Property Management Education
March 18, 2019
Professional property management in Canberra takes many forms, and as a rental property owner, you’ll need to choose the type of property manager you want.
A traditional management company is portfolio-based, where you have one professional who is your point of contact for everything. You’ll work with that person on leasing, maintenance, rent collection, and every other part of your rental experience. A task based property management model divides the labour up between different divisions or individuals. One agent will be responsible for leasing your home, and another professional will help you with the management of your home.
At Hathaway Real Estate, we think the traditional or portfolio based property management model works best. Today, we’re telling you why.
Leasing and Management Must be Consistent
With a task based management system, you may have a leasing agent who doesn’t know your home and doesn’t understand what type of tenant you’re looking for. They often work on commission, and may be willing to rent your home to anyone. When it’s time to negotiate a lease with the tenant that the leasing agent has found, the property manager will meet that resident for the first time. It’s not always the best way to start a professional relationship.
Developing and Maintaining Relationships with Tenants
With traditional property management, the manager responsible for your account will meet with and screen all prospective tenants. This allows the property manager to establish trust and explain expectations. It will help with communication down the road and will minimize the likeliness of tenant disputes and tensions. Property managers know how to work with tenants and serve residents as well as landlords. Coming into the process after a tenant is already chosen can impede the manager’s ability to establish a really great relationship.
Knowing and Understanding Your Investment Property
Do you want one property manager who understands every part of your property, or do you want a group of individuals who each understand one part of your property? With task based property management, your leasing agent won’t understand the maintenance your property requires, and your maintenance contact won’t be able to answer questions about your accounting statement. However, with traditional property management, the person working on your property will be able to answer all your questions and keep the entire property operating smoothly. You won’t have to wonder who you should talk to, and you won’t have to wait for the right task manager to call you back when you have a question.
You need your management professional to really understand your home; what it needs in terms of maintenance, how likely your tenants are to pay rent on time, and what the lease includes. With traditional property management, you’re receiving expert services from a single point of contact who has the best interests of you and your investment in mind.
Many task based property managers argue that their platform frees up the time of your property manager, but that’s not always the case. It doesn’t guarantee that you’ll earn more on your investment or spend less on things like maintenance.
If you have any questions about either property management model, please contact us at Hathaway Real Estate. We’d be happy to show you how we can make a positive difference with your investment property.