It is difficult to entrust your property investment to someone else’s hands. Perhaps, deciding which property manager to appoint is one of the most crucial decisions you will make on your property investment journey.
Before determining which property manager will provide you with the best level of service you need to understand what a property manager’s role is.
What property managers do
The property managers are your frontliners. They understand the legislation and can provide you advice on the rental market. They deal directly with the tenants, prospective tenants, body corporate managers, tradespeople and any other party that may be involved with your investment. And not only that; they oversee the rent collection, complete the entry, routine and exit inspections, handle maintenance and repair issues, represent you at the tribunal and mediate between yourself and the tenants, just to name a few of the tasks. Imagine the time and worry that you will save if someone else is doing all of these tasks for you.
Property managers have the expertise and experience in handling all of the aspects of your rental investment, giving you extra time and peace of mind knowing that your investment is well taken care of.
Finding the Right Property Management Company for You
So, let’s say you have determined that hiring a property manager is a necessity. The next step would be finding the right one for you. There is a pool of property managers out there that you can pick from, but be sure to be careful when selecting one.
Here are some guidelines for you:
- Recommendations from colleagues, friends or family: Speak to people that you know and ask them who manages their properties. Their advice would come from experience.
- Online research: Visit professional directories on the internet.
- Interview prospective companies: Prepare a list of companies you are considering to hire for managing your property investment. Meet with these companies and you will be able to determine their level of experience and capabilities. Consider all your options and pay attention to the pros and cons.
- Become a tenant for a day: Contact agents who are advertising properties for rent in the area your property is located. Ask to book an inspection and see how you are treated as a potential customer.