Choosing a Property Manager to look after your investment property is a decision not to be made lightly. First-time investors sometimes make the mistake of choosing cost over competency, resulting in added stress and poor property maintenance.
There are a few important considerations to keep in mind when choosing a Property Manager to ensure your investment is in safe hands.
If a Property Manager is not returning your calls or replying to emails, steer clear.
Although Property Managers are very busy, they should prioritise potential new business and a lack of communication at this stage is a red flag that they may not be there when you need them ‘post-honeymoon stage’.
Strong communication is a sign that your Property Manager has sufficient time to competently manage your property and the interpersonal skills to keep tenants happy.
The Property Managers that really stand out from the crowd are both confident in themselves and in their knowledge of the property market. In the world of real estate, confidence builds trust and trust is key to impressing and securing long-term tenants.
A quality Property Manager has relevant qualifications and plenty of experience in the industry.
They have also dealt with every wacky tenant request and property repair under the sun and will be able to promptly resolve issues and avoid conflict.
With experience comes knowledge. A Property Manager who is familiar with the area is ideal as they answer your questions about what other properties in the area are letting for and the questions of tenants who may be relocating. Therefore, it is a good idea if they are a local or if they have worked in the area for some time.
As an added bonus, local Property Managers will likely have relationships with trustworthy tradespeople and can get repairs done faster (and cheaper).
A knowledgeable Property Manager can also provide you with additional information which can help you minimise risk. They are aware of safety regulations and the relevant legislation that will protect you and your investment.
Don’t be afraid to ask your Property Manager about their internal processes. It’s in your best interest to know about their process for selecting quality tenants, dealing with tenant requests and how frequently inspections are held.
Investing in property is a lot about managing risk and tenants are the biggest risk to your property.
If a Property Manager doesn’t properly screen tenants upon application, you can find yourself in all kinds of trouble with unpaid rent or costly property damage.
Ask yourself… does the Property Manager clearly love what they do? One of the biggest mistakes you can make as an investor is to choose a Property Manager who has lost the will to please tenants and is just in it for weekly pay cheque.
The nature of the job means they are often the first to receive calls from angry tenants which can quickly turn off anyone without a passion for their job and the world of real estate.
A passionate Property Manager will love what they do and this will show in the way they deal with tenants.
On the ball Property Managers with a can-do attitude will keep properties full, tenants happy and the cash flow constant.