Many consider rental income to be a good source of passive income. If you have a property for rent, you don’t need to employ staff, maintain stocks or inventory, or develop cutting edge advertising strategies to find clients. Your property must still be appropriately maintained to earn your tenant’s trust.
As opposed to some beliefs about rental property, good management requires a lot of tasks. Property owners who own multiple properties tend not to want to handle everything alone. Instead, they partner with a trusted Manager to oversee their properties and tenants. If you are looking for a property manager, you are not just looking for someone who collects rent. Try looking for a property manager who has the following characteristics.
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Good communicator
The property manager is the mediator between the landlord and the tenant. If your property manager is not a good communicator to your tenants, it will reflect poorly on you as a landlord. Communication skills are essential because the property manager can discuss any concerns with your tenants.
If there is a problem with your tenant and how they pay rent, you will also rely on the property manager to address this concern. Communicating with the clients must not involve any emotion to deliver the message correctly. Your tenants’ satisfaction with the overall service will depend on the communication skills of your property manager.
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Efficient and organised
Property managers do not just collect rent. They must also ensure that all issues that require fixing are given prompt attention. They also take care of the landlord’s governmental compliance and most importantly ensure the tenants are happy.
All these responsibilities must fit in the property manager’s schedule while making sure that nothing is missed. If the property manager cannot handle these responsibilities effectively, then the landlord’s investment could suffer.
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Curious and up-to-date
Whatever field you are in, it is always advantageous to keep on learning about the industry. This is more crucial for a property manager to ensure that the property complies with all rules and regulations that are constantly changing.
If the property manager is up-to-date with changes in these rules, both the tenant and landlord will be more secure. You can trust that a property management firm has well-trained property managers in this aspect.
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Knowledgeable in real estate
Different states and localities have various regulations. The location and condition of the house determine the reasonable rate that the landlord can demand from the tenant. The property manager must also understand the differences that can affect the property’s going rent.
The property manager must also be aware of the current range of rents in the local market to know if the landlord is getting the best deal possible.
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Approachable, but can also be stern
We all know the common problem that could arise when managing a property rental: irresponsible tenants who can’t pay their rent on time. The purpose of the property manager is to free the landlord from dealing with this kind of problem. So, you should hire a property manager who can handle this issue.
The property manager doesn’t have to be aggressive or rude to ensure rent is paid on time. You would want your tenants to feel comfortable communicating all the problems with the property manager. However, you’d also need someone who knows how to be stern when the situation requires it.
Conclusion
Your property manager can help you enjoy the perks of being a landlord while handling all the concerns and issues you might encounter along the way. To avoid further problems with your tenant, properties and compliance with the law, make sure you hire the right person to be your property manager.
If you are looking for rental management services in Sydney that can perform tasks responsibly and intelligently, look no further than Own Better. We are the strategic partner of choice of high-net-wealth property owners. We assure you that we are so much more than just property management.
