The different roles played by property managers in Perth
If you’re thinking about investing in property or looking to lighten the load of managing your rental(s), then a professional property manager might just be your new best friend.
Property management is like juggling. From managing tenants to organising maintenance, researching rent prices, to budgeting for rates liabilities, every day presents a new and exciting challenge.
But unless you dedicate all your attention to running your rental property, you will soon find there are too many ‘balls in the air’ to keep juggling.
That’s where a Perth property manager comes in.
What is a property manager?
Property managers specialise in managing a portfolio of real estate in accordance with the owner’s goals.
Whether that goal is maximising rental returns, subdividing a block or maintaining a commercial premises – or a combination – the property manager ensures daily operations support long-term goals.
To put it simply, a property manager is a professional juggler.
What does a property manager do?
Every day is different for a Perth property management company.
From the small stuff to big-picture planning, property managers have a wide range of responsibilities.
The Perth rental market can be a rollercoaster. However, a professional property manager uses their market knowledge to ensure owners receive the maximum possible rental returns without overcharging tenants.
- Setting the rent
To set a rental rate everyone is happy with, property managers conduct appraisals and analyse the market.
A good property manager will advise on a rental rate that brings in the highest yield while ensuring your property does not remain vacant.
- Collecting rent
After securing a great tenant (more on that below), the property manager’s role changes gears. They become responsible for collecting the rent and chasing any overdue payments.
This will often include holding the tenant’s bond and distributing the rent into your account.
Finding (and keeping) tenants
An experienced Perth property management company knows the difference between a good tenant and the best tenant for your property.
When it’s time to fill a vacant apartment, house or office building, the property manager will:
- Organise photography
- Create property listings
- Attend home opens
- Collect and assess rental applications
- Shortlist potential tenants
- Perform background checks
The ultimate aim is to lock in a long-term lease with a great tenant.
Although a property manager is responsible for following up on overdue rent, securing the right tenant avoids this problem altogether.
Maintenance is part of property ownership. Keeping your investment property in the best shape ensures your tenants are happy and rental yields remain high.
Property managers liaise with you to deal with the day-to-day wear and tear, plus communicate about more significant maintenance.
They call on a well-established network of contractors and service providers to maintain your property to the highest standards without blowing your budget.
Managing the budget
Maintenance is only one area of your property budget. Between utility bills, Council rates, unexpected repairs, furniture and any other outgoings, balancing the property’s budget can take a lot of time.
Your property manager handles all your property-related bills, most often by adjusting the rental income.
Owning a property creates a lot of paperwork:
- Lease agreements
- Annual statements
- Strata documents
- Council notifications
- Mail to previous tenants
Professional property managers keep you organised without you even knowing it. They keep detailed records ranging from bills to maintenance, rental contracts to rates, so you aren’t buried under piles of paperwork.
Communication is crucial in any relationship. It’s no different with your property manager.
The right property manager will learn your preferred communication style to take the stress out of making decisions related to your investment property.
Property managers communicate with all parties (owners, renters, service providers, and even strata bodies) to ensure the property meets the owner’s expectations.
What else can a property management company do?
By now, you should have a good understanding of the day-to-day roles a Perth property manager performs.
But there are more ways a full-service property management professional can help you on your investment journey.
This is where Multiply Asset Management stands out among Perth property management companies. Our services and experience enable us to fill more roles than regular property managers by coupling a well-considered investment strategy with day-to-day diligence.
Remain up to date with tenancy laws
Western Australian tenancy laws change regularly. The last change that made headlines was less than 24 months ago, when the State Government stepped in to ban evictions in the wake of the COVID-19 economic fallout.
Property managers help owners navigate the complexities of commercial and residential tenancy laws.
When laws change, even slightly, we analyse the impact to ensure your investment strategy remains in a strong position.
Maximise your investment strategy
As well as running the property day-to-day, the best property management companies keep an eye out for:
- Market fluctuations
- Opportunities to sell
- Similar properties for sale
- Other investment opportunities
Owning a rental property is often a keystone in a broader investment strategy. Working closely with a property manager who understands your strategy inside and out means every decision is a step closer to achieving your financial goals.
“Property management” is not always synonymous with running a rental.
In many cases, managing a property means overseeing a subdivision project. The result might be one or more new rentals on the market, but first, we need to manage all the moving parts of a subdivision:
- Residential code requirements
- Boundary surveys
- Subdivision plans
- Environmental impact assessments
- Site preparation
Only then can we get to work on finding the right tenant for your brand-new subdivision or selling part of the subdivision.
Personalised service and excellent property management
Multiply Asset Management is a full-service Perth property management company with a wide range of services.
Whether you are looking for a stress-free property management solution for your rental, or assistance to develop a comprehensive investment strategy, our team has the experience and expertise to help.