Choosing the right property manager can be an overwhelming experience with the abundance of agencies that now offer this service. With constantly changing legislation and market conditions, property management is no longer simply about collecting the rent but instead requires a qualified professional with comprehensive management skills.
If you have decided to rent out your investment property, there are a few key things to consider when you are selecting an agency and a property manager. The main objective is to maximise the return on your investment and to achieve this it is important to take into account the following…
FEES & FIGURES
Property Management has become a major enterprise and selecting the agency with the cheapest fees is not always the best decision as discounted fees often lead to discounted service. In saying this, it is important to establish a full list of the agency’s fees, terms and conditions to avoid any nasty surprises or ‘hidden fees’ down the track. If the property manager is obliging and provides a comprehensive list of their fees and services, it is a good sign as to how transparent they will be in your future dealings.
REVIEWS & RESEARCH
Don’t underestimate the power of the review! Do your own research on the agency and specific property managers to see what others have to say about them. Google reviews cannot be deleted or altered by a business, so these are going to be the most accurate.
QUERIES & QUESTIONS
As important as it is to select an efficient and professional property manager, it is also necessary to ensure that you are both on the same page and that you get a good ‘vibe’ from them. Pick up the phone and have a chat or ask to meet for a coffee and you will be able to figure out fairly quickly if you are going to be able to have a good working relationship with this person. It will also give you the opportunity to ask them questions to see if they know their stuff. Some informative questions you can ask include…
“How many properties do you look after?” – If the number seems excessively high, it may mean that you will not be able to give adequate attention and service to you and your property. It is a fine line as if the number of properties seems exceptionally low, it can mean that clients are not using them for a certain reason!
“Do you have an assistant?” – This will establish whether you can rely on someone being available and having knowledge of your property, even if the property manager themselves is away. It will also support the above question as an assistant will give them the ability to manage more properties than if they work alone.
“What differentiates you from other property managers?” – They should be able to give you a quick and informative answer to this question. Some of the points of difference may include their specific marketing strategies, tenant selection process and how often they communicate with their landlords/tenants.
When selecting a property manager, you need someone who understands the law and legislation, who will pay attention to the finer details and who will constantly strive to maximise the return on your investment. Just as important is your own connection with the property manager as this will lay the foundation for a long and prosperous working relationship. Open communication and confidence that your investment property is in capable hands are the tools you need to ensure that your investment property is being let to its’ full potential.