Managing a property can be time-consuming and complex, especially if you have multiple properties to oversee or lack the necessary expertise. That’s where a professional property manager comes in really handy.
Here are six ways property managers can make your life as a property owner easier by managing various aspects of your investment for you.
1. Tenant screening and selection
According to Jaime Pratt, Head of PM at VPM, one of the primary responsibilities of a property manager is finding suitable tenants for your property. “It takes time and patience to screen for quality tenants. Property Managers conduct comprehensive background checks, verify employment and income, and analyse rental histories to ensure that only reliable tenants occupy your premises,” she says. “By thoroughly screening applicants, property managers minimise the risks of rent defaults, property damage, and evictions, saving you time, money, and stress in the process.”
2. Timely rent collection
There’s no doubt that collecting rent from tenants can be challenging at times. Property managers get to know and understand your tenants, building relationships with them. This way, if an issue arises, they can manage the situation as best as possible, ensuring rental payments are collected on your behalf promptly and consistently. “Property Managers have established systems in place to track rent payments, send out reminders, and handle any late payments and evictions if necessary.”
3. Property maintenance and repairs
Maintaining your property in good condition is vital for its long-term value and to ensure tenant satisfaction. Property managers use a systematic and strategic approach to oversee routine maintenance tasks such as landscaping, cleaning, and repairs. “Good property managers are well-connected with a reputable network of trusted contractors and vendors who can quickly address any issues that arise,” Jaime says. “By proactively maintaining your property, they help prevent small problems from becoming larger ones and help avoid expensive repairs, saving you time, effort, and money.”
4. Legal and regulatory compliance
It can be daunting to navigate the complex web of legal and regulatory requirements in real estate alone if you don’t have the training or experience to do so. Property managers stay on top of current laws and regulations to make sure your property complies with all local, state, and federal regulations. They handle lease agreements, property inspections, safety requirements, and eviction processes, protecting you from potential legal disputes or penalties.
5. Finding your future tenants
Having your investment property sit vacant is not ideal for any property investor. When your tenant leaves, it’s crucial to have the home occupied again as soon as possible to avoid any loss of revenue. Property managers can target new tenants swiftly and efficiently using effective marketing strategies. Jaime explains that by creating attractive property listings, utilising online advertising platforms, and tapping into their network of contacts to reach a vast pool of prospective tenants, property managers can minimise vacancy periods, resulting in minimal loss of consistent rental income.
6. Financial management and reporting
Keeping track of your investment property’s cash flow and budget is a daily exercise - and it can be overwhelming, especially if you own multiple properties. Property managers provide detailed financial reports, including income and expense statements, rent roll summaries, and tax documentation, which help you have a clear overview of your property’s financial performance and facilitate accurate record-keeping, making tax time so much easier.
Hiring a property manager is a great investment if you want to take a step back from managing your investment property daily and maximise your returns. You’ll save time by not having to screen tenants or collect the rent yourself, you’ll feel confident that your property meets legal compliance and know that there are no unforeseen maintenance expenses with regular checks in place. To find out how we can assist you by saving you time, reducing stress, and increasing the overall investment profitability, chat with one of our qualified property managers experienced in the daily operations of real estate investments.
