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A property manager is a professional individual or entity hired by the property owner (the landlord) to oversee and manage the investment property. In Victoria, how they work and deal with issues are regulated by the Residential Tenancies Law 1997 and its new regulations established on 29th March 2021.
Compared to self-management by the property owners themselves, hiring a property manager or rent manager to take care of the investment properties can benefit property owners in quite a few aspects such as:
On rental property management market, for the landlords, a rent manager’s job starts from the moment the Managing authority is signed by both parties and the keys are collected. For vacant properties, the property manager will examine the property’s condition and make sure it complies the minimum living standard regulated by the Tenant Law.
After the property is well prepared, a professional photographer will be appointed to produce photos for the leasing advertisement (not applicable if photos are already provided). A good property manager should have access to most popular advertising platforms such as realestate.com.au and others, preferably in different languages too. A lot of times, because the experienced property manager team has a tenants pool, they can save you the advertisement fee and other expenses by internally securing good tenants. By setting up appointments of open inspections, the property manager will attend the inspections and lead the tenants, therefore obtain the market feedback for you.
When there are prospected tenants apply for the property, the property manager is responsible to conduct background check and assessment, then present the details to the landlord. Once decided, a lease agreement will be provided and signed by both the landlord and the tenants.
After the move-in, the property manager is responsible to collect the right amount of rent on time and attend to the matter if it’s paid late or less. They are also responsible to respond the tenants’ request of repairs and maintenance and coordinate with landlords and third-party suppliers. A good property manager will have abundant knowledge to identify the issues to assist the tenants better as well as save troubles for the landlords.
As a standard, a routine inspection is to be arranged every six months during the lease to make sure the property is under good conditions.
Please note, a good property manager shall not only be a good help of the landlord, but also the tenants. By establishing a good liaison with tenants, the property manager will be able to keep the good tenants for a long time and make sure the properties are under good care. In this way, there could be less damage cost and fewer vacancy days between two leases.
In Rented Property Management Melbourne, we hire experienced and reputable property managers to ensure the quality of our service. Our team is enthusiastic about properties and attentive to people, working closely with each other to create a harmonious and positive dynamic. We believe that a property manager is a profession that should not be under appreciated, therefore, we are working to a high standard to earn the reputation.
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