What Should Your Property Managers Be Doing For Their Money

Oct 27 2014 / 3:36 am Was written by Atwell & Co. Comments Off

Owning a rental property can be one of the best investments you can possibly make, but the actual process of renting and managing this property can be incredibly time-consuming and mentally draining. This is why the majority of people who own rental properties in Melbourne and elsewhere usually end up hiring a property manager to take care of everything for them.

By hiring a property management service, you will be free to sit back and wait for your monthly rental payments to come rolling in. Plus, you’ll actually have the time to enjoy your extra income, as you won’t have to struggle and spend hours dealing with tenants and all of the other many aspects of owning rental property. Of course, you will have to pay part of your monthly rental income to your property manager, but most people find it well worth it. After all, time is money, and the amount of time you will save by hiring a property manager will more than make up for the small amount you’ll have to pay to have someone manage your property for you.

Still, it must be noted that not all property managers are equal, so you should make sure you hire a full service property manager that will take care of absolutely everything for you.

Services Performed by Property Managers

As soon as you hire a property management company, they will first begin by inspecting the condition of your property to ensure it is ready to be rented out in its present condition. If the inspection shows any problems, they will then hire a company to perform ass of the necessary repairs or maintenance work. Once the property is fit for renting out, they will then begin the process of listing the property and taking applications from potential tenants. In addition to the initial inspection, your property manager should also perform further inspections at least twice a year, as mandated by the law.

At this point, they will then sort and screen all of the tenants, including but not limited to, performing a credit check through the National Tenancy Database. All of this will help to make sure that you get the right tenants in your property and that your new tenants will be able to meet their monthly rental obligations. When it comes to choosing the new tenants, you can retain control over the final decision if you wish, or you can simply let the property managers decide who they think is the best fit.

After making a decision on which potential tenants to rent the property to, the property manager will then prepare all of the necessary documents, including rental agreement, a document detailing the exact condition of the property, as well as collecting the bond and rental payments. The property management service will basically act as an intermediary between you and the new tenants, ensuring you never have to even meet the tenants if you don’t want to.

They will collect the monthly rental payments and distribute it directly to you, minus their fee of course. This means you’ll never again have to worry about trying to chase your tenants around to collect rent and late fees. Still, a property manager’s services don’t end here.

In addition to all of the things listed above, property management agencies will also ensure your property is being properly maintained. This means hiring people to take care of any required maintenance, repairs, and general upkeep. While this will definitely save you time, it should also save you money, as most property managers work with a team of professional repair men and other technicians. If you try to schedule any necessary repairs on your own, you may end up getting ripped off, or paying too much for a poor quality job. However, any good property manager will work with reputable professionals who do the job right the first time, and all for a very competitive price.

All of the above services are still only the tip of the iceberg when it comes to the services that a property manager will perform, and it would be impossible to list everything here. All you need to know is that if you’re serious about renting your property out but don’t want to do the work yourself, then hiring a property manager is definitely the best way to go.

Atwell & Co Real Estate
Unit 6 / 29-30 Grattan Street Prahran, Victoria 3181
Phone: (03) 9510 6203 URL of Map