Selecting a property manager to look after an investment property may be the difference between a good and bad experience as a landlord. In order to maximise the return on your investment property, it’s imperative that your property is being well managed. In other words, choosing the wrong agency to manage your investment property could end in disaster. High rental arrears, poorly managed property maintenance, and prolonged vacancy rates will drastically hurt your investment.
A couple of questions to ask yourself before selecting a Property Manager:
- What am I looking for in a Property Manager?
- Do I want to be involved at some level or completely hands-off?
Below are some basics to think about when shopping for a Property Manager. Feel free to give us a call to chat about your Property Management needs.
1. Good Communications
Firstly, good communication! This is a critical factor in a successful relationship between rental providers/landlords and their property manager. Ideally, all inquiries from the tenants or landlord should be answered within 24 hours. You want someone who is easy to contact and clear with any issue that might arise. Furthermore, your agent should be able to provide you with accurate, clear, and concise documentation regarding your property to ensure compliance with the RTRA legislation.
2. The Focus Should Be On You
The property management team’s style of customer service is critical. Is your property manager’s primary focus to ensure that they are maximising your income and optimising capital growth? Are they helping you achieve your investment goals while offering a high level of service? Will you be allocated a single Property Manager that will deal with all your investment property needs? At Calibre Real Estate, we have a single Property Manager to handle your property. That way, your Property Manager will know the ins and outs of your property like the back of their hands.
3. Rely on experts
It’s integral that the agency you select invests in training to ensure that they are up to date with the latest legislative requirements and best practice policies. Here in Queensland, our local industry body is the Real Estate Industry Queensland (REIQ). REIQ accredited agencies have undertaken and are committed to continuing professional development and ongoing training. To search for REIQ accredited agencies visit their website.
4. Don’t Focus On Fees Only
Fees are only part of the story. Smart landlords consider this a factor but weigh up other facets of property management. If your investment is not managed effectively it could be costing you thousands of dollars every year. It could also leave you exposed to unnecessary and potentially costly risks. If you feel your property isn’t being handled as well as it should be, it can seriously affect your investment.
5. Not All Fee Structures Are The Same
Fees can vary between 3% and 8%. Know what’s included and uncover any omissions that could cost you down the track. Prior to signing with an agency, make sure you get details around fees – including any potential hidden fees.
6. Digital Transparency
If this is important to you, seek out a company that offers an online portal where you can track rental payments, tenant requests and complaints, maintenance expenses, and legal documents, rather than relying on monthly or quarterly reports.
7. Ignore Online Reviews
Finally, don’t base your judgment of a property manager on their online reviews. Take the time and have a chat with multiple Property Managers to find the one that you feel most connected and confident with.