What does a Property Manager even do?
Somebody asked me that the other night while I was sipping my gin and tonic after a busy day’s work in one of Adelaide’s fancy small bars. I thought …hmmm I guess it’s a fair question and when I surveyed the group of friends around me I was surprised at the variety of job descriptions they had for me.
“A Property Manager ? oh you do check-in and checkout and liaise with the guests for rooms service and stuff”
Me – No that’s a hotel check-in person?
“Ummmmm is it like kind of like a cleaner in the building where you wear grey overalls and have a room in the basement” Me – no that’s a cleaner?
“You do maintenance on people houses and look after the tenants and collect the rent and evict people”
Me – sort of sounds like Newman off Seinfeld?
The last one was the closest I guess, I know it’s not a sexy job like say an “International Configuration Consultant” I wonder what they do? I had assumed most people knew what a property manager does but I guess like many occupations, unless you are actually doing it yourself or need one you probably have no cause to really know whats involved. I’ve only been in the Property Management industry in Adelaide for a relatively short time so many long-serving Property Management experts may rebuke my explanation and non exhaustive list of what it is that I actually do or shouldn’t do, but hey I own my own company “4rooms Property” so it’s my companies job description.
4rooms Property pty ltd – Principal – Adelaide Property Manager
Duties I perform
I manage the day to day management of residential properties including freestanding houses, townhouses, apartments and units. I locate individuals and companies who own property for rent and need tenants to generate some income. These include small private investors, developers or larger organisations with multiple properties for rent and I act as the intermediary between these people and tenants who lease property from them. Heres a list of some of the many things I do in order to lease and manage a residential property.
- Initial inspection of the property
- Written rental appraisal and presentation to the owner
- Photographing the property (I use a Sony a6000 not a Nokia phone camera)
- Advertising the property
- Ensuring the property is ready for and then conducting inspections
- Locating and liaising with prospective Tenants
- Collection of and vetting of Tenant applications
- Tenant selection and landlord approval
- Lease preparation and signing
- Setup of Tenant and Landlord financials
- Receipt and lodgement of Bond with Consumer Business services
- Ingoing full inspection and condition report of the property
- Ongoing collection and disbursement of rent from tenant to landlord
- Regular inspections of the property
- Requesting and scheduling of maintenance
- Lease renewals
- Lease vacations
- Service of breach notifications
- Anything else that needs doing
Sure you can manage your own property if youve got the time and you’re game
Theres a fair bit more involved than just collecting rent and tipping your hat Good day! Like any profession there are skills and educational requirements involved, its a people business and there are loads of rules and regulations that can have all parties in trouble if not strictly adhered to.
Skills, competencies and licenses I possess
- When stuff goes wrong I’m there
- I have excellent prompt communication skills
- I have excellent customer service skills
- I have a Real Estate Sales License
- I am a Registered Land agent
- Trust account management
- Sound understanding and compliance with Residential Tenancies act 1995
- Sound understanding and compliance with Land and business(sales and conveyancing act) 1994
- Sound understanding and compliance with other relevant legislation
- Property Maintenance/handyman skills… yep I’ll fix general stuff If I need to.
- Conflict and dispute resolution skills
- Trustworthy, likeable and caring about your property
- Ability to negotiate
- Strong Sales skills
How I get paid
My salary is dependant on providing an excellent service to both our landlords and our tenants alike so the whole relationship runs smoothly. Unlike other Adelaide Property Managers who charge a percentage of rent often as high as 10% and then a range of other admin fees, our structure is simple. Our mission is to be ” The best value, recognised and sought after business for Property Management in South Australia” To ensure we are living this mission and providing exceptional value, like our name 4rooms Property we have only 4 standard charges.
$79 fixed management fee per month.
$95 to advertise your property on realestate.com.au
$399 to do the initial letting including all the open inspections required tenant selection and lease preparation.
$79 lease renewal fee if your existing tenant renews at the end of their lease.
I have a great job
I don’t have an office, my customers landlords and tenants are all over the place as are their properties so Id rather be out on the rd and convenient to them as opposed to sitting in an office. I have a genuine passion for property investment and im an Investor myself having completed one subdivision and another planned in the future. So in answer to the original question “what does a Property Manager even do” I think from now on ill just say “I check people in and out, do the cleaning and I have a room in the basement but really I do whatever I can or need to do to manage and look after your property”
Paul Haigh is a Registered Land Agent RLA 277315 and owner of 4rooms Property an Adelaide Property Management company serving the whole Adelaide region.