Managing Property as a Side Business: A Practical Guide

Everything You Want to Know About Taking Care of Properties.

Whether you're new to investing and just bought your first property, or you already have a bunch of properties as investments, there's probably still more you can learn to help you make the most money.

This guide will have something for everyone, no matter what stage of investing land you are in.

Read on to learn everything you need to know about property management and make sure you're getting the most out of your investments.

How property management works

Property management in Australia can be done by a real estate agent and property manager, or the owner of a business property can do it themselves. This is called "do it yourself property management."

This is a regular mistake! But this isn't really what property management is all about. Of course, some people who own rental properties think that's all their property manager is supposed to do, which is a clear sign of a bad property manager. Soon, more on that!

It's an art and a lot of work to make sure the house is in good shape and the tenants are happy.

The following are property management services:

Renting out rooms

Finding renters and getting rid of them

Getting behind on payments

Taking care of the property's state

Getting repair work done and doing regular checks

Making sure that the property rules of each state or territory are followed

Dealing with debt

Make sure the house is ready to rent.

As the owner, you can rest easy knowing that someone is "there" for your property in case something goes wrong.

A good property manager can do more than just the things mentioned above. Here are some extra things they can do for you:

Great neighborhood information about the business

Knowing the laws and rules in your area

experts who have been trained and "know" what to do and how to act in any situation

Lots of different kinds of property management

Which do you believe to be true?

"All property managers are the same" or maybe "no property managers are the same" ?

The second one is more likely to be true, but don't take it too seriously.

There are many kinds of property managers and many kinds of property management services.

The main types of industries can be broken down into:

Management of commercial properties

Management of residential properties

Property management is changing, just like any other field. There are more types of residential property management, such as:

Property agents in the past

New types of property managers

Owners of self-managed properties (DIY)

Let's get into each one.

What does managing business property mean?

Like residential property management, business property management is all about taking care of commercial spaces that are rented out to people.

People don't live in these spaces; they're only used for work trips.

When we talk about properties for business use, we generally mean:

Buildings for business

Places to work

Fronts of shops

Shopping malls

Places to store things

What is managing a private property?

If you want to handle a home for your own use, that's called residential property management.

If you want to sum up, property management is everything that has to do with property from the time you buy it until you sell it. We're going to talk about this kind of property manager in this guide.

The following properties can be used as homes:

Apartments Townhouses Terraces Apartments Duex

Renting out your residential properties to tenants and receiving rent from them is the best way to make money from your investments. That's where a property manager comes in.

Property agents in the past

The first kind of property management for homes is the standard property manager.

Most of the time, these are real estate companies that buy and sell homes and also handle properties as an extra service or as a separate business. These are well-known names, like LJ Hooker and Ray White.

It's easy for many investors to hire a property manager this way, especially if they got the property from the same company. These companies can also help you have a local footprint while still giving you the credibility of a well-known brand.

On the other hand, these companies don't just handle properties, and property managers tend to leave their jobs quickly. In fact, in Australia, the average time a property manager works there is only nine months!

This can leave you in the dark if you get a new property manager without being told ahead of time. Property owners often complain about bad communication. Also, traditional property managers are known to be in charge of up to 150 homes, so it's not likely that yours is their main focus.

New types of property managers

The property management industry is getting more and more new companies that offer something different and are changing things up. These businesses want to offer better service at a lower cost by coming up with new ways to run their businesses, like using a lot of technology.

Traditional property managers usually talk to their tenants by email and phone. New model property managers, on the other hand, use smarter tech solutions like mobile apps, online platforms, and live chat to improve communication and data visibility.

The property manager will then have more time to do other things, like answering emails, making calls, and doing simple administrative tasks. This time savings can be passed on to the owner in the form of lower rent.


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