4 Steps to Finding the Right Property Manager
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 such as processing rental payments and producing rent receipts 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, 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.
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.