How often do you hear from your property manager?
When you entrust someone with managing something as important as an investment property, it should be a relationship built on two-way communication.
The ideal property manager will understand your goals and priorities for the home and work with you to achieve them.
Which begs the question, how often do you hear from your property manager? Because, with the right person managing that property, communication will be regular and proactive, not just when something goes wrong.
The role of a property manager
A property manager is there to protect the value of one of your most important financial assets. Their role involves:
- Advising you on the right rental price
- Advertising the property for rent
- Finding great renters
- Ensuring the rent is paid on time
- Managing all the legal documentation associated with renting a property, including drawing up the rental agreement and lodging the rental bond
- Handling any maintenance and repairs
- Conducting routine inspections
- Protecting the rights of both the property owner and resident
- Navigating the applicable rental law
What good property management looks like
A good property manager makes all of the above look effortless, but in addition they are proactive in the way they look after the property and communicate with both you and the occupier.
When you hear from them, it shouldn’t just be to report a problem. It should also involve understanding what you want to achieve with that property, while liaising with the renters to ensure good occupiers have a good rental experience too.
When you should hear from them
So when should you hear from your property manager? Well, as we mentioned, it should be relatively regular communication that is both proactive and reactive.
As a minimum, you should hear from your property manager when the following occurs:
- When something needs to be repaired at the property.
- When they identify maintenance should occur to protect the property’s value.
- After they have conducted a routine inspection, including any issues they have identified, any improvements they suggest or any requests the renter has made.
- Well in advance of the end of a rental agreement to discuss your options moving. forward, including information about the state of the local market and the rental price they believe your property should command.
- If the renter falls behind on their rent and how the property manager intends to resolve the situation.
In addition, a great property manager will also provide proactive communication about:
- The general state of the rental market and property market in the region.
- Any changes to rental law which will likely impact you and their recommendations for what you should do.
- Advice on any future improvements or maintenance that should occur at your property.
- General feedback about the renter’s experience at the property, including potential issues, the condition of the home, and whether the renter is happy residing there.
- Reminders of when rates or body corporate fees fall due.
- A courtesy call just to touch base, to understand where you are at and how you feel about the rental process.
The final word
Great communication is key to a good rental experience for all parties involved in the rental process, and it’s what you should expect when someone is managing an asset that is as significant as a property.
If you’re only hearing from your property manager when something goes wrong or do not feel you are receiving the level of communication you deserve, it could be time to consider whether this is the person who should be entrusted with managing your asset.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
