6 Questions you should ask before choosing a property manager
When you purchase an investment property it’s tempting to ask the selling agent’s company to manage it for you. But are their property managers the right fit for you?
You may not be aware but the property sales team usually operates independently from the property management team – even if they share the same office space. So just because you had a good experience with a sales agent, doesn’t mean their property management team will be your best option.
When it comes to property management, it’s important to select your manager with care. After all, buying an investment property is a medium to long-term investment. You’ve probably spent a great deal of time and effort finding the right property. So shouldn’t you invest a bit more time finding the right property manager?
Here are the top 6 questions we think you should ask when choosing your property manager.
1. How long have you been a property manager?
While it’s great to give people a chance, your investment property is a very valuable asset and it’s important it’s managed by a knowledgeable and experienced property manager. It’s even more essential at times like this when the rental market is a little uncertain.
2. How long have you been working with this agency?
It’s an unfortunate trend that property managers tend to stay with an agency for a couple of years at most. While large agencies will have other staff to fill the void, the reality for you is, with regular staff turnover, there’s no-one who knows your property or understands your tenant. That includes your tenant’s history and the condition of your property at the commencement of the lease. That’s not a good way to manage such an important asset.
3. How many properties do you look after?
In property management circles, there is an optimum number of properties that an individual should manage. When a property manager has too many properties in their care, they simply can’t attend to tenant complaints or maintenance problems promptly. They may also struggle to identify late rental payments as quickly as you need.
When evaluating property managers, ask yourself, do you want your investment property to be managed with care or be placed in a queue before issues are dealt with?
4. How do you vet potential tenants?
Tenant selection is critically important. You want someone who will treat your investment property with care and who plans to live there for a few years. You also want tenants who can afford the rent, won’t sub-lease to others and will pay their rent on time.
It takes time to investigate and screen potential tenants. So before selecting a property manager, ask them about their tenant vetting process to ensure they do a thorough job.
5. Do you have happy landlords?
Good property managers have happy landlords. It’s that simple. Once you have refined your potential property manager options to just one or two candidates, ask to see testimonials from their landlords.
6. Do you have happy tenants?
Good property managers also look after tenants. They are responsive to tenant enquiries and they work with them to ensure they are happy because content tenants stay longer in your rental property. Happy tenants are also more likely to renew their lease and take care of your investment. When you have refined your property manager search to just one or two candidates, ask them if they have any testimonials from happy tenants.
An obvious choice
Brigitte from Stills Properties has been looking after landlords and their tenants for over 35 years. With that much experience, you can feel confident she must be doing something exceptional – and she is.
Brigitte knows every property, every landlord and every tenant. She personally conducts each property inspection and understands the complexities of NSW tenancy laws. If you would like your investment property managed by someone who really cares, contact Brigitte from Stills Properties on 1300 091 638 or email firstname.lastname@example.org