What is the role of a property manager
Gosh, my first month with Tristen Scott, and now my first blog article. This could go one of two ways. It might be a fun read or a disaster. So buckle up, people, and let’s get into it…
This month, I’m talking a bit about myself and the role of a Property Manager.
First, let me introduce myself. I spent just over 12 years in finance, primarily in retail banking in branches, and a couple of years in a brokering firm. Then, I took a leap of faith and became the “all-rounder” here at Tristen Scott. I aimed for the title of Brand Ambassador, but ended up as the General Business Manager. However, there’s nothing general about me or my role. In the past month, I have revamped the website, taken over the social media account, and implemented an awesome new CRM. For those of you who don’t know what a CRM is – it stands for Customer Relationship Management system, and it’s going to help us manage and improve our interactions with our clients. Plus, it will save a ton of admin time, freeing up more time for fun.
Now, onto the day-to-day role of Property Management… Let’s explore what a property manager does, or should be doing. If yours isn’t, please let me know.
When it comes to investing in property, it’s far from a “set and forget” plan. It’s not like a Term Deposit. Trust me, I know—I’ve renewed enough of them over the years. An investment property is ‘dynamic’; it can have many moving parts. This is where a kick-ass property manager becomes your best asset. They can help you navigate the complexities, from maintenance to local laws, ensuring you achieve the best possible returns. They’re not just someone who collects the rent, although that is important too.
So, here’s what I believe a Property Manager should be doing for you, because I know we do it:
The property manager can ensure your place looks its best. They make sure the photos used are not blurry, uploaded incorrectly, or decades old. Presenting the property at its best starts with a good first impression. The property manager will also recommend when new photos are needed. You get a new driver’s license photo every 10 years because things change. So why should your property be any different? Additionally, consider adding a floor plan for rentals. Why should only properties For Sale get them? Write a thorough description about how amazing it would be to live there, getting more people excited and interested in your property.
A property manager’s role extends beyond placing anyone in a property. It’s about creating a harmonious partnership that benefits everyone. By conducting thorough background, financial, and employment checks, property managers ensure that the right tenant is matched with the right property. This attention to detail minimizes potential issues and sets the tone for a successful tenancy.
Property Maintenance and Routine Inspections:
Property managers play a pivotal role in maintaining the condition of your investment. From start to finish, they ensure your property is thoroughly inspected. This diligence not only prevents surprises but also keeps the property in optimal condition, benefiting both landlords and tenants alike. Property managers should also be forward-thinking and work with their owners to have a long-term maintenance plan in place for tasks like painting, new carpet, or major renovations.
Collecting rent is just one aspect of a property manager’s financial responsibilities. They work to ensure the consistent flow of income and address any arrears promptly. Property managers provide expert suggestions on tenant retention, guiding landlords on best practices to maintain healthy occupancy rates and stable cash flow. They also take the stress out of managing bills such as water usage, body corporate fees, and council rates.
The role of a property manager is multi-faceted and essential to a successful property investment. Whether it’s marketing, tenant selection, maintenance, or inspections, a property manager plays a pivotal role in managing the success of your real estate venture, goals, and journey.
Well, that’s enough from me.