1. Look For Structure, Not Just A Conversation
Anyone can sound confident in a sales meeting. Ask what their actual process looks like — how rent reviews are triggered, how maintenance requests are escalated, how vacancies are sequenced. A manager who can describe their system in detail is telling you something real. One who can't, isn't running one.
A good sales pitch tells you how a property manager talks. A good process tells you how they'll actually run your asset.
2. Check Their Communication And Reporting Standard
Ask to see a sample report before you sign anything. Is it a generic template, or does it actually tell you something about your property's performance — rent position, arrears status, upcoming maintenance? If you can't tell from the report whether your property is performing well, it isn't doing its job.
3. Understand The Fee Structure Completely
Management fees are only part of the cost. Ask about letting fees, admin fees, inspection fees and how routine maintenance is authorised and marked up. The headline percentage means very little without the full fee schedule behind it.
4. Test Their Compliance And Risk Management Capability
This matters more for rooming houses and higher-density assets, but it applies everywhere. Ask how they track compliance obligations, insurance renewals and safety requirements. A manager without a clear answer here is a liability risk sitting quietly on your asset.
5. Check Their Actual Track Record, Not Just Their Pitch
Ask for the numbers on properties comparable to yours — average days vacant, arrears rate, and how often rent reviews are actually completed on schedule rather than skipped. A manager confident in their process will have these figures ready. One who can only offer general reassurance probably isn't tracking them at all, which tells you something on its own.
6. Understand How You Can Exit The Agreement
Before you sign anything, read the termination clause. Notice periods, exit fees and what happens to active tenancies if you move providers all matter more than they seem to at the point of signing. A manager who is genuinely confident in their service has no reason to lock owners in with onerous exit terms — and it's a reasonable test of how they expect to earn your business long-term.
The Real Question
It isn't "do I like this person" — it's "does this business run my asset like a business." That's the difference between a property manager and an asset manager, and it's the difference that shows up in your annual return.