Albany Prestige Realty

Property managers & Strata managers

Role of the property manager. The main roles of a property manager are usually to market your rental property, select a tenant and manage your property. Depending on your needs, you can appoint a real estate agency to do one or more of these tasks. The services the agency provides will depend on the written management agreement, usually known as an Authority to Act, Written Authority or Appointment to Act, that you have with it.

For more information on written authorities see the REBA publication Real estate fees – negotiating with an agent.

Some of the specific tasks that may be carried out by your property
manager include:

• setting a rent appropriate for the property and the area;
• advertising for tenants;
• choosing a tenant and collecting the rent;
• lodging and applying for the release of security bonds;
• carrying out regular inspections of your property;
• arranging for repairs and maintenance if necessary, and to the extent authorised;
• providing relevant notices and financial statements to you;
• attending meetings, such as strata company meetings;
• paying local council rates and strata levies etc; and
• issuing breach / termination notices to the tenant, or arranging for court proceedings if the tenant defaults on the lease agreement.

The Code of Conduct sets out standards of practice for agents and their sales representatives, including property managers. These requirements protect you by promoting and enforcing appropriate standards of Conduct in the marketplace. A number of these standards refer to the Written Authority, which is a legally binding written contract between you and the agent that authorises the agent to manage your property for you.

The responsibilities of agents and property managers under the Code of Conduct include requirements to:

• act in your best interests, except where it would be unreasonable or improper to do so;
• follow your instructions, except where it would be unreasonable or improper to do so;
• act fairly and honestly;
• exercise skill, care and diligence;
• disclose in writing if any supplier of goods or services (such as cleaners, carpenters etc) recommended to you has a ‘significant relationship, connection or affinity’ with the agency;
• promptly provide information to you about expenses paid on your behalf;
• not knowingly mislead or deceive any parties in negotiations or a transaction;
• not engage in harsh or unconscionable conduct;
• not use or disclose any confidential information obtained while acting for you unless permitted to do so by law;
• not advertise or offer for lease a property for an amount, or terms, different from that authorised by you;
• not seek payment to others on your behalf for fees that exceed the amount agreed in the Written Authority, or is not initialled in the Written Authority; and
• not seek any payment of a fee that is unjust in light of the Written Authority and other circumstances.

The Code of Conduct requires that property managers and their unlicensed assistants be supervised by the licensed real estate agent in charge of the agency. If you are having problems with the property manager, one of your first steps should be to speak to the supervising agent about it.