Are you tossing up between self-managing your property or engaging the services of a property manager? Wondering what exactly it is that a property manager does?
Some think that property managers are simply on hand to collect rent. Well, we do take care of rent collection. But a whole lot more as well. A good Property Manager is responsible for a range of services that in the end, increase the value of your property, maximises your rental income and best preserves your asset.
So how do they do that? Let’s look at the roles and responsibilities of a Property Manager so you can make the best decision for your investment.
Marketing your property
To ensure you spread your potential tenant net as far as possible, you need to market your property. This includes: using high-quality images that show the property in its best light, writing an attention-grabbing property description that highlights the key feature features. Then advertising the property across as many avenues as possible including online real estate listings (realesate.com.au / domain etc), and social media.
Did you know that the Director of Thrive Property NT, Belinda Tennant, is a Certified Practising Valuer, and is considered the most experienced person in the property management field here in the Top End at appraising properties for rental purposes. Your property manager will know the area, has a database of prospective tenants and will be able to guide you on the best way forward to secure the ideal tenant for your property.
As part of the application process, your Property Manager will conduct all the required background checks on the prospective tenants including reference checks, employment referees and ID checks. They also have access to a tenancy database to see their past tenancies and if there are any red flags worth noting.
Your property manager will not only find you the most suitable tenant, but will also educate them through a thorough induction prior to the tenant moving into the property. This will include running through the house rules and any applicable bylaws of unit complexes.
When it comes to signing the dotted line, handing over your tenancy agreement to a qualified professional is a sound move. We utilise REINT tenancy agreements and include any special conditions relating to the property.
One of the most important components of a tenancy is ensuring your property is compliant. The key components of property compliance include smoke alarms, corded windows, RCDs and pool fencing. Your property Manager will know these regulations and can work with you to rectify any issues prior to the commencement of the tenancy.
Entry Condition Reports
Entry condition reports are an important part of any tenancy agreement. They provide written evidence of the condition of your property at the start of a lease. All areas of the property, both internal and external, are documented on their state of condition and photographic evidence. At Thrive Property NT, we pride ourselves on our attention to detail and ensuring our reports are thorough. Depending on the size of the property, can be from 50 pages for a studio unit to 400 pages for a house and takes from 0.5 to 1.5 days for one person to complete. If your property is furnished, we will include a list of all the furniture and inventory, as well as the condition as part of our report.
When you tenant vacates the property, an exit report can then be compared to the initial entry report and any damage can be rectified, avoiding any lengthy disputes.
Property Managers carry out routine inspections of your property, noting any issues or damages to the property. We carry out an initial inspection after 6 weeks and then every 3 – 4 months. If the regular inspections are not satisfactory (such as if a tenant was asked to rectify a particular problem), they will carry out additional inspections as needed.
Collection of Rent, Disbursement of funds and payment of bills
Your Property Manager will look after the lodgement of bond and collection of rent, disbursement of these funds to you (minus their fee) and payment of any bills related to the property. If the tenant falls behind on their rent, your Property Manager will be the one to chase them and issue a breach notice, if needed.
Arrange maintenance and renovate properties
There will be times that things break and the property requires maintenance. It could be as simple as fixing a window or as complex as an after-hours emergency call for broken plumbing. Whatever the maintenance request may be, your Property Manager will tend to it. So no calls to you to come and fix a broken window latch. Your Property Manager will answer the call, arrange quotes and manage the trades required to fix any issues, on your behalf.
Knowledge of Legislation
Knowledge of the NT Residential Tenancies Act is a big one when it comes to Property Management. Your Property Manager deals with the Act on a regular basis. They know the rules and regulations like the back of their hand. So when legislation changes, they are on top of it. If you decide to self-manage your property, it is your responsibility to keep on top of any changes to the Tenancy Act and implement them. This is especially pertinent in the current, and post-COVID society whereby frequent changes were made and the Modification Notice was introduced.
At the end of the day, a great Property Manager is worth their weight in gold. They will save you hassles and ensure your investment is kept in pristine condition to maximise your returns. If you are interested in our services, please do not hesitate to contact Thrive Property NT on (08) 8911 0741.