While there are a lot of property managers out on the market, not all of them have the drive and dedication to protect your investment. That’s why it is important to do your research and choose the property manager that will do the best job for you and your property. Here are some things to look for…
1: Local Knowledge
Having someone with a comprehensive knowledge of the local region your property is in will be invaluable. Not only will they have relationships with local trades for maintenance and other property managers for support, but they will have an understanding of the region. This allows them to access a wide pool of tenants to ensure you get the best ones.
2: Understanding Tenant Desires
If your property manager knows what local tenants are after, then they can market your property by highlighting those popular aspects. This will give you a great pool of tenants to choose from, removing the need to settle for the only tenant interested (even if they are not someone you would usually select). By creating a high demand for your property, it won’t sit untenanted for long.
3: Proactive Nature
You don’t want your property manager to be behind the eight ball and rushing to reactively put out fires. You want them to be proactive and prevent the fires from lighting in the first place. They should also be efficient at collecting rent, organising inspections, arranging regular maintenance and repairs.
4: Financially Savvy
Handling the collection of rent and managing the financial aspects of maintenance will be a big part of your property manager’s duties. Therefore you want someone who understands finances and how they can maximise the return on your investment.
5: Low Vacancy Rate
When selecting a property manager one of the first things you should do is to check the number of vacant properties they are managing. If they have a large number of vacant listings then they may not be very good at finding tenants. A rental property without a tenant is automatically lost income, you don’t want that to happen to yours.
A good property manager won’t have many available listings, so check their website to see what is on there. You will also get a good feel of their professionalism by looking at their online representation.
6: Get A Good Feel
Meet your property manager in person, or at least via a video call. This will give you a good impression of their mannerisms, their character and if you will be able to work with them easily.
If you feel rushed by them when you meet, then they may be too busy to manage your property correctly. Therefore, they might not have the time to give your property the attention it deserves. They may end up cutting corners to save time and you definitely don’t want that!
7: Ask For References
Any good property manager will be happy to supply you with references from their current or previous clients. If they are unable to produce a reference, then think twice about whether you can trust them.
It is important to meet with more than one property manager when you are deciding who will look after your investment. Don’t be afraid to ask them confronting questions like how they would handle a difficult tenant or how often they would inspect a property.
It is also vital to have a formal agreement that lays out responsibilities, payment terms and reporting. Choosing a Property Manager is an important decision, so do your homework and select them wisely.