A great property manager will maximise the return on investment on your property and minimise the stress of looking after the needs of your tenants. While you have the ultimate say on who should rent your property, a good property manager will offer their experience and processes for selecting the best applicants. A property manager’s experience in dealing with tenants and handling the day-to-day management of property can be invaluable.
Here are eight guidelines for choosing the right property manager for you.
1.Look to the locals | Local knowledge is hard to beat when it comes to choosing the right property manager to handle your rental property. A property manager will know the local market conditions and ensure that you charge the highest rent the market will tolerate. It’s best to stay local, as property managers will likely already have a list of potential tenants, which can reduce the days that your property is vacant.
2. Do your research | Word of mouth is the best recommendation, although you will find reviews of property managers online. Find out more about their rental portfolio by asking for the number of properties under management and the number of staff assigned to them.
3. Ask lots of questions | Ask questions that will reveal their knowledge of the local market, how they set their recommended rents, their approach to marketing your property, the process for selecting a tenant and how they retain great tenants. See if they offer a service level agreement as part of their agreement with you.
4. Know the processes | You should also understand how a property manager deals with problems, such late or non-payment of rent, and how they approach disputes. Find out how repairs and maintenance are handled, and whether services such as gardening are provided at an additional cost. You should be clear on the number of inspections to be undertaken each year, and how regularly you expect your property manager will communicate with you.
5. Go for experience | You should be confident that your property manager will select a great quality tenant. This is perhaps the key skill they bring. They should be able to identify applicants who might be untrustworthy, have a poor record of paying rent on time or have a judgment against them for damaging property. Equally, they should have great systems for identifying and retaining good tenants.
6. Good communication is key | A property manager should satisfy you that they will respond quickly to issues. Failure to maintain a house or apartment can lead to bigger bills down the track. A good property manager will have relationships with trusted tradesmen and service providers who’ll keep your investment in tip-top shape.
7. If you’re still unsure… | Seek references from other landlords if you are unable to choose from your shortlist of preferred property managers. Also, ask property managers for their retention rates of landlords and tenants. You may see a pattern emerge.
8. Don’t be fooled by low fees | Resist the temptation to go with the property manager who offers the lowest fee. You definitely pay for what you get in the property management game. If a quality, attentive manager comes at a higher price, it will most likely be worth the investment.
As one of the largest property management businesses on the Sunshine Coast, our sole focus is to ensure our investors receive the highest and best return on their investment property. Our Elite property management team manages over 1000 properties, and will treat your property as if it were our own.