Why Engage a Professional Property Manager?

A thorough tenant screening can be the difference between a long, lucrative tenancy and a year of headaches. Every prospective tenant’s rental history, employment status and credit rating must be thoroughly examined to confirm they can meet the obligations of the lease agreement. Speaking of lease agreements, these need to be drafted clearly in a way that plainly outlines the rights and responsibilities of both parties under current local legislative laws. If you’re self-managing, a real estate solicitor can help confirm that your agreement aligns with local laws. However, if you choose to engage a professional property manager, all of this is done for you for a watertight contract and peace of mind.​​​​​

Effective communication with tenants is vital to ensure they understand their obligations and to protect your asset. Enquiries and maintenance and repair requests must be responded to promptly and, if a tenant falls into arears, rent reminders and follow-ups are critical. Communication is also about building trust, so it is important to be transparent about inspections or any upcoming changes. A professional property manager will engage with your tenants through regular updates or small gestures, such as newsletters or holiday cards. This can help create a positive relationship, making tenants more likely to renew their leases.

Regular property inspections not only help identify any potential issues before they become expensive repairs, but they’re also instrumental in preserving the value of your property. Scheduling maintenance tasks like landscaping and leaf cleanup in accordance with the seasons is another great way to be proactive and prevent problems from escalating into hazards. A professional property management team has access to a network of reliable contractors, saving you time and money in the long run. Your property manager also knows what to look for when conducting routine inspections and the action to take when issues are identified.

Along with keeping accurate records of all income and expenses, having a detailed budget in place that covers maintenance, taxes and insurance can go a long way. This will also encourage you to pay your contractors or other vendors promptly and keep those good relationships intact if you are self-managing your investment property. Don’t be afraid to lean on the many tools available to help you effectively manage your finances as a landlord, such as property management software with automatic rent collection and maintenance ticketing systems. These benefit your tenants, too. However, if you have your property professionally managed, the only financial planning you would need to be concerned with is your own budgets to cover regular and incidental costs.

While tenant screening is a key ingredient of a harmonious and lucrative tenancy, disputes can still arise at any point. Having a clear conflict resolution process in place will help prevent escalation. However, if the situation does escalate, the issue may need to be taken to the NSW Civil and Administrative Tribunal (NCAT) for independent assessment and a legally binding resolution. The risk of escalation is significantly reduced in properties that are professionally managed because a professional property management team will have systems and processes in place that enable them to address and resolve issues early.

Should you decide not to renew a lease, or your tenant gives notice to vacate, your property will need to be advertised in a way that attracts the right target market. When this happens, the rental price will also need to be re-examined and potentially adjusted to ensure it is in line with the current marketplace and open homes for inspection by potential new tenants must be organised. Once again, a professional property management team will handle all of this for you.