What do property managers do?
Discover the key roles of property managers, from tenant screening to maintenance, and how they help boost your rental income.
You may have heard about how well our property management team are doing, and some of their excellent testimonials from clients – but do you know what they really do or why it is valuable for landlords to enlist support from property managers?
Find out what the team’s roles cover and how they can improve both your income and your relationship with your tenants.
Property managers manage the relationship between landlord and tenant
The primary role of property managers is to manage the relationships between landlords and their tenants. This means being the central point of contact, which can help enormously for landlords who live in a different country, or who travel for work a lot – or who perhaps just don’t have the time and aren’t as good at constantly keeping up with tenants! The property managers will guide both landlord and tenant through the required processes involved with moving in and out, renting, and any renting or maintenance issues that may arise during the tenancy. The property managers will be clued up on all of the relevant laws and rights and they know how to handle and resolve any issues smoothly, quickly and with minimal fuss.
They will maximise your rental income
One of the most obvious ways in which property managers bring value is through increased rental income for landlords. One way this is achieved is through their relationship management services and property maintenance services. Tenants who are supported throughout their tenancy and who’s problems are handled well and solved quickly will be much happier and more likely to stay longer and more likely to accept a higher rental price to start with. This in turn reduces the vacant periods in your property and means you will be collecting rent more regularly without as many breaks. In addition to this, tenants are usually happy to spend a little more on rent if they know that the property in which they will be living is well-managed. This means the landlord can receive more rent each month.
They will conduct a comparative market analysis to ensure that your property is strong against its competition
Before giving the proposal to the landlord regarding leasing of the property, the team will conduct a comparative market analysis. This involves examining the prices at which other similar properties on the market have sold for recently. This analysis is performed to help determine the most suitable price depending on the requirements of the landlord to achieve a deal at a good price within the required time frame. The team will ensure your property is strong against its competition in the market to achieve the best returns possible.
They will market your property and maximise its exposure to prospective tenants
This element will differ depending on which agent or agency you list your property with, however we can explain the marketing process with the example of Betterhomes. Your property management team will take care of the marketing of your property, which is highly important when aiming to attract the right sort of tenants who will meet you at a good price. If you list with Betterhomes, a professional photographer and videographer will capture your property in its best light and the marketing team will advertise your listing. Betterhomes’ website has huge exposure, so a great place for us to start is by listing your property on our website, but we will also be sure to use the key property portals in the UAE, too. We regularly win awards on these portals for our high lead generation so we will be sure to get your listing in front of lots of prospective tenants. In addition to this, your property will also be marketed using our social media channels and using social media advertisements. There will be plenty of opportunities for people searching to find your listing so we will be sure to maximise its exposure and therefore the amount of interest from potential tenants. Our slick marketing will raise the value of your property for tenants so we will be sure to have leased your property in no time.
They inspect your property before and after each tenant
Inspection of the property before the tenant moves in is important. Your property management team will check that everything is in good condition, in working order, and that any required maintenance work has been carried out. They will ensure that your property is ready for the tenant to move into and that it is in a suitably livable condition before tenants move in. This helps to ensure that the tenant is happy when they arrive and will help you to begin your landlord–tenant relationship on the right foot. It also helps protect the landlord and tenant as the condition of the property will be reported, helping to avoid any future disagreements about deposit returns.
They screen your tenants to save your time and reduce vacant periods
Your property management team will make sure to screen all tenants to ensure that time isn’t wasted when finding the right tenant to move into your property. Screening tenants allows property managers to ensure the prospective tenants are serious about going ahead with the tenancy before signing the contract. Your property manager wants to attract the right sort of tenants so that you can rest assured and feel confident that you will receive your rent on time and your property will be taken care of. The aim is to match you with a tenant that is reliable and shows intent to remain at the property for the duration of the tenancy contract.
They oversee the maintenance of your property
Your property managers will manage any maintenance issues within the property. They also promise cost-effective, high-quality maintenance solutions. The Betterhomes property management team has strong relationships with contacts who can provide the required services and who are efficient and cost-effective. Betterhomes only uses a small selection of trusted and qualified contractors for any handy work in order to ensure that you don’t lose out in the long-term by having sub-standard work done or a half-hearted temporary solution that may get worse over time. Your property management team will ensure that the work is completed to a high standard and within a reasonable time frame for the comfort of your tenants.
They have measures in place to ensure their services are of a high standard
Using a system of Service Level Agreements (SLA) and Key Performance Indicators (KPIs) the teams monitor their own services to ensure they meet high standards. This includes measures like performance reviews and evaluations for both the property management team as well as facility management. The KPIs help the team to measure their fulfilment and define their service standards. This protects you as the landlord, as it ensures the service level is high, and if it drops below the expected performance level, fee reductions are applicable and eventually even contract termination. This means your team will always be motivated to fulfil your and your tenants’ requirements.
They manage your tenants and all of the required paperwork
Your property management team will take care of your tenants and all of the necessary paperwork. Property managers are knowledgeable and understand all of the required legal processes so they will make sure that nothing important is missed out. The services property managers provide regarding tenant management include writing up and obtaining signatures for the tenancy contracts, taking care of the moving in process and briefing tenants on how to get set up once they move in, managing and mediating any potential disputes with the tenant, taking care of the renewal process and also supporting the landlord and tenant through the moving out process.
They take care of your finances
In addition to all of this, your property management team can also take care of financial management. This includes collecting deposits and rent and any other required payments from the client, and ensuring that you are paid the right amount and on time. Property managers can also take care of your banking, PDC warehousing and property statement. As well as this, they can collect the tenant’s security deposit and manage the full or partial return of the deposit to the tenant after they move out where and if appropriate.
They conduct reports and audits
Finally, your property management team will provide you with regular reports and audits regarding your property or properties, your income and any other important information. This includes reports on inspections and audits completed on your property, reporting of post-dated cheques, and an annual tenant satisfaction survey to alert you to any issues and improvements that could be made. There will also be a property report that incudes information and updates on new leases, renewals and break leases and a quarterly/monthly statement. There will be a quarterly update on the property market so that you can keep updated with your investment and its future outlook and also a work order report. You can choose to take as active or as inactive a role as you choose when it comes to the management of your property, but either way, you will always be kept in the loop regarding what is going on with your property, your tenants and the market.
Our comprehensive property management service gives landlords and tenants complete peace of mind. Whether you own a cosy studio or an entire building, let our professionals shoulder the responsibility, while you reap the rewards. What’s more, our goal is to ensure maximum return on your investment with a high occupancy rate – so you can focus on more important things.
If you would like to find out more information about our property management services, please feel free to give us a call on 04 409 0902. You can also visit our property management page online to enquire about our services or sign up for a free quotation.
