Choosing a property manager could make or break your investment. Make the right choice, and your investment will likely be safe, secure and profitable. However, make the wrong selection and it could be your worst nightmare.
Finding a property manager can feel like a huge task, especially if you are a first-time landlord. Where do you start? Here we make that process easier by sharing five tips to help you select the best property manager.
1. Go local
When it comes to property management, local knowledge is crucial. Local property managers know how to attract tenants and have inside knowledge of market rates. And they are also likely to have a trusted network of nearby tradies.
2. Experience matters
An experienced property manager knows what to look out for and ensures potential problems are nipped in the bud.
Find out how long any potential candidates have been in business. And also, how many properties they currently manage. This information will help you assess whether your investment will be in expert hands.
3. Check reviews and references
Any good property manager will have plenty of happy and satisfied customers.
Word of mouth referrals is an excellent place to start. If your rental is in an area you are not familiar with, ask the real estate agent for recommendations on local property managers.
And be sure to check any online reviews. Google or Facebook reviews can provide an honest assessment of the property manager’s services. However, bear in mind that some reviewers, such as an evicted tenant, may have an axe to grind.
4. Flexibility and responsiveness
Property management isn’t a standard 9-to-5 job. Good property managers are on call for emergencies 24/7, and some even open at weekends. Make sure your property manager has flexible working hours. That way, you can be confident they are working for you when it matters.
Property managers should also be responsive. You don’t want a property manager failing to respond to a tenant’s emergency repair quickly. One way to test responsiveness is by ringing the out-of-hours number yourself. If you get an answering service and no one returns your call, it’s time to look elsewhere.
5. Interview potential candidates
Once you have a shortlist of potentials, find out more in a phone or Zoom interview. Your relationship with the property manager is an important one that could last many years. Having a personal rapport is critical.
Here are few ideas on topics to cover in your discussion:
- arrangements for repairs and maintenance
- processes for eviction of tenants
- frequency of inspections and reports
- licences and certifications
- fees
Good property managers are worth their weight in gold. Use these tips to select the right one for you and protect your property assets while maximising your investment.
Now that you know the top 5 tips for selecting a property manager, why not chat with our in-house Mortgage Broker and make sure your financials are also in the best shape for your investment too.
