Engaging the services of a Property Manager can save you time and effort that would otherwise be spent managing your properties yourself. An ideal property manager will be communicative, organised, socially competent and have attention to detail.
What do property managers do?
A property manager acts as an administrator for your property on your behalf. Their role normally includes:
- Marketing and showing your property to prospective tenants.
- Managing applications, including screening the tenants for any 'red flags'.
- Organising the contracts, bond and onboarding of the tenants.
- Collecting rent (and following up on rent arrears) on your behalf.
- Regularly inspecting the condition of the property, including organising any repairs and maintenance of the property with you and on your behalf.
- Providing rent reviews where appropriate
- Keeping you updated with the latest tenancy legislation. In New Zealand it's common for Property Managers to manage Tenancy Tribunal issues.
The fees for a Property Manager's service is often either a flat fee or a percentage of your rental income. Some managers may also add additional fees for services such as credit checks and letting services.
As a landlord, how do you know whether you've chosen the right Property Manager?
1. They regularly up-skill
Property Management is currently an unregulated industry, however, some Property Managers opt to be part of independent bodies such as REINZ or LPMZ so they can regularly up-skill and provide a quality service.
2. You have confidence in their tenant screening process
The process of finding and screening tenants can be exhausting and time consuming. A good Property Manager won't be tempted to just accept the first tenant who comes knocking. They will screen tenants properly, and encourage you to wait for the right applicant who will be a stable, respectful tenant.
3. They report to you regularly
The more informed you are as a Landlord, the more comfortable you can feel that the Property Manager is performing their role adequately. The Property Manager should report to you the outcome of their regular rental inspections. They should also act as a mediator between the landlord and the tenants, and should communicate in a way that gives you confidence in their ability to handle conflict in a fair, balanced way.
4. They keep you updated on market rental values
This includes performing a rent review on your property when appropriate, so you can be sure that you have the highest possible ROI. They may also advise you on the merits of a rent review vs keeping rent slightly below market in order to retain quality tenants.
Streamline the tenant screening process with Pickmee.
Property Managers and Landlords spend up to 4 hours and hundreds of dollars per tenancy getting this right. Pickmee's digital platform processes tenant applications for you (including unlimited credit, background and reference checks) so you can compare the best tenants side-by-side.
Find out more at www.pickmee.io.