If you’re considering purchasing an investment property, you are going to need to consider how you are going to manage the property. You may have thought about managing the property yourself or you may also be considering investing in a great property manager.
Not too sure what a property manager does and if their services are worth the expense?
If you’re considering hiring a property manager but you need a bit more information on what they do to help you make your decision, here at Nelson Bay Real Estate we are here to assist.
1) Oversee The Financials
One of the most important things that property managers oversee is the financial management of your property.
Not only do they ensure that your property is tenanted by quality tenants that will take care of your house and pay their rent on time, but they also utilise their local market expertise to evaluate rental prices and instigate rental increases if necessary.
Organising the finances of a rental property can be confusing. Property managers ensure that everything is paid on time and that the accounts balance.
This can include:
- Advertising the property
- Collecting rental income
- Deciding rent prices
- Organising the collection and lodgement of bond money
- Ensuring that council rates and taxes are paid (usually out of the rent money)
2) Look After Your Tenants
Property managers are your tenants' go-to person when they need to discuss anything about the property. They’re present from the very beginning when the potential tenants view and apply for the property to be the point of contact if the tenants require anything.
Overseeing the tenants often includes:
- Communicating with the tenants
- Property managers will enforce lease terms such as pets, tenants, noise issues, rent, etc.
- Handling the tenants' rent and ensuring it is paid on time
- Managing any complaints
- Dealing with any repair or maintenance requests from the tenants
3) Maintain Your Property
When it comes to your property, a property manager is tasked with the responsibility of overseeing its physical management. They are there to ensure that the property stays in top condition, is live-able, and remains an attractive option for future renters to ensure that it continues to earn rental income for you.
Property managers are in charge of everything from maintenance to repairs to ensure that the property is in rent-ready condition between tenants.
Property managers maintain your home by carrying out the following tasks:
- Arranging for repairs if requested by tenants or noticed during inspections
- Undertaking regular maintenance such as gutter cleaning, pest proofing, exterior cleaning, and landscaping duties
- Organising and carrying out regular inspections
- Tenant turnover included organising the property between inspections, collecting keys, refunding bond deposits, and enforcing move-out dates.
Managing a property on your own can be time-consuming and difficult. There are so many things that you need to do to ensure that the property is being managed correctly.
When it comes to owning rental and investment properties, having a great property manager on your side is a the best way to ensure that the property is managed successfully and professionally.
A property manager will ensure that your property stays in great condition, your tenants are well cared for, and that all the financials are up to date.
If you are looking for a great property manager to help you oversee your investment property in Nelson Bay, Tanilba Bay, Tomaree Peninsula & Tilligerry why not give the team at Nelson Bay Real Estate a call 02 4981 2655.
We’re experts when it comes to managing properties.