After finding and purchasing the right investment property, the next biggest decision you have to make, if you have decided to outsource, is to choose the right property manager. Finding one who will support your needs as an investor can be like finding any other service provider, in that you may go through many below average ones in order to find the right one. The wrong choice can not only lead to personal frustration and financial loss, it can add unnecessary stress to your life.
You may have seen and read about the horror stories in the media about what can go wrong inside a rental property and we at Real Property Manager have nurtured some of these landlords who have been through these challenges. So unless you are referred by a trusted source to a QUALITY property manager, how do you go about it?
Your answer lies in the types of questions you need to consider asking when researching or interviewing a potential candidate and NOT in the perception of a brand, size of agency and its high profile or a top performing principal who happens to have a rent roll as a side income.
Here are some helpful questions that need to be considered when interviewing & selecting a property manager:-
- How long have you been a property manager?
- What qualifications do you hold to be a property manager?
- Do you own or have you bought and/or sold property yourself?
- Is your director/owner of the agency involved in the day to day management of the property management department?
- What is your process in selecting the right tenant for my property?
- Does the Property Manager hand out keys or do they attend property inspections with prospective tenants?
- Will you advise me of any maintenance and repairs that need to be made to the property before, during and after each tenancy?
- What is your strategy to avoid prolonged vacancy periods between tenants?
- What happens if my tenant stops paying rent? What will you do about it?
- What are your fees and charges and is there any additional fees for services?
- When will I receive my rent payments and my statement?
- Are you a member of a professional organisation with high ethics?
- How do you keep up with industry trends and training?
- Who will actually be managing my property if you're the BDM and not the property manager?
- How many properties to staff ratio do you have?
- If there is a breach of tenancy, who will be going to the tribunal for me?
- Do I have online access to my property information?
- Smart Property Investor magazine feature article on finding the best property manager...