Property Manager
A Property Manager plays a key role within the real estate industry, with regards to dealing with the everyday management of residential properties. A Property Manager’s main focus is to ensure that property operations run efficiently, tenancies are adhered to, and investment value is increased. Often serving as the liaison between property owners, tenants, and service providers, the residential Property Manager must balance the concerns and requirements of different stakeholders while adhering to relevant legal and regulatory standards.
In New South Wales (NSW), a property manager plays a key role in overseeing residential or commercial rental properties on behalf of landlords. Their daily tasks vary based on the size of the portfolio and whether they work in residential or commercial real estate, but typical daily duties include:
1. Tenant Management
- Responding to tenant enquiries (maintenance, complaints, general issues)
- Coordinating inspections (routine, entry, and exit)
- Managing lease agreements, renewals, and terminations
- Screening new tenant applications
- Collecting rent and following up on arrears
2. Landlord Communication
- Providing updates to landlords about their properties
- Advising on rent increases or market trends
- Reporting on property conditions after inspections
- Sending monthly financial statements
3. Maintenance and Repairs
- Organising and approving urgent and routine maintenance
- Liaising with tradespeople and contractors
- Ensuring work complies with health, safety, and legal standards
4. Financial Management
- Processing rent payments and invoices
- Managing trust accounts (in compliance with NSW Fair Trading rules)
- Budgeting for outgoings (especially in commercial property)
5. Inspections and Compliance
- Conducting regular property inspections and reporting
- Ensuring properties comply with NSW tenancy laws (e.g., smoke alarms, water efficiency)
- Keeping up with changes in the Residential Tenancies Act 2010 (NSW)
6. Administrative Tasks
- Updating tenant and landlord records
- Filing documents (condition reports, tenancy agreements)
- Using property management software (e.g., PropertyMe, Console, or REST)
7. Dispute Resolution
- Mediating disputes between tenants and landlords
- Preparing for and attending NCAT (NSW Civil and Administrative Tribunal) hearings if needed
Tenant Management
- Screening and selecting tenants.
- Conducting background checks and reference checks.
- Preparing and executing lease agreements.
- Handling tenant inquiries and complaints.
- Managing tenant move-ins and move-outs.
Property Maintenance
- Coordinating repairs and maintenance tasks.
- Conducting regular property inspections.
- Ensuring compliance with safety and health regulations.
- Managing relationships with contractors and service providers.
Financial Management
- Collecting rent and managing payment processes.
- Maintaining financial records and budgets.
- Preparing financial reports for property owners.
- Managing operating expenses and property taxes.
Marketing and Leasing
- Advertising available properties.
- Conducting property showings.
- Negotiating lease terms with prospective tenants.
- Keeping occupancy rates high through effective marketing strategies.
Legal Compliance
- Ensuring compliance with local, state, and federal laws.
- Handling eviction processes when necessary.
- Keeping up to date with changes in property laws and regulations.
Communication
- Acting as a liaison between property owners and tenants.
- Providing regular updates to property owners about property status.
- Addressing tenant concerns and resolving issues promptly.