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A tenant calling about a blocked toilet at 9pm on a Friday can either be a quick way to ruin a landlord’s weekend, or a minor hiccup that gets solved smoothly.
If you’re among the 75 per cent of landlords who use a property manager, they will arrange an emergency plumber to fix the issue without you having to lift a finger.
A property manager does more than advertise for tenants. Here are some of ways they make life easier.
1. Maintenance
The above scenario occurs every week in real estate agencies across the country, and a similar scene played out at Gunning Real Estate last week but with a twist.
“We found out that the reason for the blockage was that foreign matters had been put down the toilet,” says principal and REIA president Malcolm Gunning. “This then becomes the tenant’s problem and the tenant’s cost.”
Gunning speculates that if you were managing your property you would likely be in for a one-on-one confrontation with your tenant.
“Instead, your property manager becomes the adjudicator and they can have those difficult conversations,” he says.
2. Tricky conversations
Carolyn Parrella, executive manager for landlord insurance specialist Terri Scheer Insurance, says it’s advantageous to have a buffer between landlords and tenants.
“It means you’ve got someone who’s there to take calls when your hot water service breaks down at 8pm,” she says. “It’s less personal, and keeps you at arm’s length. It’s also a time issue – it can be quite time-consuming to arrange maintenance and inspections.”
3. Hiring top tradies
Having a relationship with good tradies is key to smooth repairs. Instead of paying premium landlord prices, director of Property Alchemy Penelope Valentine says good property managers will get at least two quotes.
“The policy should be to work with the best professionals, making sure everyone is licensed and insured.”
4. Rights and regulations
Valentine believes it’s a false economy to manage your property yourself.
“Let’s say your tenant damages your property. If you don’t have the expertise to manage those issues, they can escalate unnecessarily and landlords will find themselves at the tribunal,” she says. “A property manager can save an investor time and money.”
5. Choosing tenants
Choosing the right tenant is paramount to setting up the tenancy for success, says Valentine. “It’s more involved than investors think. You can go on gut feeling but there’s so much due diligence that needs to go around that.”
