Choosing a Property Manager
Choosing a property manager and more than this, choosing the right property manager, can play a vital role in the rental process of an investment property. A good property manager will seek to maximise weekly rental income and source high quality tenants who will best take care of your asset. It is therefore crucial to choose wisely when deciding who should represent you and your property.
Once you have shortlisted a few candidates you should meet with them individually and ask them the following questions before choosing a property manager.
Questions to ask when interviewing and choosing a property manager:
1. Does your agency have a dedicated property management department?
Some agencies will view the task of property management as less important than selling and will therefore leave this task up to the front desk staff or receptionists. Discover if the agency is experienced in the area of property management and has dedicated staff to effectively manage your property.
2. Is a director/owner of the agency overseeing the property management department?
How focused is the agency on property management? The more important property management is to an agency, the more successful they may be at effectively managing your property.
3. How many years of experience do you have in property management?
Experienced property managers will be able to attract the best tenants to look after your property and deal with those that become difficult.
4. Can you provide me with a written comparison of rental values in the market?
An experienced and knowledgeable agent will be able to benchmark comparable rental properties on the market and advise you of the optimal rental return you should receive from your property.
5. What is your process for reviewing potential tenants?
How do they determine whether the tenant is suitable for a property? Do they conduct police checks, or checks regarding their past rental history, current employment, etc?
6. How many properties are you managing at the moment?
Are they representing many other people, hence being reputable and successful? Bigger, however, is not always better. Will you get the service and attention required during the property management process?
7. Will you go to court to represent me if needed?
In the case that you experience difficult tenants, you may need to go to court to resolve certain issues about the bond or other matters. The property manager you decide on will need to be experienced and willing to support you in these times.
8. Will you advise me of any maintenance and repairs that need to be made to the property?
In particular when non urgent repairs need to be made, will you seek approval before getting items repaired?
9. What are your fees?
Enquire about management fees as well as any other costs a property manager may charge. Typical fees you may incur include those related to sourcing tenants, ongoing management of property and monthly statement fees.
10. Can I please see some references or contact details of the landlords using your property management services?
What level of service was provided to past clients? Did they take care of the landlord and follow through on all which was promised?
Check out PhillipWebb’s post on picking the perfect property manager here.