What Does Your Property Manager Do?
What Does Your Property Manager Do? Understanding a Crucial Role in Real Estate
Property Managers are the unsung heroes of the real estate world. Often perceived through the lens of a few negative experiences, their reputation may not always reflect the incredible value and complexity they bring to the property management landscape. Let's dive into the key responsibilities that make the role of a residential Property Manager so essential:
Rent Management: Ensuring timely rent collection, monitoring and chasing arrears, and managing rent adjustments, Property Managers play a vital role in maintaining a steady income stream for rental providers (rental providers).
Routine Inspections: Conducting regular property checks to assess condition and compliance; they ensure the property is maintained according to the lease agreements and identify issues now and those that may be coming.
Client Liaison & Care: Serving as the main point of contact between rental providers and renters, Property Managers provide consistent communication, problem-solving, and relationship management.
Capital Growth Protection: Through strategic planning and oversight, they contribute to protecting and enhancing the property's value over time - by maximising rental returns, making recommendations for property maintenance and upgrades, and placing high-quality renters that care for the property.
Insurance Coordination and Claims: Property Managers handle the coordination of insurance policies, manage claims, and liaise with insurance providers, alleviating the stress of navigating this frustrating landscape from rental providers.
VCAT Case Preparation and Representation: Preparing for and representing rental providers in VCAT cases requires expertise and dedication, ensuring rental providers' rights are protected.
Monthly & EOFY Financial Reports: Detailed financial reporting helps rental providers keep track of income and expenses, aiding in tax preparation and financial planning.
Market Analysis and Rent Reviews: Staying ahead of market trends, Property Managers ensure rents are in line with the current market, conducting regular rent reviews.
Maintenance & Repair Project Management: Coordinating maintenance, repairs, and renovations, Property Managers ensure that properties are in top condition, enhancing renter satisfaction and long-term value.
The role of a Property Manager goes far beyond mere administration. They are strategic partners, quasi-legal advocates & financial consultants, as well as hands-on managers. Their breadth of responsibilities requires expertise, empathy, and efficiency, all geared toward making the lives of rental providers and renters smoother and more prosperous.
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Nov 2, 2023
WINNERS ARE GRINNERS
We are thrilled to announce that Caine Real Estate has been honoured as the winner of the Medium Residential Agency of the Year at the Real Estate Institute of Victoria’s (REIV) 2023 Annual Awards for Excellence. The award ceremony took place last night at the Crown Palladium, with a stunning turnout of over 700 attendees from across the industry. An Unforgettable Evening Hosted by the renowned Australian radio announcer and television personality Myf Warhurst, the event was a true celebration of the finest talents and achievements in Victoria’s real estate sector. Jacob Caine, our CEO and the current President of the REIV, had the privilege of giving the opening address and presenting two awards during the evening. Recognition Across the Board Our successes didn't stop there. We are immensely proud that our Operations Manager, Rachel Boggs, was a finalist in the Operational Leadership Award category. Property Manager Ashleigh Sumpter also made waves as a finalist in the Achievement Award category. A Team Effort We want to extend our heartfelt congratulations to every member of our extraordinary team. This recognition is a testament to our collective dedication, hard work, and unwavering commitment to delivering exceptional service to our clients. Looking Forward Winning the Medium Residential Agency of the Year award is an incredible milestone for us, but we're not resting on our laurels. We are committed to continuing our journey towards excellence and innovation in the real estate industry. Thank you to the REIV for this remarkable honour and to all our staff, clients, and partners who make our successes possible. Written by: Toby Campbell Partner & Auctioneer
Sep 25, 2023
Why We Can Expect Slower Rent Growth in 2024
Why We Can Expect Slower Rent Growth in 2024 Rent growth has been on a steady climb for 35 months nationally, reaching an all-time high in July. There has, however, been a noticeable easing in rent increases over the past four months. “Days vacant” and rental enquiry levels have normalised, even decreased in some areas, and application numbers have declined since the July peak. So, what does 2024 hold for the rental market? Three Factors to Watch Interest Rate Changes: Most of the major banks are predicting a decline in the cash rate in 2024. Lower interest rates often stimulate investment in housing, increasing the supply of rental properties and consequently easing rent growth. Slowing Income Growth: Throughout the pandemic, income growth surged due to fiscal stimulus and tight labour market conditions. As income growth slows, renters may reconsider their housing choices, possibly opting for shared accommodations. This could redistribute demand and contribute to slowed rent growth. We are seeing this trend regularly, groups of three, four and five renters applying for properties that have historically rented to couples or colleagues/friends. The same number of renters remain in the market as a segment, however, they’re applying for fewer properties. Rental Affordability: Rent costs have reached an alarming 30.8% of national income as of March 2023. The stretched affordability limits how much further rents can rise before renters make significant changes, like moving to more affordable areas. The Broader Impact Several market indicators point to an impending slowdown in rent growth. Cities like Canberra are already seeing a decline in rents, and other areas like Hobart and Melbourne may soon follow suit. This is further supported by internal migration trends; renters are moving to more affordable areas, thus reducing demand in pricier markets. The Need for Reform While the expected slowdown in rent growth is noteworthy, it's not a cure-all for rental affordability challenges. Ambitious initiatives, like the Federal Government aiming to build 1.2 million homes over the next five years, can go a long way in making rents more manageable. As we’ve discussed in this blog previously - supply is fundamentally the most significant factor in this issue. The Victorian State Government released its “Long-term Housing Plan” this week, which included a raft of initiatives designed to ease the pressures on housing. We welcome many of these proposals - it is, for the most part, a positive and meaningful policy set. That is, however, contingent on the delivery of the promised outcomes. This is a policy area that, at both the Federal and State level, governments have disappointed the Australian people in recent decades Let’s hope this time it is different.