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What Should You Expect from a Property Manager

Owning a property is just like having a baby. You have to take care of it, nurture it, and help it grow (in terms of revenue, right?). If you have a property, you would never want it to sit in the market vacant for a long time. It wonu2019t be worth your time, effort, and money. If you want to get more information regarding property manager commission then visit our website. Read more: https://medium.com/@freedomrealtorsau/what-should-you-expect-from-a-property-manager-a7649fc42915

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What Should You Expect from a Property Manager

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  1. What Should You ExpectfromaProperty Manager?

  2. Ifyouareownerofaninvestmentproperty,itisquitepossibleforyoutohireapropertymanager.Yes,you mayconsiderplacingresponsibilityofyourvaluableassetinthehandsofanexperiencedprofessional. Aregisteredpropertymanagercanprovetobeablessing.Theytakeawayyourday-to-daystruggleof managingyourpropertyandmakesyourlifeeasy. Owningapropertyisjustlikehavingababy.Youhavetotakecareofit,nurtureit,andhelpitgrow(interms ofrevenue,right?).Ifyouhaveaproperty,youwouldneverwantittositinthemarketvacantforalongtime. Itwon’tbeworthyourtime,effort,andmoney. Spendingyourhard-earnedmoneyjusttogetnothinginreturnisthelastthingyouwouldwanttodo.So,if youalreadyhaveapropertymanagerbyyoursideoryouhavedelegatedthetaskofmanagingyourproperty toapropertymanagementgroup,thentherearesomethingsthatyoumightexpectorlookforwardtosuch asfindingtenants,collectingrent,marketingyourrental,suggestingnames,andalsomanagingtheentire property.Thesearesomeofthecommonandcrucialdutiesthatapropertymanagerperformsintheirday- to-daylife.Butthereismoretowhattheydoingeneralandyouasalandlordmustbeawareofit. Propertymanagersarenotjustlicensedprofessionalswhotakescareofyourpropertybuttheyarethe expertswhobeinyourshoesandactaccordingly. Justthinkofpropertymanagersasapersona,yourshadowwhoconsidersyourpropertyastheirsand managesitasifitistheirown. Everythingfromascratchishandledbythemandallyoudoisoverseeifthingsaregoingfineornot.But interestingly,herearetherolesyoucanexpectacertifiedpropertymanagertoperform.

  3. PropertyManagersasaLandlord Your property, your land and you are the landlord. But who does the management?Yourpropertymanager.Theybecomethefaceofyourproperty andcarryforwardallthetasksrelatedtopropertyallbythemselves.Now,letus seewhattaskstheyengagethemselvesinandwhatcanyouexpectfromyour hiredprofessional. Asalreadymentioned,therearesomecommontasksthatpropertymanagers carry.Butthosecanchangetoobasedonyourneedsandagreement. Herearesomeofthemorespecifictasksforapropertymanagerasalandlord. Communicate,negotiateandcollectrent Prepareatenancyagreement Lodge,collectbondpayments Conductingregularinspections Arrangingrepairs,breakageormaintenance Providingnoticesandfinancialstatementstothelandlord(i.e.,you) Payingcouncilratesandtaxes Issuingterminationnoticestotenants(ifneedbe)

  4. PropertyManagersasaTenant Thepropertymanagersgetcommission.Theyarepaidforbythelandlord, thereforetheserviceisentirelyfreeforatenant. Herearesomeofthespecifictasksthatapropertymanagerdoes; Providingaselectionofhousesforrent Preparingatenancyagreement Collectingallpayments Takingrequestsformaintenance,damages,noiseandcomplaints Beingonthetoes. Actingontherequestspromptly Respectingpeaceandprivacy(themostimportantofall) Havingapropertymanagerwhoisdedicatedtoyourpropertywillcatertoall yourdemands,assistyouineverystep. Theabovedescribedaresomeofthespecifictasksthatapropertymanager takesinaday.Apartfromthat,letusseewhatelseyoucanexpectfroma professionalmanager.

  5. AGoodRelationship Youwouldnothireapropertymanagerforadayortwo,orforthatmattershort timespan.Youwouldemployaprofessionalforalongerperiod.So,expectinga goodrelationshipisobvious.Healthy,open,andfriendlyrelationscantakeyoua longwayinthejourneyofstress-freelifewithyourinvestmentproperty.You shouldbeabletocommunicateopenlyandfreelywithyourpropertymanager.If youarehesitantandcannottalktoyourmanagerasifyouaretalkingtoyour bestfriend,itmightnotbeagoodsignofalong-termworkrelationship.Expect your property manager to be open with you regarding issues, tenants, agreements, and payments. Honesty, reliability, developing rapport, and understandingismustforalong-termworkingrelationship.

