Finding a great property manager through research sounds easier than the reality. If you’re looking to identify property managers, ask around and get referrals from family or friends who have property in the same or nearby area to your property. Apart from referrals, you need to establish a level of comfort with your property manager on your own. So, don’t underestimate the value of a good interview process. Question them! Probe them! Satisfied with their responses? Hire them! Ask these questions in your quest to find a great property manager. And let the responses shape your decision.
How Many Years Of Experience Do You Have?
This gives you an idea of how long the property manager has been in their role. Property managers who have been around for a long time should have a greater level of knowledge, expertise and a better understanding of the market. For example, they understand local market conditions and what tenants want in an area, so they will manage your property seamlessly from the start. A complete newbie should raise a few red flags, especially if you’re a novice property investor yourself.
What Type of Properties Do You Have Experience Managing?
Dig a little deeper into the properties the manager has handled over the years to determine if they have experience in the area managing the type of property you own. For instance, if you have a holiday home or fully furnished rental, make sure your property manager is equipped to handle the unique needs of the property. This may include property condition reports, house inventory reports and much more to ensure your furniture and appliances are not unduly damaged during the tenancy period.
What Is Your Current Days on Market Rate?
Days on Market is the time between when the property was listed for lease and when a deposit has been accepted on a rental property. A lower Days on Market rate means a better rental yield for property investors because the less time the property is vacant, the more rental income earned. Find out the agency’s rate in comparison to the local area to make the best possible comparison.
How Will You Ensure My Property Is Well Maintained?
A great property manager will attend to repairs in a timely manner and keep your property well maintained to ensure it’s leased quickly. Find out how often the property manager intends to visit your home for an inspection and how many photos they provide along with the routine inspection reports on average.
How Much Will You Charge To Manage My Property?
Property managers typically charge a percentage of the rent collected, along with some administration costs like monthly statement fees, bill payments on behalf of owners, professional photography, attending tribunal, financial year statements and much more. Some agencies offer more services at the same rate. Review all the fees in your management contract, so that you feel comfortable with the services and costs charged.
How Will You Secure The Right Tenant For My Property?
A property manager must assess tenants thoroughly to protect your home. Accordingly, get detailed information about the tenant screening process to decide whether the manager is right for you. For example, find out if the property manager screens the tenant against the Trading Reference Australia (TRA) database. This database offers details of credit and tenancy history of renters. Property managers should also ideally contact former or current landlords for reference checks. Verifying income and employment history of tenants is another key service to consider. Some property managers also ask for personal character references as an extra step to identify the right tenants for your home. It’s best to avoid property managers who fail to perform these stringent checks on tenants.
How Will You Ensure The Tenant Stays On Top of Their Rent?
One of the most frustrating things for landlords is a late rental payment. Make sure your property manager follows a strict process for managing rental collection and arrears. This may include regular follow-ups, official reminder notices, rental arrear charges and much more.
How Do You Plan On Promoting My Property?
A good property manager uses a myriad of tools to promote your property when vacant. Find out more details about these tools to ensure that your vacant property fills up in the least possible time. For instance, some property managers have a database of prospective tenants from their contacts and years in the industry. Others may use professional photography and social media marketing to promote your property. A great property manager uses different tools to fill up your property in the quickest possible time.
Finding a great property manager takes some effort, but it gives you peace of mind knowing that you’ve engaged a professional.