The 6 Key Things Your Property Manager Should Be Doing

Settling on your investment property is not the end of the process; it’s just the beginning. Certainly, once you’ve settled, the next step would be to look for tenants — but that, too, isn’t all that’s left to do. You would also need a property manager.

Being a landlord means you have several rights and responsibilities that you need to take into consideration and implement. These include being able to pay your bills on time, conduct inspections, manage repairs and, most especially, secure your tenants as well as to ensure that their rental payments are coming in without any inconvenience. In other words, managing your property is just as important as the time you spent finding and settling on your investment property.

Fortunately, there is one way you can do to make your life easier when it comes to managing your property. How? By appointing a skilled property manager, you can definitely lessen the stress associated with being a landlord.

Here are some key tasks that an effective property manager will do for you:

Choose, Vet and Secure Potential Tenants

This is a critical area that your property manager can undoubtedly help you with. Aside from the fact that this is their area of expertise, property managers have all the skills and knowledge to advertise your property, be it online or not, to reach prospective tenants. They will also make time to conduct inspections, so interested tenants can view the property and submit their application.

From there, property managers will dedicate time to carefully assess each applicant. They can also make use of their access to a tenancy database, which allows them to see and review the rental history of potential tenants. With this, they are able to give you best advice and suggestions on the best applicant for your property.

Conduct Regular Inspections

Once you have secured a tenant, the works of your property manager do not stop there. He or she is also responsible for conducting regular inspections on your property to ensure that it is being taken care of well by your tenants. Your property manager will also provide you with a detailed report, including photos, and a list of notes about what needs to be tended to or repaired. The report will also serve as part of your records to make sure that nothing is left damaged or broken at the end of the tenancy.

Maintain and Manage All Repairs

In relation to the above point, your property manager will be informed, throughout the course of a standard tenancy, of all the tenants’ repair requests. From fixing a running toilet to a more serious and urgent matter like a water system flooding your property, he or she will take care of inspecting the damage and coordinating repairs while keeping you posted.

Handle the Bills and Paperwork

Another thing that your property manager can do for you is to take care of all the bills and paperwork including the collection of rent each month and the management of lease papers and inspection reports. Whether it is rates, water bills, or invoices from any tradespeople, your property manager will keep on top of these on your behalf.

Provide Property Market Strategies

The property market is always changing! What’s good about this, though, is that your property manager will always be updated when it comes to the real estate market, and he or she will make sure to provide you with proper guidance on things like rental increases and such other changes that would help you have the highest return on your investment.

Maintain a Professional Relationship

Being knowledgeable about tenancy laws allows you to maintain a professional relationship with your tenants. Fortunately, property managers are experts in this area, so they can ensure that laws and legislations are always upheld. They are also capable of mediating any issues between the tenants and yourself in case there is a need.

At Reval, we have a team of passionate, dedicated, knowledgeable, and professional property managers to help you with all your investment property needs. If you aren’t experiencing any of the above points, reach out to us to have your investment property managed correctly.