  6. GuidanceatEveryStep Expectfromyourpropertymanagertoguideyoueverytimeyouneedananswer. Thepropertymanagerwillbemanagingyourassetsotheyareboundtoanswer allyourqueries,clearyourdoubts(ifany).Youcanexpectfromyourprofessional propertymanagertoguideyouateverystep.Ifyouthinkyourassetmanageris notavailable,itisaredsignaltobreakthebondandlookforsomeoneelse.

  7. AttentiontoDetail Expectyourmanagertolookintodetailsofagreement,laws,policies,andcode ofconduct.Anythingthatgoeswrongintermsoflegalitiescancostyouhuge trouble.So,attentiontodetailisamust.Thoroughinspectionsandreportingare needed.So,youshouldhavesomeonewhocanpointoutpossiblerepercussions andthereforebeproactiveinpreventingpotentialissues. Asanowneroratenant,youareunlikelytoknowalloftheinsandoutssohaving anadviseronallmattersdemonstratestheirlevelofexpertise.

  8. Meetings Expectyourpropertyadvisortomeetyouoftenwheneveryouneed.Eventhougheverythingishandled byapropertymanager,youwouldwantthemtoinformyouabouteverybigorsmallmove.Expectyour property manager to meet you in person, discuss details, and the next possible move. Conducting meetingsisoneofthebestwaystounderstandandstayintouchwiththepropertyadvisor. Communicationisimportant.Lackofcommunication,notansweringphonecallsoremailsinatimely wayshouldnotbeseenacceptable.Youshouldexpectaneffectivecommunication.Anythinglessthan thatcanbuildfrustrationandresentment. Alackofcommunicationcanalsobeattributedtopoortimemanagement.Ifyourpropertyadvisoris nothighlyorganized,orcannotkeepthetrackofallpropertieswiththeirclients,itmightnotbeanideal professionalrelation.

  9. StrongTimeManagementSkills Expectyourpropertymanagertomanagetimeeffectivelybecausethey would not be working only with you but might be handling other properties too. So, expect from your property advisor to be available wheneveryouneedthem. Ifyoufindthembusyduetoheavyworkfromalargepropertyportfolio, thenitisyourdutytoaskthemforanalternateplanorcoordination. Yourpropertyisasimportantasother’s.Ifyourassetorsmallissuesare notgettingentertained,ifyoufinddelaysingettingyourpropertyissues solved,thenitishightimetocommunicateittothepropertymanager. Expectresponsive,timelycommunication,andavailabilitytohandle queries.

  10. ProblemSolvingSkills Anyissuemaypopupatanytime.Expectyourpropertyadvisortosolve it rather than delay it for days. Expect immediate solution because pendingtaskscanfrustratetenantandthisisthelastthingyouwould wanttohappen. Yourpropertymanagershouldalwayslookintothesolutionandnot dwellonit.Expectsuggestions,guidance,problem-solvingability,and realisticsolutions.

  11. PeopleandListeningSkills Whilst it is a property industry, it is even more so a people industry. When workingwithpeople’spropertiesandtenants,emotionsultimatelygetinvolved. Peopleneedstobetreatedwithrespect,empathyandcourtesy.So,youwould needsomeonewhotakescareofapropertybutmoresothepeopleresidinginit andclients. Expectyourpropertymanagertolistentoyoueffectively,concentrateonwhat isbeingsaidandunderstand.Acknowledgeandacceptthefeedbacktoo. Lookforapropertymanagerwhokeepsupwithyourexpectations. Themosthelpfulwayistoaskforhonestopinions,recommendationsfrom family,friends,andcolleagues. Apartfromthat,conductyourownresearch,findapropertymanagerthatsuits yourneedsandcanalsodeliveronyourbrief.Shortlistafewpropertymanagers, meet with individually and ask questions. Find out how many properties they manage,dotheyworkinateamorgosolo. Ifyouarelookingforapropertymanagementcompany,contactFreedom Realtorsandletyourvaluableassetbeinourhands.

  12. GET IN TOUCH 1RaphaelSt,HallamVIC3803 0476372002 rentals@freedomrealtors.com.au ContentResource: https://medium.com/@freedomrealtorsau/what-should-you-expect-from-a- property-manager-a7649fc42915

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