What does a property manager do?

Property managers are hired to handle the operations, maintenance, and administration of property rentals for an owner. Their work, among many other tasks, includes marketing rentals and finding renters, ensuring rental rates are competitive while covering taxes and overhead, collecting rent, and complying with rental laws.

Many people have had experience with property managers in some capacity, whether as a tenant or an investor. But that’s not to say that everyone understands the role of a property manager – especially for landlords who are newer to the investment scene.

Let’s take a look at the essential responsibilities of property managers, the extra ways they should add extra value and what sets Taylors apart.

What Does A Property Manager Do? 

If you distilled a property manager’s job description down into a sentence or two, it’d say that they manage all aspects of a tenancy on behalf of a landlord. This job description includes key tasks that every property manager must do, which are usually the tasks that most people are aware of.

The term property manager may not be suitable for the modern world of management, given the main role is managing tenancy, not actually property. Property Manager is a long used ‘title’ and can often be misunderstood, with some people believing that managing property includes carrying out maintenance or works that are not part of the legal scope of the role. Other matters that are expected of ‘property managers’ which are outside the immediate scope of expertise include the handling of private civil matters such as trees and fencing disputes or matters with neighbours, and the handling of insurance claims (the landlords private policy). The world of tenancy legislation is complex and specialised. The property manager (tenancy manager or advisor) should be the paid, trained and qualified professional who has reasonable knowledge of legislation and advises the landlord client of the laws plus as noted below.

The key role of a career property (tenancy) manager is as follows;

  • Maximise your lessor’s income and minimise their loss
  • Always act in the best interest (both ethically and legally) of your licensee and client
  • Always remember your duty of care to the tenant
  • And remember; your main duty is the following
  • Educate your lessors and tenants to the best of your ability
  • Communicate with your lessor and tenants to the best of your ability;
  • Negotiate with your lessors and tenants to the best of your ability

 

When Should You Hire a Property Management Company?

Although hiring a property or airbnb management company has many advantages, using one can be expensive. And, even apart from the cost, relying on a property management company is not for everyone. Consider the following factors to determine if hiring a property management company would be a good decision for your business.

You should consider hiring a property management company if:

You have lots of properties or rental units. The more rental properties you own and the more units they contain, the more you’re likely to benefit from a management company.
You don’t live near your rental property. If your rental property is located far from where you live, hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.