandably look for landlords or their property managers to respond quickly to concerns that arise and then to take action to remedy the situation as cost and time-efficiently as possible.”
Queensland’s tenancy laws have been strengthened in recent years in favour of the tenant. Lisa says, “With the legal landscape constantly evolving, it’s more important than ever to have a property manager who can stay on top of changing regulations and ensure that landlords are in compliance. A property manager can help landlords to meet the expectations of discerning tenants and avoid disputes and legal issues.”
"Tenancy laws are more discerning than ever before and understandably look for landlords or their property managers to respond quickly to concerns that arise and then to take action to remedy the situation as cost and time-efficiently as possible.
People often think the best thing about property managers is that they are the first port of call when there is an issue. It goes without saying the property manager is the first contact when a tenant has an issue with the property. But this is not simply ‘fielding the call’ when there is an emergency – and then passing on a job to a plumber. When repairs or maintenance is required (which is inevitable on all properties), the manager arranges, manages and coordinates between the tenants and any contractors that are required.
Lisa recounts, “I once had a tenant with no gas on Christmas Eve. I was able to arrange for a repair to be arranged that day when for most people it would have been impossible at that time of year. This is because we have long-standing working relationships with local builders and tradies.”
The agent will keep an accurate log of all reported problems from tenants and will also complete regular in-person inspections to ensure that the property is up to standard and maintained and to arrange any preemptive and enhancing repairs as necessary. Finally, by ensuring that no issues are left unattended, the property manager ensures that no safety issues or tenancy violations occur, and if they do, they are addressed immediately, ensuring that your property and investment are kept safe.
Whether you own one or multiple properties, a property management agent will ensure that the property generates a steady income and that expenses are managed effectively. They also help to create a positive living environment for tenants and can prevent disputes and legal issues in the future.
At Mercer and Cooper, we have over 30 years of experience in real estate sales, development and property management. As part of our growing Gold Coast team, we recently welcomed Lisa Megrath, who will lead our property management division.
Lisa has over ten years of experience in property management and is renowned for her integrity. Lisa treats owners and tenants with courtesy and respect and always looks to act reasonably to ensure the best possible outcome for all concerned. She gains fulfilment in helping all her clients fulfil their real estate needs, and her emphasis on personalised service and attention to detail enables her to connect landlords and tenants positively. Lisa says, “in recent years, that has been a strengthening of tenants’ rights under the law. At the same time, tenants are more discerning and look for landlords or their property managers to respond quickly to concerns that arise and then to take action to remedy the situation as cost and time-efficiently as possible”.
If you’re curious to see how a property manager could transform your current processes or you’re looking to put your property on the market to rent, get in touch with us today at Mercer & Cooper to discover the difference it could make to your investment.
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