Tips for choosing the right property manager
An investment property will be one of the largest purchases in your life and when it comes to finding a tenant for the best return on your investment, it pays to employ a qualified and experienced property manager. Research your options before making the decision to appoint a property manager, meet with prospective agencies and
An investment property will be one of the largest purchases in your life and when it comes to finding a tenant for the best return on your investment, it pays to employ a qualified and experienced property manager.
Research your options
Before making the decision to appoint a property manager, meet with prospective agencies and look at online reviews. Check the results on platforms like Google for reviews of each agency and property management department and ask communities for recommendations based on previous experience.
Check if the agency is local, which can show their experience within the core market of your property. A local experienced agent is more likely to understand the types of tenants that may look at your investment.
Meet with the agent’s business development manager
Arrange appointments with the prospective agent’s business development manager to talk about your property and your expectations. Ask as many questions as you need to understand what their processes are and how they operate to ensure that it aligns with what you require.
If you can’t meet face to face, meeting online or through video meetings can help you to build rapport with the team before making the final decision.
Ask about communication
Communication is key to ensuring that all transactions within property management are carried out effectively and that you are comfortable as an investor that your property is being well looked after.
Ask the property manager about the methods in which they communicate and how often they will communicate with you. You may also have a choice of the best method of communication for you.
As an investor, you may wish to know about everything that happens at the property, or you may choose to only hear from the team when there are more urgent matters that need to be carried out.
Ask about rental arrears
Rental arrears are an area that can have an effect on your finances and place unnecessary stress on you. You may like to discuss this with the agent to see how they manage the arrears in their office, ask them if they have a tenant that is having recurring late payments, and what steps and processes they take to rectify the situation.
Understand the investment journey
Ask as many questions as you need to so that you understand the steps that will be taken from listing your home, to marketing, leasing, and then the overall management throughout the tenancy.
An experienced property manager should be able to provide a roadmap of each of the steps and guide you along the way, offering best practice advice to ensure that they are helping to maximise your investment.