10 Jul 2014

Selecting The Right Property Manager

There are many factors to consider when becoming a landlord. However, the most important thing to get right is your choice of property manager. Selecting the correct property manager helps to ensure the entire property ownership experience is enjoyable, stress-free and helps to maximise the return on your investment.

Property investors know they need a good property manager, however they do not know ho to identify one. Finding a great property manager can be very difficult, particularly when you have just purchased an investment property worth hundreds of thousands of dollars. This is why you need to know exactly what attributes and services you are looking for from your property manager.

 

How do you find a property manager that offers  a high quality and professional service?

Investors should look for an agent that meets all of the criteria below:

1. The agent should prepare regular rent reviews.

2. The agent should offer a tailored strategic marketing campaign.

3. The agent should conduct regular inspections of the property.

4. The agent should diligent attendance to property repairs.

5. The agent should implement proactive maintenance programs and tenant care.

6. The agent should have zero tolerance for rent arrears.

If a property manager does not provide these services, the costs to the landlord could be large.  An agents failure to implement a professional and systemised approach to property management could end up with a property owner losing thousands of dollars in lost rent, repairs, increased vacancy periods and reduced capital growth.

 

Other factors to look for when choosing the right property manager:

  An agency that specialises in property management.

  An agency who involves the principal in the day-to-day management of your property.

  Staff backgrounds and motivations: what’s their experience and role?

  An average ratio of staff to properties below:

o   100 if mainly houses

o   150 if mainly apartments

  Policies and procedures in place for:

o   arrears

o   re-letting

o   general inspections

o   preventative maintenance programs

o   tenants relations

o   reporting to you

o   service guarantees.

And ask the property manager some questions:

(1)  Ask them about how they complete their entry condition reports. Firstly, they MUST have photographs and be extremely detailed. Ask them what they do if a tenant adds comments to an entry condition report.

(2)  Ask them how they make themselves available for prospective tenants. If  a tenant wants to do an inspection on the weekend or after hours, what is the office policy on this? Test them by placing a call and asking their company if you can inspect one of their vacant properties on the weekend and see what their response is.

(3)  Ask them what the three most important things are to increase the rental return and reduce costs.

 

Property owners across the Sunshine Coast consider Noosa Property Management to be the right property manager for them.  We are strategic in every element of property management and are always looking at ways to create better outcomes for our investors.

Contact us on 0411 278 324 or email michelle@noosapm.com.au to experience the difference.