Here’s your guide to selecting a property manager who’s up to the job of managing your investment property.
Your property manager not only represents you to your tenants, they are also charged with managing arrears and looking after your legal interests. That’s why it’s so important to select the right person for the job.
Here’s what you should look for when appointing a property manager…
- Attention to detail
From drafting lease agreements to writing condition reports, a good property manager must be focused on all the details. When assessing a property manager, look at their email correspondence with you. Have they addressed all your questions with an appropriate level of detail?
- Good communication skills
It’s important to build good relationships with reliable tenants, and your property manager will be your representative. If they are dismissive or unresponsive to your tenants, you may risk losing good tenants. Consider the property manager’s phone manner when you call. Do they have time for you, or do they seem in a rush to get you off the phone?
- Local property knowledge
A property manager with strong knowledge of your local property market will be well placed to advise you on the right price point to set your rent. Ask them how long they’ve been working in the area, and how they approach setting rent.
- Ability to multi-task
A busy property manager must manage multiple tasks in day – from dealing with tenant maintenance requests, to assigning tradespeople and staying on top of arrears. In your meetings with them, do they seem well prepared or do they appear to be struggling with too much on their plate?
- Legal knowledge
Your property manager should ensure you comply with your legal obligations and be able to protect your interests. Quiz them about your legal obligations – if they falter or seem confused, it might be best to look elsewhere.
Problem solving ability
The last thing you want is a property manager bothering you with every tiny issue. They need to be able to differentiate between the small issues they can solve themselves, and the large problems they need to bring to your attention. Ask them to run you through a problem they solved for a client. If they can’t think of one, they may not have the skills you need.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.