5 Stress-Saving Tips For Picking the Right Property Manager

by | Jul 23, 2020

 

Choosing the perfect property manager will ensure that your investment is safe. 

 

You’ve put your hard earned money towards an investment property. To maximize your return and reduce your stress you need a good property manager. 

 

Here’s what you need to know: 

5 tips for finding a property manager

Keep these in mind when you’re on the hunt for a property manager

1. Local knowledge

In real estate, knowing the area is a must. A good property manager knows what to rent the property for, they know the local tradies, what’s going to attract the right tenants and so on. If the property manager is located in the same area your property is in, chances are they will have a pretty good local knowledge. To test this, ask them questions about the area. See if they know the local cafe’s, where to park what transport is close and what tenants want in the area. 

2. Research, research, research

The internet and technology has made research incredibly easy. Google property managers in your area. Read the google reviews. Go to realestate.com.au and Domain and dig into your options. Productreview.com.au is a great website to see other investors’ experience with a property manager. Rent.com.au is also another great resource.

3. Job Interview

Remember, your property manager is working for you. Many property managers have great marketing campaigns that sell you a great story. To find out if they are all they say they are, you need to ask questions.

Here are some good questions to ask:

“How many properties do you manage?” More isn’t always better. If the property manager manages a large volume they may not have the time to devote to managing your property. It doesn’t matter how good of a property manager they are, anything over 150 properties will likely mean they are burnt out. 

“What are your qualifications and experience?” You want someone with many years of experience 

“What makes you different from other agencies?”

4. Property Management Services

Not all property managers are the same. Find out if property management is their core business. For many real estate agents, the property management business is the offshoot of their sales business. This is a red flag as they may not be putting the time and focus into property management.

5. Are They Quick to Respond?

Note how long property managers take to respond and how they communicate with you. This should give you an indication of what is to come.

 

You’re probably also wondering what the cost of a good property manager is. When you start searching you’ll quickly realize that it can vary a lot. It also depends on the area you’re property is in. Generally property managers charge a percentage of the total rent, you can expect 5-10%. 

 

As a rule of thumb, you can expect less from the cheaper options. I would not skimp on a cheap property manager as this can cost you in the long term.

 

 

 

Your property investment is a key piece for your long term wealth. Shop around and compare your options. Selecting the wrong property manager will have a detrimental impact on the success of your investment and you’ll be tearing your hair out from the stress. A good property manager will reduce your stress, and you can sit back and know your investment is in safe hands. 

 

We run free webinars every week. If you want to find more about how choosing the right property manager can have a big effect on your property investment success Click here to book. 

 

We also deep dive into the 5 other important professionals you need on your team as a property investor. These events are live and interactive and you’ll get your questions answered. 

 

Take the Next Step

What You Need to Know About Buying Off-the-plan 

What You Need to Know About Buying Off-the-plan 

  Weigh it up - you'll be surprised.  Like a lot of things in life, there are pros and cons to certain kinds of property investing and buying off-the-plan is no different.  Buying a property off-the-plan means buying a house, townhouse or apartment in a complex...

6 Ways To Speed-Up Your Next Property Purchase 

6 Ways To Speed-Up Your Next Property Purchase 

  Get There Faster If you are already a property investor with one or even two properties, first of all, congratulations. You’ve taken some seriously great steps in creating your future wealth and a pathway to a work-less, play-more retirement with passive...

Six ways to build mega equity in your investment property 

Six ways to build mega equity in your investment property 

  Investing in property is a great way to secure a better financial future. But if you don’t know how to help your investments grow, you could be missing out on cashing in.  To ensure you are on the path for maximum wealth creation, you need to understand how to...

Principle Interest or Interest-Only: Which is better?

Principle Interest or Interest-Only: Which is better?

  It’s the age-old debate. Should you structure your property finance as principal interest or interest only?  The reality is, there’s no one size-fits-all, especially when you’re a property investor and your needs are unlikely to be the same as a single-home...

Infrastructure that Skyrockets your Property Wealth

Infrastructure that Skyrockets your Property Wealth

You’ve probably heard it before, infrastructure is vital to your property investing success.  Here’s why you should consider current and future infrastructure when making an investment decision. First off - what is infrastructure?Investing in houses offers the...