The Role of Managing Agents for Small Residential Properties

This guide provides an overview of managing agent services for small residential property blocks. It will discuss best practices for selecting a professional managing agent and outline their typical responsibilities. A recent case study highlights how our agency took over management of Anstey House, a 14-unit property in Burley.

When owning multiple residential units, a managing agent can effectively handle duties like tenant relations, maintenance, and administrative tasks. This allows property owners to focus on their core business while ensuring high quality tenant experiences. It is important to carefully evaluate potential agents’ experience, credentials, communication style, and fees. References from past clients can also provide useful insights.

Managing agents represent the property owners’ interests and act as the primary point of contact for residents. They market vacant units and screen new tenants. Once tenants are in place, agents process rent payments, address maintenance issues, and act as a liaison between owners and occupants. Additional responsibilities may include regular property inspections, unit turnover coordination, budgets and financial reporting, and compliance with relevant regulations.

The case of Anstey House showed how our agency was able to stabilise tenant relations, upgrade key systems, and streamline processes after taking over management. Through proactive communication and responsiveness to tenant needs, occupancy quickly rose. Careful financial oversight also yielded cost savings and revenue growth. Overall, outsourcing daily administration and operations allowed the property owners to benefit from professional expertise and focus on their strategic goals.

Bethany Nicol February 2024