How a Good Property Manager Can Make For a Stress-free Experience

Owning a rental property can be a great investment in your future, however, if not handled correctly it can also be very stressful. But the right property manager can help make for a great stress-free experience and a great financial asset.  If you are on the fence about hiring a property manager it can help to understand how having a good one can make your rental experience much easier. 

Communication

If you’d like to have less stress with your rental, look for a property manager that prioritises their communication with tenants and landlords. Property managers that can clearly communicate the rules of the property, rent deadlines and maintenance requirements are going to help make your investment experience smooth. 

These same communication skills can help to resolve conflicts and create great professional relationships between tenants, owners and property managers. 

Property managers will also use property management systems to assist with ease of communication. NXTGEN property uses the latest in management systems to ensure Investors have access to all the information about their property at their fingertips such as rent balances and inspection reports. This same system can also be used for tenants to log maintenance requests at any time making the process easy. 

Know the right market for your property and advertise accordingly

Finding the right tenants can reduce your stress dramatically and this can start at the very beginning of the process, by knowing who the right type of tenants are for your property. 

A good property manager will know how to advertise your property and to whom they should direct this advertising at in order to attract the right tenants. 

For example, targeting a 2 bedroom unit towards a family of 4 is not the most efficient use of resources and most likely will not get the desired results. 

Tenant screening process

Screening tenants is an integral and vital part of being a property manager that ensures an Investor gets a credible and paying customer.

Professional property managers such as NXTGEN property are supported by clearly defined systems that screen potential tenants to verify credit and rental history, employment, and income, and run background checks.

Having these systems in place will help to ensure that the process runs smoothly and with little stress to the owner. 

Managing rental income

As an Investor, you don’t want to be losing sleep over having to manage and enforce rent deadlines and chase down tenants if they fall behind. The property manager will be in charge of ensuring efficient rent collection. 

As monthly rent is not just 100% income for the owner, it also covers any recurring utilities, taxes, fees and of course upkeep and maintenance required for the property. A good property manager will manage the proper distribution of this income to cover all costs before depositing your net income dutifully with much less stress on your behalf. 

Ensuring the property is maintained

As an Investor, you want to reduce complaints from tenants and one of the ways you can do this is to coordinate ongoing property maintenance.

Regular repair and maintenance schedules are not only an investment, but they help identify and address concerns before they become urgent. A good property manager will ensure this occurs by conducting regular routine inspections of the property and by then providing a detailed inspection condition report. 

They will also ensure that the property is at the correct standard when a tenant vacates and coordinate any maintenance that is required before new tenants can move in. 

Short vacancy times and stable income

Having properties sit vacant for a long period of time can be a stressful and costly process that can ruin an otherwise great investment. An experienced property manager will ensure that your vacancy periods are kept as short as possible. They will have experience and knowledge in attracting long-term tenants for stability to help give you the best return on investment.

They will also have the current and up-to-date market knowledge to be able to respond to market trends when it comes to setting an optimal rent rate for faster occupancy and longer stays.

Experience, training and teamwork

It is always important to inquire about the level of experience your property manager has and find out if they are fully qualified or undergoing professional training. Property managers also have to undergo continuous professional development in order to stay up to date with changes in requirements and legislation. This means they will be able to ensure that your property meets any requirements. 

Something owners underestimate is the importance of having more than one person know what is happening with your property. So many people are attracted to one point of contact, one property manager and this is more often than not the worst way to go. This leaves only one set of eyes on the property, no accountability and if they move on, become sick or take leave, no one else is up to date with the general state of your property.

Having a close team provides more knowledge. It means there are additional people sighting properties and when staff are absent the wheel keeps turning with no delays. Property owners should never be affected by changes of staff, absences or annual leave.

It also helps to know what you should be looking for when hiring a property manager. When your property is in the hands of the right property manager, you find yourself with more freedom to pursue other investment opportunities and interests whilst the property manager provides ongoing support to improve your rental and increase property value. 

If you are looking for a property manager for your investment property, NXTGEN Property are local property managers with over 30 years of local knowledge and experience and are supported by a qualified and dedicated team to manage your property.