The Real Estate Institute of Australia president Malcolm Gunning says a good property manager can take the emotion out of your investment.
"It is not just collecting the rent, but also acting as a mediator," says Gunning.
An excellent property manager will regularly give you an idea of what your property's worth. They will also know how satisfied your tenant is and communicate regularly, ensuring there's no nasty surprises ahead.
Proactive is better, for example, pointing out an issue such as a water leak that the landlord needs to get fixed to prevent damage and more costs.
The best property managers will also help their clients create wealth through expert advice.
This could be done by talking to a landlord about their five or ten year property plan, by recommending tax depreciation schedules and much more.
Property managers should also monitor the market and suggest rental increases as the market permits.
If you're looking for a good property manager, then look for someone who is able to listen, is proactive and has a good level of market knowledge and relevant legislation and reform.
There's building insurance, compliance with the Residential Tenancy Act, owners' corporation rules, smoke alarms, changes to notification periods for termination of tenancies and rent increases, window and pool safety.
Property managers are usually responsible for having any awkward or difficult conversations with tenants.