What Should You Expect from a Property Manager

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What Should You Expect from a Property Manager?
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If you are owner of an investment property, it is
quite possible for you to hire a property
manager. Yes, you may consider placing
responsibility of your valuable asset in the
hands of an experienced professional. A
registered property manager can prove to be a
blessing. They take away your day-to-day struggle
of managing your property and makes your life
easy. 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
wont be worth your time, effort, and
money. Spending your hard-earned money just to
get nothing in return is the last thing you would
want to do. So, if you already have a property
manager by your side or you have delegated the
task of managing your property to a property
management group, then there are some things that
you might expect or look forward to such as
finding tenants, collecting rent, marketing your
rental, suggesting names, and also managing the
entire property. These are some of the common
and crucial duties that a property manager
performs in their day- to-day life. But there is
more to what they do in general and you as a
landlord must be aware of it. Property managers
are not just licensed professionals who takes
care of your property but they are the experts
who be in your shoes and act accordingly. Just
think of property managers as a persona, your
shadow who considers your property as theirs and
manages it as if it is their own. Everything from
a scratch is handled by them and all you do is
oversee if things are going fine or not. But
interestingly, here are the roles you can expect
a certified property manager to perform.
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Property Managers as a Landlord
Your property, your land and you are the
landlord. But who does the management? Your
property manager. They become the face of your
property and carry forward all the tasks related
to property all by themselves. Now, let us see
what tasks they engage themselves in and what can
you expect from your hired professional. As
already mentioned, there are some common tasks
that property managers carry. But those can
change too based on your needs and
agreement. Here are some of the more specific
tasks for a property manager as a
landlord. Communicate, negotiate and collect rent
Prepare a tenancy agreement Lodge, collect bond
payments Conducting regular inspections Arranging
repairs, breakage or maintenance Providing
notices and financial statements to the landlord
(i.e., you) Paying council rates and
taxes Issuing termination notices to tenants (if
need be)
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Property Managers as a Tenant
The property managers get commission. They are
paid for by the landlord, therefore the service
is entirely free for a tenant. Here are some of
the specific tasks that a property manager does
Providing a selection of houses for
rent Preparing a tenancy agreement Collecting
all payments Taking requests for maintenance,
damages, noise and complaints Being on the
toes. Acting on the requests promptly Respecting
peace and privacy (the most important of
all) Having a property manager who is dedicated
to your property will cater to all your demands,
assist you in every step. The above described are
some of the specific tasks that a property
manager takes in a day. Apart from that, let us
see what else you can expect from a professional
manager.
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A Good Relationship

• You would not hire a property manager for a day
  or two, or for that matter short time span. You
  would employ a professional for a longer period.
  So, expecting a good relationship is obvious.
  Healthy, open, and friendly relations can take
  you a long way in the journey of stress-free
  life with your investment property. You should
  be able to communicate openly and freely with
  your property manager. If you are hesitant and
  cannot talk to your manager as if you are talking
  to your best friend, it might not be a good sign
  of a long-term work relationship. Expect your
  property manager to be open with you regarding
  issues, tenants, agreements, and payments.
  Honesty, reliability, developing rapport, and
  understanding is must for a long-term working
  relationship.

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Guidance at Every Step
Expect from your property manager to guide you
every time you need an answer. The property
manager will be managing your asset so they are
bound to answer all your queries, clear your
doubts (if any). You can expect from your
professional property manager to guide you at
every step. If you think your asset manager is
not available, it is a red signal to break the
bond and look for someone else.
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Attention to Detail
Expect your manager to look into details of
agreement, laws, policies, and code of conduct.
Anything that goes wrong in terms of legalities
can cost you huge trouble. So, attention to
detail is a must. Thorough inspections and
reporting are needed. So, you should have
someone who can point out possible repercussions
and therefore be proactive in preventing
potential issues. As an owner or a tenant, you
are unlikely to know all of the ins and outs so
having an adviser on all matters demonstrates
their level of expertise.
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Meetings
Expect your property advisor to meet you often
whenever you need. Even though everything is
handled by a property manager, you would want
them to inform you about every big or small move.
Expect your property manager to meet you in
person, discuss details, and the next possible
move. Conducting meetings is one of the best
ways to understand and stay in touch with the
property advisor. Communication is important.
Lack of communication, not answering phone calls
or emails in a timely way should not be seen
acceptable. You should expect an effective
communication. Anything less than that can build
frustration and resentment. A lack of
communication can also be attributed to poor time
management. If your property advisor is not
highly organized, or cannot keep the track of all
properties with their clients, it might not be an
ideal professional relation.
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Strong Time Management Skills
Expect your property manager to manage time
effectively because they would not be working
only with you but might be handling other
properties too. So, expect from your property
advisor to be available whenever you need
them. If you find them busy due to heavy work
from a large property portfolio, then it is your
duty to ask them for an alternate plan or
coordination. Your property is as important as
others. If your asset or small issues are not
getting entertained, if you find delays in
getting your property issues solved, then it is
high time to communicate it to the property
manager. Expect responsive, timely communication,
and availability to handle queries.
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Problem Solving Skills
Any issue may pop up at any time. Expect your
property advisor to solve it rather than delay
it for days. Expect immediate solution because
pending tasks can frustrate tenant and this is
the last thing you would want to happen. Your
property manager should always look into the
solution and not dwell on it. Expect
suggestions, guidance, problem-solving ability,
and realistic solutions.
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People and Listening Skills

• Whilst it is a property industry, it is even more
  so a people industry. When working with peoples
  properties and tenants, emotions ultimately get
  involved. People needs to be treated with
  respect, empathy and courtesy. So, you would
  need someone who takes care of a property but
  more so the people residing in it and clients.
• Expect your property manager to listen to you
  effectively, concentrate on what is being said
  and understand. Acknowledge and accept the
  feedback too.
• Look for a property manager who keeps up with
  your expectations.
• The most helpful way is to ask for honest
  opinions, recommendations from family, friends,
  and colleagues.
• Apart from that, conduct your own research, find
  a property manager that suits your needs and can
  also deliver on your brief. Shortlist a few
  property managers, meet with individually and
  ask questions. Find out how many properties they
  manage, do they work in a team or go solo.
• If you are looking for a property management
  company , contact Freedom Realtors and let your
  valuable asset be in our hands.

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