A good property manager can make a huge difference to
your property investment. Not only will an experienced 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 other investors. Regardless of how much administration and management
you want to delegate to a property manager, there are some key things you
should consider to find the best option for you. Keep reading to learn how to
find the right property manager for your investment property.
Check for 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 proactively looks after everything
from advertising your property and securing new tenants to routine inspections
and compliance matters such as smoke alarm inspections. Further, 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.
Systems and processes
Finding a property manager with all the right 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
and processes set up to ensure everything is done on time. Think things such as
automated processes that involve processing rental payments and producing rent
receipts, right through to reminders for routine inspections.
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, as well as the type of investment property
or product you have, means you can strike a balance between maximising your
rental pricing and finding new tenants quickly when the need arises. Further,
when it comes to 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.
Support
People need to take a break or 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 searching (if you haven’t already received referrals from anyone in your
network) and speak with potential property managers. 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.
