Property managers also benefit from keeping track of minor issues to prevent them from becoming major problems. Property managers generally charge between 5 and 8% of the rental income collected as commissions for managing and supervising properties. In very broad terms, property managers are responsible for the leasing and day-to-day management of your investment property. In most cases, you can immediately end the management of your rental property by your agent by notifying you in writing.
Having a property manager who keeps up to date with current regulations and laws will help the landlord ensure that they don't violate them. So make sure you find a property manager who is on your side and looks out for your best interests. By signing it, you give the agent exclusive rights to find a tenant and authorize them to manage your rental property. The Property Institute of Victoria (REIV) can provide details on members who have property management skills, but a licensed agent does not have to be a member of the REIV.
Before hiring a property manager to handle your investment property, it's very important to understand the role you'll play and what your responsibilities will be. Rental websites also include and implement tools designed to simplify the rental process for both property managers and tenants. The primary role of property managers is to ensure that housing stays well maintained and is financially profitable, while meeting the needs of the landlord and tenant. It is mandatory to follow a training course to become a property manager due to legal and regulatory obligations.
Whether you choose a new agent or manage the property yourself, your tenant will need to be formally informed of the new arrangements. This will include managing maintenance and repairs to ensure that the property remains in good condition for current tenants and in good condition for future leases. If you're a rental provider who wants an agent to manage your property, there are a few things to know.
