When it comes to choosing someone to manage one of your most valuable assets, your investment property, it makes sense to take the time to choose a qualified and knowledgeable property manager who has the right tools and strategies at their disposal.
When speaking with property managers, don’t be afraid to ask questions. You want to make sure they are confident and have the experience to market your property effectively, screen potential tenants, collect rent, handle arrears and manage your property well overall.
Here are some things to consider:
IS YOUR PROPERTY MANAGER QUALIFIED?
In New South Wales, property managers need to have a current Certificate of Registration to work in this role. However, being qualified to manage a rental property doesn’t just end with formal qualifications… it also comes down to experience.
IS YOUR PROPERTY MANAGER EXPERIENCED?
Experienced property managers know their local market, and use this knowledge and available data to determine the best rental price for your property. They should also be experienced negotiators, who are able to negotiate the best price and lease terms with your tenant.
Experience is also imperative in effectively managing your property, solving any issues quickly, before they become larger problems.
Property managers should also have a thorough understanding of residential tenancy legislation and keep up-to-date with changes.
IS YOUR PROPERTY MANAGER FOCUSED ON YOU?
A successful relationship with your property manager comes down to effective communication, so don’t be afraid to ask your property manager how they will communicate with you, and how often.
This is something that should be established at the beginning of the management of your property.
DOES YOUR PROPERTY MANAGER HAVE A SOLID MARKETING STRATEGY?
When initially meeting with your property manager, ask them to explain to you the marketing strategy they will use to effectively market your property in the current market.
A good property manager will work with you to ensure your property gets maximum exposure to the market.
HOW WILL YOUR PROPERTY MANAGER MINIMISE RISK?
It’s a good idea to ask your property manager what processes and procedures are in place to minimise the risk to your property.
A good property manager will have procedures around stringent tenant selection, zero tolerance of rent arrears, comprehensive property inspections on a regular basis, and the use of trusted and competent contractors to carry out repairs and maintenance.
Choosing a property manager to manage your property is an important task. Treat it like you would a job interview. This person needs to be professional, trustworthy, reliable, and approachable, and you need to be confident they have the ability, knowledge and tools to achieve your real estate goals.
For more information on our property management service, call 4628 7444.