What Your Property Manager Should Be Doing For You

What Your Property Manager Should Be Doing For You

Are you unsure about what your property manager does for you as a landlord? Or are there things you think they should be doing that they’re not? Here’s a guide to the responsibilities of a property manager, what tasks they should carry out and what they have the ability to do within the law.

Check out our video here or continue reading below:

Property Management Basics

As a general guide, your property manager should carry out all of the following list of tasks to be providing the most basic property management service:

  • Leasing of property including open for inspections, advertising and tenant vetting
  • Condition report (including photos) on the property before the tenant moves in
  • Bond lodgement
  • Lease preparation and execution
  • Collecting rent and creation of tenant ledgers
  • Payment of rent to property owners
  • Production of statements for property owners
  • Production of end of financial year statements for property owners
  • Carry out regular routine inspections (In Victoria, one every 6 months with the first after 3 months of the tenancy beginning)
  • Provision of routine inspections reports to owners
  • Management of maintenance requests from tenants, getting quotes, creating work orders and payment of invoices from the rent (If agreed by owner)
  • Regular rent and lease reviews to ensure the property is achieving its best rent and the tenancy remains as stable as possible

If a property manager does not at least carry out these basic functions, the service is severely lacking and you may need to consider another property manager or agency to ensure you are covered and properly taken care of.

Property Management Extras

Some agencies, such as Savoy Real Estate provide some extra services that are included in their fee structure to ensure a 5 star service. These may be:

  • Invitations to landlords for each routine inspection
  • Photos with routine inspections
  • Providing online owner access to important documents and information
  • Justified and in depth rent and lease reviews to assist the owner in making the best decision for their property and tenancy
  • Regular audits of files to ensure everything is in order and legally acceptable
  • In person checking of maintenance items so a more informed decision can be made on a course of action
  • Offer regular sales appraisals to ensure the owner always knows the value of their investment
  • Provision of information on landlord insurance, tax depreciation schedules and mortgage rates
  • Recommendations for excellent tradespeople for both the owner’s investment properties or other needs
  • The ability to offer a range of services such as regular gutter cleaning, smoke alarm maintenance, pool fencing compliance and gas appliance servicing on a regular basis to ensure compliance of the owner’s property

All the above “extras” are to benefit the owner and their property. From covering the owner in terms of legal liability as well as maximizing their investment’s potential.

Level of Service

All agencies offer a different level of service, but at Savoy we believe that the minimal acceptable standard is nothing short of excellent. For example:

  • Communication with all clients should be fast, efficient and informative
    • Our property managers and support staff are required to respond to all forms of communication within 24 hours even if it’s simply to say we are working on the request
  • Information provided should be sourced correctly and not guess work
    • For example, information on landlord insurance should be in the form of brochures of a PDS from the insurance provider, ensuring the information is as accurate as possible
  • Services such as routine inspections and condition reports should be thorough, leaving no stone unturned
    • For example, a Savoy condition report on a 3 bedroom, 1 bathroom property will typically encompass around 600 photos of the property covering every inch of it
  • Property managers should be patient, informative and understanding in dealing with all clients
    • It’s important for property managers to remember that a lot of the information they know, is not common knowledge and it’s important that explanations are given for their actions to assist and educate landlords and tenants
  • “I’ve done my job” or “That’s not my job” is never the correct answer
    • At Savoy, our service is 100% comprehensive, anything that we can legally do as a real estate agent to assist a client with their investment property will be done

 

Is your property manager performing as they should be? If not and you’re thinking of making a change, feel free to contact Jess at Savoy Real Estate on 0417 787 985, he’ll be sure to help you out.

 

* The above information is general in nature and may not apply to your situation. The above information is in accordance with the current legislation as at the 13th of July, 2018.

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