Picking the perfect property manager will ensure that your investment is in safe hands. Investors often make the mistake of choosing cost over competency, resulting in added stress, loss of income and a damaged property.
When you’ve outlaid a significant amount of money to purchase an investment property, you want to ensure that your property will be expertly managed to maximise your returns and minimise risk.
There are a few important considerations to keep in mind when choosing the right Property Manager.
1. Communication
If a Property Manager does not get back to you on the same day, stay away. A property manager must be able to quickly and effectively communicate with you at all times, whether it be to inform you of necessary repairs, provide you with a choice of tenants or simply check in to see if there’s anything more they can do for you. Make sure you find a property manager who is always easily reached and who always keeps you up to date.
2. Ask questions
A property management company may seem impressive on its website or brochure, but you’ll need to ask a range of questions to get past the PR spin. Our top questions are:
- Will I have one point of contact with the agency?
- How do you determine the rental amount?
- How will repairs and maintenance be handled?
- Will I be contacted before any work is performed?
- How often will you inspect the property?
- What will you do if a tenant falls behind on rental payments?
- How often will you contact me about my property?
Investing in property is a lot about managing risk and tenants are the biggest risk to your property. It is in your interests to know the property managers processes as you can find yourself in all kinds of trouble with unpaid rent or costly property damage if your property manager is not on top of it.
3. Experience and knowledge
Not all property managers are created the same, and not all of them will have the same experience and knowledge, so make sure you know exactly WHO you’ll be getting for your money.
A quality Property Manager has plenty of experience in the industry and will be able to promptly resolve issues and avoid conflict.
With experience comes knowledge and a knowledgeable Property Manager can help you minimise risk. They are aware of safety regulations and the relevant legislation that will protect your investment.
4. Count the cost
Any expense associated with an investment is always going to be an important consideration, but remember that it’s not the only factor you’ll need to consider. The old saying that you always get what you pay for holds true when it comes to property management, so don’t put price above all other factors.
If you’re looking for someone to look after your investment property so that you don’t have to, reach out to The Property Concierge.
Selecting the wrong property manager can have a detrimental impact on the success of your investment and even threaten its viability. But if you engage a professional manager, you’ll be able to sit back and watch your wealth grow.