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.

Discover one of the most important parts of your property management paper trail…

1st September 2013
A comprehensive paper trail is vital in property management: it means that whoever takes over when your property manager is on leave has all the info at their fingertips.

A comprehensive paper trail is vital in property management: it means that whoever takes over when your property manager is on leave has all the info at their fingertips.

Newsflash: Property Managers are human too!

That means that, just like the rest of us, they like to have a holiday. Or sometimes they might get sick.

So what’ll happen to your property if your manager’s away at inspection time? (Or any other time?)

A good property manager will have a Plan B – that’s seamless

Most property managers will have a plan in place for when they’re sick, or on holiday. And that is, to organise a replacement that can take on the most essential responsibilities while they’re away.

However, this replacement person can only be as good as the systems and processes that your usual property manager has put into place. After all, the replacement person will be dealing with properties they’ve never visited, and tenants they’ve never met. A good ‘paper trail’ will pay dividends! Of course, these days a ‘paper trail’ is just as likely to consist of electronic records – but the same theory applies.

How a good paper trail helps you (and the replacement manager)

A good, thorough paper trail protects the interests of the property owner, the tenant, and the property manager. And by having the information online for all to access, it makes the communication lines even clearer.

One paper trail item that’s paramount is the Property Inspection Report. If the report is clear and detailed the replacement property manager will have a clear understanding of the required property inspection standard.

His job will be made easier for undertaking thorough property inspections. He’ll have all the information at his fingertips for addressing any past damage or wear and tear issues.

Identifying damage or wear and tear early on is vital

The sooner damage or wear and tear is identified, the sooner it can be fixed. This prevents the problem from worsening, and costing even more to repair later on. What’s more, the sooner the tenant takes responsibility for their own damage, the greater your chances of obtaining reimbursement from them.

But for this to happen, there need to be good systems and thorough reporting in place. After all, a replacement property manager can only be as good as the resources they have available.

Summary

While there are no guarantees with tenancy management, by having a good paper trail and records in place, you’re maximising your probability of success. Better property management means you’re more likely to have tenants that’ll respect your property. And that’ll mean lower costs and less stress for you, the property owner.

 


 

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