Types of Property Managers and Which is Best for You
                     Types of Property  
Managers and 
Which  is Best for 
You?
First of all, congratulations on buying an investment property. It is a great achievement but 
it also  brings with itself a whole set of responsibilities. In order to maintain and keep the 
property spick  and span, you will have to take care of it and maintain it on a daily basis.
To be able to maintain an investment property, you might also be thinking of doing it all by  
yourself. Well, there is nothing wrong with it. But when it comes to handling administrative 
tasks,  documentations, following state rules and staying up-to-date with them, all at once 
may turn out  to be a challenge.
Probably, this is the reason that about 80% of Australians hire property managers to take 
care of  their property. The major reason is that managing your own property comes with a 
lot of risks and  responsibilities. It may take up a lot of your time and you still may not get 
desired results. So, it is  suggested to employ a dedicated individual for your valuable asset. 
You can contact the team of  Freedom Realtors and hire a property manager for long-term 
rentals.
Hiring a property manager may also seem a challenge because you may have to asses some 
options  before finalizing. While finding yourself a suitable property manager, you may even 
think of self-  managing your property and saving money. There is nothing wrong in it but is 
hiring a property  manager really worth it?
We have got fresh insights from our Team to give you clarity on the subject.
Who Are Property Managers?
Property managers are the professionals who take care of rental properties. 
They oversee  everything right from maintaining, caring, collecting rent, looking 
for tenants, repairing issues,  and everything else that comes in between. This 
gives owners an advantage of focusing on  other key tasks.
Different Types of Property Managers
The inclusion of property has brought a massive change in the entire 
property industry.  However, no matter the changes, you will come across 
major three types of property  managers:
Traditional Property Managers
If you take a walk down the street and knock 
on the  door of your local real estate agency, 
you will find  traditional property managers. 
They are the most  popular property 
managers among people for  managing their 
properties. This is because, the  investors can 
hire a property manager from the same  place 
they bought the property from. It seems easy 
and  quite convenient.
Here’s what you can expect from a traditional 
property  management company. Let us look 
into their  characteristics:
Provide Local Presence
Traditional property managers generally work 
on  properties in a certain area. It means you 
can be  reassured that your property is being 
looked after by a  local property professional.
Charge Fees Based on Percentage
Percentage-based fee is calculated as a commission of your weekly rent plus GST. 
This can also vary  depending on the location of your property. It is also important to 
note that certain services can even  cost extra, so it may get challenging to figure 
out what you are actually paying for.
Managing Great Workloads
Traditional property managers are known to manage up to 150 properties. It 
involves a lot of  paperwork, involvement of tenants and inspections. So, it may 
get hard to give your property due  attention that it needs.
New Model Property Managers
While traditional property managers were said to be the hero and had maintained a 
status quo. The  time has brought a massive change in the market. Now, a growing 
number of disruptors are entering  the real estate property market.
New model property managers are shaking things up by making property 
management their prime  focus. They usually use technology to deliver a better 
experience for investors as they use innovative  solutions.
DIY (Do-It-Yourself) Property Managers
If you want to save up some amount, then go 
this way  and manage everything yourself. 
You can also become  a DIY property 
manager. Even though, it involves a lot  of 
work and there is a pretty steep learning 
curve.
Here’s what a property manager does in 
day-to-day  life.
Duties and Responsibilities:
Inspections — Apart from conducting open houses for prospective tenants, you will 
also have to  conduct ingoing, outgoing, and routine inspections. These are 
important to make sure your tenants  are treating your property as they should. 
You will also need to know exactly what to look out for,  right from checking the 
walls for any dampness to making sure the smoke alarms are operational.
Leasing — Renting out your property as a DIY property manager involves multiple 
steps. Right from  setting a reasonable rental rate to advertising your property, and 
then finally assessing the character  of prospective tenants. You will want to make 
sure that you are treating each step of the process with  utmost care. This way, you 
are more likely to find the best quality tenants who will stay in your rental  property 
for long-term.
Tenancy agreements — Negotiation must be done directly with the tenant. Who will 
be paying for the  utilities, and who to contact for emergency repairs etc.?
Managing bills — From managing council and strata fees to paying utility bills, you 
will need to stay on  the top of everything and make sure all the bills are paid on 
time. This is important especially if you  are looking to invest in another property in 
the near future. Late payments no matter how small can  reflect bad impression 
when the banks assess your credit file report.
Difficulty in Time Management
One of the main disadvantages of becoming a 
DIY  property manager is that a huge time 
commitment is  involved. It clearly is not easy 
and staying on the top of  all the duties 
involved can be time-consuming.
Keeping Up With Documentation
Keeping on the top of everything can also be a 
challenge.  While it can be refreshing to have a 
full control over how  everything is managed, 
this also means that your duties  and 
responsibilities can really pile up if not taken 
care of  in real time.
You as a DIY property manager would never 
want to be  really bad at protecting your 
valuable asset.
While no one is perfect, it is important for 
you to make  sure you stay up-to-date and 
keep good records as a  property manager.
Challenges with Conflict Resolution
Conflict resolution may arise as major headache. While there is a plenty of advice 
available online,  tenancy laws change in no time and no staying up to date can land 
you in a legal trouble. It is also hard to  keep your cool and try to do things ethically 
when your own property and money are on line.
Difficulty Finding Good Tenants
Finding tenants is easy but looking for good tenants is not that simple. As a DIY 
property manager, you  may find it difficult to hunt good tenants. If your property 
stays vacant for too long, that will also be  another trouble.
So, to avoid any problem, it is suggested to hire a property manager.
Advantages of Employing a Property Manager
You have a professional who lives and breathes the market. They work in your interest 
and strives to give  you increased revenue.
You Get a Professional Advice
Property managers are not just experts on property management. They possess a 
wealth of experience  and knowledge on the market. A good property manager will be 
able to give you great tips on how they  can show your property in the best light. When 
it comes to property matters, it will be the best to have a  professional by your side.
Expert in Getting You Good Tenants
Unlike DIY property managers who do not have access to popular websites, a good 
property manager has  the required exposure and can easily attract potential tenants.
Unlocking More Time to Do What You Want
A good property manager also takes the pain out of you as they are obliged to take 
care of everything  related to your property. This will give you enough time to look into 
yourself, carrying out activities that  you love, while being reassured that everything 
else is being taken care of by an expert.
Since the advantages of having a professional property manager weighs more 
than those of DIY  managers, it is suggested to go for the former.
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TOUCH
1 Raphael St, Hallam VIC 3803
047 637 2002
[email protected]
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