Property Management: What you get for your money
You might not know it, but you need a Property Manager. And if you make the (wise!) choice to use one, you might also want to get a bargain. But have you also thought about all the hidden extras your money pays for?
Marketing and money
Let’s start with two obvious ones: marketing your property and collecting rent from tenants. Clearly these are pretty important! After all, your property is either an investment or at the very least, you need to cover a mortgage whilst your property is vacant. First up: marketing. This is basically how Property Managers get interested tenants into your property and over the line. They will make sure your property is photographed and a good quality description written. These will then go online, as well as on those big signboards you see outside properties. Then there are those third party websites we won’t mention by name. These are a popular way for tenants to search for properties, but they’re also increasingly expensive to use. Real Estate agencies will also maintain databases of tenants who have been checked out and are on the hunt. The Property Manager’s job will then be to match them up with your property. Next up: rent collection.
Have you thought about the times your rent collection isn’t exactly straightforward? Like a tenant failing to pay in full or even partially? Your Property Manager will also deal with every stage of the bond paid by your tenants.
Ok, so we know Property Managers can handle the marketing and money side for you. But did you know you’re also paying for people who know their stuff? Real Estate agencies (the good ones!) will spend a lot to ensure their employees receive constant, up to date training on legislation, compliance, licensing and the real estate industry. They also make sure they’re covered by Professional Indemnity insurance. This means, by extension, you’re also covered. With this level of professionalism you should also expect highly experienced staff. A good real estate business will do its best to make sure staff are reliable and consistent. This means employing dedicated people who stay around for longer than five minutes. It also means you get someone who will go above and beyond. After all, both you and your tenants deserve to be looked after!
The day-to-day stuff matters too
Whilst a real estate business is busy looking after you, it also needs to run business systems in the background. These include: ▪ Office utilities (so they can see what they’re doing and offer you a cuppa when you visit!) ▪ Running cars (so they can go where you need them to be!) ▪ Everything that goes with a smooth running, reliable IT system (because protecting your data is their responsibility!) ▪ Trust account and management software (looking after your money is serious business!) It sounds almost obvious that a business needs these systems. What isn’t so obvious is that a good Real Estate agent will see these as vital parts of a quality service.
Hard-work leads to a seamless service
It’s not just about quality though. There is also the quantity of hours necessary to keep everything under control and running smoothly for you. Think: a lot of out-of-hours work. (And these are real people with families, friends and personal interests, so it matters that they’re prepared to do this for you.) Finally, your money pays for A LOT of communication and conflict management! This can be anything from mediating between you and the tenant, to coordinating repairs, replacements and so on. What about the miscellaneous bits and pieces? It’s worth mentioning that there’s a lot else that goes into making sure you don’t need to think or worry about your property. The idea being: if you don’t know these things are happening, then your Property Manager is doing a good job. So, when you’re shown the fee for your Property Manager, remember: you get what you pay for! If you’re ready to get help from the experts, get in touch with our Property Management team today. They’re here to help!