The choice of property manager: Our tips
Property managers come in different shapes and sizes with either some or none of the below skills. Just as you research other aspects of investment properties, you should consider evaluating the different property manager profiles and how they can meet your needs and expectations. The essential demonstrable skills of a top property manager include having a:
Proven track record of quality service
Commitment to efficiency and customer care
Policy to maximise income and minimise costs
Complete knowledge of current market trends and challenges
Creative solution to effectively address vacancy issues as they arise
Here is an expanded view of our 8 key criteria to help you choose the best property manager
1. Focus matters
Your property manager must have experience with the business of managing properties. Only then can one maximise your occupancy rates and rental returns.
2. The care factor
Select a property manager with whom you are comfortable and one that will treat your investment as your prime investment. One that will work diligently to maximise your rental income whilst efficiently managing tenant demands and maintenance bills.
Just like a top salesperson knows their core market like the back of their hand, so too should your property manager. How many properties do they manage in the area? How many are similar to yours? What is the agency’s average days on the market? What is their vacancy rate? What is the tenant demographic and how is enquiry generated?
Ask the property manager about how many prospective tenants are on their database. Will this resource be used to attract new tenants to your property? How qualified are those leads? How innovative is the marketing message?
5. Marketing of your asset
A major part in maximising your return is getting your property seen by as many prospective tenants as possible. What marketing strategies does your property manager follow to promote your property? How do they attract the best quality tenants? What options are available? Do they have professional photography?
6. Presentation of your property
Presentation of your property is vitally important as first impressions count. There may be simple additions to your property that could make it stand out. Asking your property manager for any suggestions on improvements to the presentation could include things like adding a dishwasher, installing built-in-robes, a fresh coat of paint or some new carpet. These small changes could not only reduce vacancy times but may also improve your return.
7. Tenant selection
Tenant selection is a big part of ensuring your investment is well managed. What does your property manager look for in a good tenant? What profile of tenant would they recommend for your property? What criteria do they believe to be more important than others?
8. Maintenance of your property
Keeping your investment in a good state of repair, with regular routine inspections, repairs and maintenance means you can potentially avoid larger, more expensive repairs in the long run. How many routine inspections are conducted? Do you receive a report and photos of your property’s condition? What recommendations are made? What happens if there is an issue? Having a good property manager, who conducts regular routine inspections and is in constant communication can mean the world of difference.