Have you been managing your investment property on your own? If you’re finding the situation…
If you’ve come to the realisation that you can’t manage your investment property yourself, you’ve probably figured out you need a property manager.
But where to start? Finding a property manager who is the right fit for your investment property can feel overwhelming. You want someone who is consistently reliable, quick to communicate, and available to advise you when you have any rental questions.
So how can you find a property manager who is the right fit for you?
Four tips for choosing a property manager
1. Ask your friends and family for their opinion
Like any service, we often come across the best in the business when someone is referred to us. Ask your friends and family what property managers they use and why, or even post on resident or community groups on Facebook and ask for opinions.
Finding an understanding and approachable local property agent who knows the area is one of the keys to a successful partnership.
2. Don’t go with the first option
Chances are the real estate agency you bought the property from will put forward their own property managers as recommendations. While that might seem like a good – easy – option, it’s important to know you don’t have to go with their staff. If they don’t feel like the best fit, you can look around to find another agency you might feel more comfortable with.
Trust is paramount when someone is taking care of your most valuable asset, so make sure you shop around to find someone you feel you can easily work with.
3. Make a shortlist and ask a lot of questions
Make a shortlist of three or so property managers who you feel might be a good fit, and then spend some time on the phone to them asking them questions. By delving into the way they operate, you’ll get a better understanding of whether they’ll be a good match.
Firstly, you’ll need to check they are a registered property manager as this will give you confidence that they know what they’re doing. Ask them what property-related qualifications they have.
Secondly, ask them how many properties they are currently managing and whether or not they work full-time. You don’t want them to be managing dozens of properties, as it could mean they end up neglecting yours. And if they work part-time, it’s worth asking if there’s someone else you’ll be able to contact on their days off.
Thirdly, ask them what their process is for property maintenance and repairs. Will they contact you each time, asking for advice on what tradespeople to source? Or do they already have a maintenance team on-hand they can hire to help?
And finally, ask the property manager what they feel sets them apart from other property managers. Is it their personable customer service? Their speedy communication? Or perhaps it’s their ability to chase rental payments?
4. Be upfront about your expectations
If you’ve had a bad experience with a property manager in the past, then you probably have a wish list of the duties you want your new property manager to handle.
This list could include helping you to renegotiate the rent, staying on top of wear and tear in the house, and ensuring regular rental inspections are carried out. Be upfront about these needs and make sure they are things your new property manager will be willing to deal with.
5. Getting it right, first time
Finding a property manager can be a daunting process, but it’s worth taking the time to get it right – having a great property manager from the start can save you a lot of hassle in the long-run.
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