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What Is Residential Property Management?

As a landlord, managing the roles and responsibilities of your rental property can be overwhelming. This is where a residential property manager can come in handy! Residential property management is pivotal in real estate by bridging communication between landlords and tenants. Whether you are a homeowner considering renting out your property or have a comprehensive portfolio and wish to maximise your investment, understanding the fundamentals of residential property management is crucial. Dive into our blog for valuable insights into the role of a property manager and how to select the right company for you.

  • What is a Residential Property Manager?
  • What Does a Residential Property Management Company Do?
  • Do I Need a Residential Property Manager?
  • How to Select a Property Management Company
  • Residential Property Management FAQs

What is a Residential Property Manager?

A residential property manager will manage a residential property on the owner’s behalf. They are responsible for everything that a landlord would usually manage. The residential property manager serves as the landlord’s representative when dealing with tenants and the upkeep of the property. The types of properties that may require residential property management include:

  • Apartment blocks
  • Flats
  • Single homes
  • Family homes

What Does a Residential Property Management Company Do?

The level of service the landlord requests will determine the responsibilities of a residential property manager. Residential property management services can be tailored to your individual needs, enabling you as a landlord to opt for a let-only tenant-find service or full portfolio management.

The Roles and Responsibilities of a Residential Property Manager 

Marketing the Rental Property

Residential property managers aim to minimise vacant periods in your property. They are well-versed in the current housing market, enabling them to market your property effectively to attract potential tenants. Property managers will also have a good network of prospective tenants, allowing them to rent your property quickly.

Selecting and Screening Tenants

Once there has been interest in your property, your property manager will conduct a thorough screening process to ensure that only the most appropriate tenant can occupy the property. For example, they may request bank statements and proof of income to ensure tenants can pay the rent on time each month. 

Tenancy Agreements

With full portfolio management, your residential property manager will also create a tenancy agreement. This includes ensuring that the selected tenant understands the rights, responsibilities, and rules as enclosed within the agreement. Your property manager is well-versed in the legal regulations surrounding property rental, and they will make sure you are following the laws as a landlord.

Rent Collection

Your property manager will also handle all aspects of rent collection. They will collect a security deposit at the start of the tenancy and place it into a government-approved tenancy deposit scheme. This will act as a damage deposit and will be returned to the tenant at the end of the tenancy if there is no damage to the property. Once rent has been collected monthly, they will send it directly to the landlord, handling any late payment notices and eviction proceedings if the tenant defaults on payments.

Routine Inspections

Your property manager will conduct routine inspections of your property to ensure that everything is in good working order and the tenants are taking good care of it. At this point, they can identify any issues with the property, such as damage that can be repaired mid-tenancy to prevent significant renovations and repairs at the end of the tenancy agreement to minimise vacant periods.

Maintenance and Repairs

One of the most essential services property management companies offer is maintenance and repairs. If there are any issues with the property, the tenant flags them to the property manager, who is then responsible for handling repairs within a reasonable time. If the property managers cannot complete the repair, they must hire a professional to complete the work. This can include anything from a broken window to a shower leak.

Do I Need a Residential Property Manager?

Whether you are a landlord with one apartment or a comprehensive portfolio of homes, a residential property manager can offer numerous benefits that enhance residents’ and landlords’ overall living experience. 

 

Most landlords lack the time and resources to adequately carry out their responsibilities to ensure their property is in good condition and their tenants are happy with their living conditions. In this case, a property manager can take the stress away and handle all the intricacies involved with property management while helping you maximise your investment. 

How to Select a Property Management Company

If you have decided that you would benefit from hiring a residential property manager, it is time to select a reliable and reputable company.  Hiring the right property management company is an important decision that can make your duties as a landlord much easier, and you can rest assured that your property and tenants are in good hands.

Determine What Services You Need

Each residential property management company may offer different levels of services, so the first step you must take is to determine what services you need to ensure your property is managed successfully.

Check their Location

It makes sense to choose a residential property manager who resides close to your property so they can conduct regular inspections and communicate effectively with both landlords and tenants.

Tenant Network

You want to ensure that your property has few vacant periods to maximise investment. Therefore, it is crucial to choose a property manager who will be proactive in finding new tenants and has a network of prospective tenants to speed up the process of renting your property.

Testimonials & Reviews

Seek out online reviews and testimonials of your shortlisted property management companies to gain invaluable insight into the experiences that both landlords and tenants have had with the property manager. 

Residential Property Management FAQs

What is the difference between residential and commercial property management?

While property managers will perform similar tasks, such as maintaining the property and collecting rent, commercial property managers are in charge of offices, shops, and other businesses. In contrast, residential property managers must handle the responsibilities of homes, flats, and apartments. 

 

The laws and regulations for residential and commercial management differ; therefore, the managers must be well-versed in the type of property they are handling.

Can I still be involved in my property if I opt for complete portfolio management?

 

Yes! Our complete property management services give landlords a hand-off experience. However, we are always open to your ideas and suggestions and will implement the decisions you have made regarding your property to the best of our ability.

What skills does a residential property manager need?

Some of the critical skills that a residential property manager needs include:

  • Strong communication
  • Problem-solving
  • In-depth knowledge of the current housing market and laws and regulations for managing a residential property
  • Financial management
  • Customer service
  • Flexibility and patience when speaking with both landlords and tenants

Choose LevelUP as Your Residential Property Manager

At LevelUP, we believe in going the extra mile to ensure your property investment excels. Our team is committed to fostering meaningful relationships in which communication is prioritised, and our customers feel empowered. 

 

We use innovative technology to enhance the user experience for tenants and landlords, ensuring that no detail of property management is overlooked. If you are looking for a residential property manager who aims to embrace modern approaches to traditional property management, look no further!

 

Contact our friendly team to discuss your residential property management needs today!

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