A great Property Manager is a difference between an investor having a rewarding stress-free investment or a constant time-consuming hassle.
Often investors underestimate the complex nature of property management and it requires comprehensive knowledge of the legislation and experience to elevate a property manager from adequate to exceptional. Investors should look for a Property Manager that has extensive knowledge of the legislation, is highly experienced, able to deliver on the critical issues (lease renewals, rent increases, maintenance, inspections etc.) and who will go above and beyond.
A great property manager will keep in constant contact with investors, either through email, telephone calls, rental management reports, market updates etc. Communication should be clear and concise to both the investor and tenant (where required) to ensure that there are no problems at any time during the property management.
A great property manager will not only know the legislation inside out but will also know how to apply the legislation correctly. This is a critical aspect of property management as the incorrect application of the legislation can result in financial loss for investors. A leading example is in the case of malicious damage how a property manager must present the case to VCAT to ensure the Member agrees it is malicious damage to ensure the investor can then make a claim under their landlord insurance. Most insurance companies will not pay out a claim for property damage caused by a tenant without a ruling by VCAT for malicious damage and results in a costly experience for investors.
In addition to this property managers must be able to stay abreast of the changes in legislation as these laws change constantly and can be quite intricate. It is important that property managers have a firm grasp on these matters.
- People Skills
A great property manager will place people as their highest priority and promote themselves as a trusted advocate for investors, tenants, and colleagues. It is their level of experience and knowledge which makes investors feel as though they have someone they can trust to manage and maintain their investment.
Personal and professional are closely aligned however it is imperative property managers maintain a certain level of professionalism when dealing with tenants, investors, and tradespeople etc. A great property manager is, but kind, and is comfortable dealing with sensitive issues such as the condition of a property or rent increases.
Property managers are busy! A great property manager has systems and procedures in place for maintenance, rental payments, rental arrears, inspections etc and they are able to stay focused when things get busy. This means maintaining open lines of communication, being professional at the same time as being able to get on top of the ‘To Do’ List.