A good property manager can make a massive difference to your property investment experience. Not only will a quality property manager be in tune with your market to provide you with the best advice and results, but the day-to-day administration is also taken off your hands. Of course, everyone’s needs are different, and you may choose to have more involvement in your property than others (a quality property manager will tailor their service to your needs and wants). Regardless of how much administration and management you want to delegate to a property manager, there are some key things you should consider when it comes to finding the best option for you.
Attention to detail
An experienced property manager should have strong attention to detail. With so many dates and deadlines involved in owning an investment property, you want someone who looks after everything. From advertising your property at the right time to minimise your vacancy so you secure new tenants, to routine inspections, rent reviews and compliance matters. Property managers deal with tenants every day, so they know the little things people are looking for in a rental property. Having an expert who can highlight these in their communications and at property inspections can make the difference between finding dream tenants in days, not weeks. Once you have your dream tenant, entry condition reports – attention to detail is a must! Don’t get me started on how hard it is to try and claim damage when we’ve taken over a file and the past agent hasn’t done a quality entry report.
Software, systems and processes
Finding a property manager with all the right software, systems and processes in place will give you peace of mind. Similar to having strong attention to detail, the best property managers will have all of the systems set up to ensure everything is done on time. Having the right software set up correctly to quality systems and processes makes report running, statements, online landlord portals, rental payments, receipts and all the admin work that much easier!
Market knowledge and insight
A key benefit of an experienced property manager is their market knowledge and insight. By working with someone who knows the area where your investment property is located, you can strike a balance between maximising your rental pricing and finding new tenants quickly when the need arises. Further, when it comes to rent reviews and renewing the lease with current tenants, your property manager will be able to confidently advise if a rent increase is appropriate and how much it should be.
Happy property managers and support
Despite popular belief, property managers are people too. And, generally speaking, people need holidays or, to take a few days off if they’re unwell like any other job. It’s important to check what support your property manager will organise when they’re not available. Make sure they have systems and processes set up to continue looking after your place and tenants.
There’s a lot to consider when you’re looking for a property manager. With the factors above in mind, the best thing you can do is begin looking for a property manager that suits you (if you haven’t already received referrals from anyone in your network). Speak with your sort list of potential property managers (make sure you’re speaking to the property manager, not someone else in the company who won’t actually be looking after your property) Once you’ve spoken with a few different property managers, you’ll get a feel for who is the right fit for you.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.