5 Stress-Saving Tips For Picking the Right Property Manager
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
Property is an amazing asset that can grow your wealth over the long term. However, it’s vital that you invest in the right properties, because making a mistake can cost you big time. It’s like when you play Monopoly. Let's be honest... No one ever really wins...
Do you know what the best investment portfolio looks like? Is it apartments, houses or a mix of both? It’s the battle of the ages: House vs Apartment. The thing is the answer to this question can be different for everyone and the determining factor is often about...
Did you know that The money in your bank account used for direct debits. All money in your offset or redraw accounts. Any funds due to you at settlement. Any payments made in advance. The bank can potentially keep it under the “All Monies Mortgage Clause”. Yes,...
I went to work yesterday and earned myself a wage. A pretty standard Australian thing to do, where I exchanged my time for money… But, guess what. After the eight hours I spent at work, making money for myself and my family - not one cent of that will actually go into...
It’s a question as a property investor you’ve probably asked yourself.. “How many investment properties should I own?” This is an absolute must-have conversation with yourself before you start investing. Figuring out how many investment properties you should own...