The biggest thing to ask your property manager
If you’re looking to protect your investment and realise its full financial potential, a professional property manager is a must.
But how do you select the right one and what skills should you be looking for?
Well, there are a number of key things to look for in a great property manager, but out of all the things to ask, the following question is probably the biggest: What systems and procedures do you have in place to protect my property?
Why systems and procedures matter
They may not be glamourous or even trendy, but it’s the systems and procedures your property manager has in place that help protect an investment property from damage, lost rent, and preventable maintenance issues.
They are the backstops that ensure all the legal requirements of the rental agreement are met, all rights are protected and all obligations are adhered to.
So where should these systems and procedures come into play and how do they assist with the effective management of a rental?
Legal requirements
A rental agreement isn’t just a piece of paper, it’s a binding document with legal ramifications, and the systems and procedures that your property manager has in place ensure the conditions of that document are met.
For example, systems and procedures ensure:
- The renter is who they say they are
- The renter has a solid track record of looking after a property and paying their rent on time
- The property is safe, secure and liveable
- The agreement period has a start and end date, and a set amount payable each week
Systems and procedures also ensure the property manager is fully abreast of any changes to the law and then passes this information and any requirements on to the property owner or renter.
Rights and obligations
Every party in a rental agreement has rights and responsibilities.
Systems and procedures provide the checks and balances to ensure each party is living up to their obligations and also has their rights protected.
For example, systems and procedures allow for entry notices to be issued in the right timeframe, which protects the renter’s right to peace and privacy.
They also ensure the rent is paid on time, and the problem is quickly remedied if it’s not.
Maintenance Â
The right systems and procedures allow the property owner and occupant to rest assured any maintenance issues will be identified and dealt with in a timely manner long before they become major problems.
And this happens in a variety of different ways. Systems and procedures ensure routine inspections are undertaken as scheduled which helps flag small maintenance or repair issues before they become big ones.
They also ensure maintenance and repair requests are brought to the attention of the owner quickly, then actioned and followed up.
Proactive and preventative
In brief, a property manager’s systems and procedures allow them to be proactive and preventative.
They are the tools that ensure things like the end of the rental agreement is dealt with proactively, with a renewal offer or vacate notice issued at the right time.
They ensure high calibre renters are found in a timely manner, that the property is left clean and tidy or the rental price is renegotiated when it needs to be.
They are also the things that prevent the property from falling into disrepair or reduce the risk of a small maintenance issue becoming a major repair problem.
Systems and procedures save time, money and stress for all parties of the rental agreement. They are the backstop that ensures things happen when they should, and if not, there’s a series of follow-ups to remedy the situation.
 How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
