What Do Property Managers Do: A Simple Guide

Ever been curious as to the duties and responsibilities of property managers in Australia?

Whether from the perspective of a landlord looking to hire one or tenants curious as to who’s looking after their living arrangements, understanding their role is necessary.

Property managers are indispensable in maintaining rental properties efficiently and smoothly, from managing tenant maintenance and complaints to timely rent collection.

If you are unfamiliar with property management or just curious to see how things operate on the rental side of real estate, read this article as it provides valuable insights.

What is a Property Manager?

Property managers’ primary role is ensuring a home remains well-kept and financially profitable while meeting owner and tenant needs.

Property managers perform various tasks:

  • Advertising properties
  • Evaluating potential tenants
  • Obtaining a security deposit or bond and rental payments
  • Conducting condition reports 
  • Conducting routine inspections
  • Addressing maintenance concerns
  • Implementing and renewing lease agreements

Victoria residents looking to enter the real estate industry must obtain a Certificate IV in Real Estate Practice, formerly known as an Agent Representative Certificate, to work successfully.

Undergoing an education course to become a property manager is mandatory due to legal and regulatory obligations. 

Australia boasts several prominent property management agencies, including:

Ray White

It is an esteemed real estate agency in Australia with nationwide offices specialising in comprehensive property management solutions.

LJ Hooker

It is an established property management company in Australia’s real estate industry. They provide services such as leasing and tenant management.

Belle Property

It is a boutique property management agency that manages premium and luxury properties. It focuses on offering personalised services across Australia through offices located throughout major cities.

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Property Manager Roles and Responsibilities

A property manager’s duties involve overseeing operations of an entire property for its owner/landlord on behalf of them both, including tasks like these:

Day-to-Day Property Management

General maintenance

Regular property maintenance helps preserve its value and keeps your investment looking its best.

Property managers also benefit from keeping track of minor issues to prevent them from developing into major ones.

Routine Inspections 

Home inspections should occur for various areas within your house, such as:

Routine inspections should check for damage to things like appliances, doors, walls, and windows and this is where damages are most likely to occur. 

Routine inspections will also check the building for serious signs of damage. For instance, if cracks appear in the walls that could signify a big issue with the foundations; regular inspections ensure these issues are caught and addressed early. 

For required rental safety checks, an annual smoke detector check should also be part of any property manager’s routine inspection schedule. This prevents malfunctioning alarms or batteries that won’t power them.

On the other hand gas and electrical safety checks are required to be checked once every two years.

Property Repairs

Regular property repairs will protect its value and condition for as long as possible.

Property managers who quickly address issues or damages can prevent minor problems from turning into more extensive and expensive repairs.

By responding quickly and responsibly when requested repairs come up, property managers demonstrate their dedication to maintaining well-maintained living or working spaces for tenants.

Organising Tradespeople

This results in saving time and effort to tackle multiple maintenance and repair tasks at the same time. Property managers can also handle appointments and oversee all processes involved.

They establish an efficient network of tradespeople who can quickly arrange repairs and address maintenance issues.

Property managers maintain quality standards by selecting tradespeople who meet specific criteria. They should ensure all tradespeople they hire are licensed, insured and experienced within their chosen fields of endeavour.

Legal and regulations

Staying compliant with rental compliance laws and regulations is essential as they can change a lot. Failure to do so could incur fines or legal action. 

Tenant safety

Tenant safety is crucial; you must stay informed on rental compliance updates. This allows property managers to provide safe living environments for their tenants. 

Avoiding Lawsuits

Compliance changes often bring updates in fair housing laws and regulations that must be monitored. 

Having a property manager that keeps up to date with current regulations and laws will assist a landlord in ensuring they are not in breach. 

Advertising on rental websites

Property managers can use rental websites to advertise available properties with detailed descriptions and high-resolution images, providing visitors with online tours and a 360-degree virtual view of the rental unit.

Rental websites also feature and implement tools designed to simplify the rental process for property managers and tenants alike.

These platforms frequently include features like:

  • Online applications
  • Tenant screening services
  • Secure payment options

This streamlines the rental process while decreasing the administrative workload for property managers.

Screening Tenants

Screening tenants as property managers is crucial for several reasons. Primarily, screening ensures the security and well-being of both yourself and other tenants within your community.

By conducting background checks and verifying references, it’s possible to detect red flags, such as criminal activity or disruptive behaviours, that should raise concerns.

Property managers play an essential role in finding appropriate tenants to pay rent on time for properties they manage and helping create an enjoyable living experience for them.

Rent Management

Property managers ensure a consistent and timely stream of rental income for property owners by setting and adjusting rental rates according to market conditions and increasing the profit potential of the properties they manage.

Property managers collect rent when due, offering fair and competitive rent prices that draw quality tenants while decreasing vacancy rates.

Effective rent management can also be integral to tenant retention by ensuring rental rates reflect market needs, discouraging tenants from searching out alternative homes.

What are the Property Manager Fees in Victoria?

Property managers generally charge anywhere between 5-8 % of rental income collected as fees for managing and overseeing properties. Other fees charged are as follows

  • Letting fees associated with finding new tenants
  • Lease renewal fees for renewing an existing tenancy and securing your rental income for 6-12 months or more. 
  • Additional fees that may pop up from time to time. 

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