As a property investor, your Property Manager is a valuable member of your investment team. Their job is to not just take care of your investment property, but to make sure you’re achieving your investment goals along the way. Here are some key questions to ask to measure your Property Manager’s performance.
How do you communicate?
Communication is fundamental in your relationship with your Property Manager. While you do not need to be best friends, you want to be sure you are on the same page. Their efforts and style of communication may also reflect how well they manage their workload. Are they approachable or are they slow to return calls and emails? If they seem rushed or don’t get in touch regularly, these may be signs they are working beyond capacity.
How regularly do they conduct inspections?
Your Property Manager should inspect your investment property minimum once a year. Although, a general biannual inspection is preferred. A detailed report should also be provided after each inspection.
How are they addressing maintenance?
A safe and healthy home is an obligation you make to your tenant and emergency as well as regular maintenance are part of that. Neglected repairs can be costly, so check that your Property Manager is looking out for maintenance issues.
Do they inform you of legislative changes?
Legal requirements change constantly and your Property Manager should be up-to-date. Regular training programmes will keep them informed and they should relay advice to you.
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