Being a property manager comes with a lot of responsibilities which includes handling the rent, handling tenants and maintenance responsibilities.
Responsibilities of rent include setting rent, adjusting rent and collecting rent. If you work for a firm that specialises in rental property management in Sydney then responsibilities with rent are something you should know how to handle. As a property manager it would be your job to set the right level of rent in order to attract potential buyers. Before you decide on the rent you first have to ensure that your clients agree with the level you have set. Even if you think you have come up with the best possible figure, you first have to ensure your clients are happy with the amount you want to set. Rent can also be adjusted according to a certain percentage; however, this has to be done according to certain guidelines. Therefore as a property manager it is important that you know what the guidelines are to avoid legal trouble. Collecting rent can be a task as not every tenant will pay on time. It is important that you set a date on when the rent should be paid as then the tenant would know there is a deadline.
Finding tenants fall under the list of responsibilities of a property manager. Therefore you have to be sure to advertise your listing effectively and once you do find a tenant it would be beneficial to run a background check on them. It is important that you know who you are bringing into a house therefore checking for criminal records and looking into their credit checks would not be a bad idea. If you are a property manager with a lot of experience you may be able to spot the ‘good’ tenants just by talking to them however if you do not have much experience yet then it would be best to run a background check. Handling tenants can be a difficult task so you should be alert and very attentive. For instance, if a tenant is moving out you should first make sure the home they are leaving is intact. Be sure to look out for any damages that may have been caused. You will also have to ensure that all payments have been made before the tenant leaves.
Maintenance and complaints
As a property manager you will have to handle any complaints that may come your way such as noise complaints. You will also have to look into any damage that has been caused to the property and find a way to solve the problem. It is best to have a list of contacts because when certain complaints are brought to you if you have the right contacts you would know who to call in order to solve the problem. A property manager should always be prepared for emergency situations such as a flood because situations like this can spin out of control and lead to more damage and bigger problems. Therefore it is important to be somewhat prepared and expect the worse in case the worse dos occur.