What makes a good property manager?
Not everyone is suited to being a property manager. It takes someone with a lot of heart, empathy, understanding, common sense, intelligence, honesty, practicality, patience, quick thinking and above all respect. A property manager should possess the ability to communicate to all parties including landlords, tenants, contractors, body corporate committees and other third parties in order to effectively manage the property to the very best of their ability. After all, a property manager is responsible for the management of most property owner’s largest assets and therefore should not take their role lightly.
At Ellie Jean we understand that being able to contact us by your preferred method is important. Communication is key to any great relationship, which can be said for all facets of life and in particular; property management. That is why our property managers are contactable via office, mobile and email 24/7. Property managers are mediators and sit at the heart of the relationship between landlords and tenants, therefore it makes perfect sense to relay information in a timely and effective manner. That is why at Ellie Jean, we make it a priority to get back to you within an hour when you call the office.
Ongoing training and education
As a highly regulated industry, it is important for property managers to remain current and up to date with all legislation, government and local council rules and regulations. A high performing property manager will be able to provide tenants and landlords with the correct information at any time and will invest in continued learning and professional development.
Local market knowledge
Your property manager should be familiar with the local market to make sure you, the investor, is receiving the maximum return on your property. Knowledge of the area, any developments or future infrastructure, supply and demand are some factors they should be aware of. When familiar with the area, a property manager can effectively communicate the benefits and advantages to prospective tenants with ease.
An effective property manager will maintain a positive, can-do attitude always. Let us not kid ourselves, there are sometimes disputes between parties, so an ability to stay calm when things are not going as expected, is a great attribute to possess.
Sourcing the most suitable tenant
A system for screening and finding quality tenants should help automate the process, such as reference and database checks. Of course, the final decision on who shall reside in the property, lies with the property owner. The property manager should compile all information and screen suitable tenants, prior to presenting to the landlord. You should always receive information about income and affordability (no more than 30%), previous rental references including rental payments and care of the property, personal references, pet references and preferred terms of lease. Once all of this is provided, you should be able to make an informed decision based on the verified information.
Attending to maintenance in a timely manner
Tenants can report maintenance directly to the property manager and it is their obligation to report this maintenance to the owner. This is an especially important role, as maintenance ‘quickly’ attended to can minimise the risk of further repairs required, or damage to the property. During regular routine inspections the property manager also has the ability to identify and report routine maintenance that my need attending to. Items checked on this inspection should include flexi hoses and suspected water leaks in wet areas. This is to protect your asset, and increase the return on investment, as the property will not become neglected.
Software and available resources
A good property manager invests in resources that allow for superior record keeping, property inspections management and database management. This allows for efficiency and effective time management, which is not always available to owners who choose to self-manage. At Ellie Jean Real Estate our cloud-based software, Propertyme™ allows owners and tenants to go online and view their statements, rent payments, maintenance, and inspection reports.
Advertising and marketing
Professional marketing and advertising will ensure your rental property is presented in the best possible light, with the most effective advertising package on realestate.com.au.
Good experience is preferred
A property manager can have many years’ experience in the industry, but this does not necessarily qualify as good experience. A property manager should be able to provide references and testimonials for prior experience to qualify and quantify their suitability to manage properties with professionalism, integrity, and transparency.
Absentee owners/handover inspections
You may choose to purchase an investment property and look to engage the services of a local agent that meets your needs. Remember that pro-active agents will go the extra mile to help you in your investment property journey. At Ellie Jean we will attend to the pre-settlement inspection with your independent building inspector, attend the final handover with your builder and keep you in the loop the entire time through video, text, email and phone. You do not need to be physically present; we can do this for you as part of your investment property journey.