Landlord Resources

What To Consider When Choosing a Property Manager

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.

Disclaimer:

Insurance issued by AAI Limited ABN 48 005 297 807 AFSL 230859 trading as Terri Scheer. Read the Product Disclosure Statement before buying this insurance and consider whether it is right for you. Contact Terri Scheer on 1800 804 016 or visit our website at www.terrischeer.com.au for a copy. The Target Market Determination is also available.

The information is intended to be of a general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon it – please make your own enquiries. This article has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it.