Duties and Responsibilities of a Property Management Company in Melbourne

Property Management Company in Melbourne

When you own an array of properties, you cannot have the ability to attend to all of them. It is important to look for a property management company that will help in managing your resources. However, before contracting a property management company you need to ask yourself the question, what does a property management company do? Below are some of the duties and responsibilities of property management companies in Melbourne.

Financial and Accounting Reporting

As a property owner, you would like to see your financial reports that include expenses and accounts for a period. In most cases, asset management companies will issue financial statements reflecting owner’s profits and draws to all clients on a monthly basis. As the month goes by, several expenses arise, and some payments like plumbing fees incurred in repairing a sink or a painter for a vacant unit may be done. All these costs should be itemized for clarity so that property owners can have a conventional view. The asset management team will make sure that your economic productivity is optimized and overseen.

Eliminating Complications and Burdens

The role of removing your complications and difficulties is part of the integral roles property management companies in Melbourne have to give you. The mission of these enterprises is to act as a bridge not only between the tenants and the owners but also neighbouring residents. For instance, a neighbour can inform the management about another resident who makes a lot of noise during the night or causes other problems to residents in the apartments. The administration of this company will intervene and resolve these issues effectively and efficiently on your behalf. In most cases, the managers will handle these cases through compromise and civil discussions. The property management companies will take action on your behalf if the tenants do not change.

Maintenance of the Apartment

Residents will call property management services in Melbourne when notifying them of the arisen damages and required repairs. You, as a property owner, you will not want to receive calls from tenants that want repairs, and this is why they look for a property manager that is used to answering such calls regularly. Nothing can stay forever, and thus, it can break: this is why property managers possess a knowledgeable, formidable and a professional maintenance team.

Vacancy Optimization

Property management services in Melbourne will ensure that once a tenant moves out of your house, another one comes in immediately. This company will work on any repairs inside and around the house for beautification to attract a new tenant.

Tenant Screening

The company will fill out forms with your tenants so that they help you understand and have knowledge about them. The factors put into consideration during the screening process are criminal background, employment history, income, and prior residences.

Periodic Inspections

Inspection is part of property management duties and responsibilities.  There are trained agents that will carry out this inspection and will have a checklist to show areas every building has to undergo repair. These inspectors document these specifications for contracting the right vendor to carry out these repairs.

A Twenty-Four-Hour Open Phone Line

Since common issues can happen beyond working hours, it is essential for one of the management members to have a dedicated line for receiving calls. This team member will have the role of answering the calls and even making physical visits to the property.

Posting Notices

When you are a landlord, issuing notices to tenants will seem to be a tiresome task. You can use the property management services in Melbourne for passing across the message. There may also be notices that the government may want to give to tenants and property management companies have the upper hand in accessing this information.  It is advisable to look for the best service that understands the requirements of Melbourne for managing your property.