Putting Value into Property Management

Property investors, do you ever wish that managing your investment was more profitable and less stressful?
Find out here how that's possible.

What is the job of a Property Manager? Discover the 7 hats of property management

16th February 2016
What is the job of a Property Manager? Discover the 7 hats you need to wear for effective property management.

What is the job of a Property Manager? Discover the 7 hats you need to wear for effective property management.

What is the job of a Property Manager? Well, the job is very varied, and there are numerous capabilities you need to possess – or in other words, hats you need to wear.

You don’t need to be an expert at each of the disciplines as there are plenty of people and resources to help you.

However, you do need to know what the various hats of property management are, and how to wear them. And in many circumstances, you’ll need to get that hat on quickly!

Here are the 7 hats you need to wear (and juggle) for effective property management

If you’re wondering exactly what is the job of a Property Manager, here are some of the roles and tasks that a Property Manager will face each day:

1. Accountant

You need to be familiar with the tax rules around property investment, as well as doing the rent collection and bookkeeping for the investment properties.

If you are managing a property on behalf of a property investor, you’ll also need to make sure that their payment is made on time.

You will also need to manage the maintenance budget in such a way that you’re adding value to the properties, but without jeopardising your short-term cash flow.

2. Lawyer

You need to be familiar with every nuance of the Residential Tenancies Act 1986 so that you can use the law to your advantage, and without being caught out.

If you are weak in this area, there are some tenants who will use your weakness to their advantage – and this will be at your cost.

Being familiar with the law will allow you to act confidently when negotiating with tenants, as you’ll be coming from a position of strength.

3. Tenant manager

As the landlord responsible for managing and letting the property, it’s your role to ensure that:
(a) You recruit and attract A1 tenants and nothing but A1 tenants.
(b) A1 tenants continue to be good tenants. You need to create a relationship of respect and trust that encourages them to rent from you for a number of years.
(c) Any slippage in tenant behaviour is dealt with promptly and effectively.
(d) Undesirable tenants are moved on, with a view to protecting the asset and cash flow.

4. Maintenance manager

As the Property Manager, you are responsible for taking care of the inevitable maintenance tasks.

Some of these will be tasks that are scheduled in advance, but many will be at short notice. And it is part of the territory that from time to time you’ll receive an emergency call in the middle of the night, or while you’re enjoying an evening with your loved ones.

Are you willing to be on call 24/7?

5. Project manager

There are numerous times when you have to coordinate with multiple parties.

This could be when you’re planning a major renovation, such as a bathroom or kitchen re-fit.

Or you have to juggle contractors between tenancies, e.g. cleaning contractors, carpet cleaners, painters, etc.

After all, you want the vacant period to be as short as possible; so managing contractors efficiently is vital for your investment’s profitability.

6. Debt collector

As landlord, the buck stops with you for collecting the rent. And that means dealing with late rental payments. The best way to do that is face-to-face: is that something you’re comfortable doing?

7. Property investor

Last but not least, you need to remember that your #1 priority is to protect and manage your asset so that you obtain a financial return on it.

It can be difficult to retain this long-term perspective when you are caught up in day-to-day tenant dramas. Yet it’s vital that you keep focused on the long-term goals, and make decisions based on that, rather than knee-jerk reactions to immediate problems.

Summary

  • What is the job of a Property Manager? The job is very varied, here are the 7 hats you’ll need to wear for effective property management:
  1. Accountant
  2. Lawyer
  3. Tenant manager
  4. Maintenance manager
  5. Property Manager
  6. Debt collector
  7. Property investor.
  • If you’re managing a portfolio of properties, you’ll have to wear numerous hats at once. You may be calling on your tenant management skills for one property, whilst you’re in debt collection mode for another. And that’s while you’re organising an emergency plumber for another property, and advertising for new tenants for another. It is not as simple as wearing just one hat at a time! You need to be flexible and responsive – and stay calm in the process.

 


 

Read more:

For more property management tips, check out our latest property news →