Finding someone to manage your investment is a big decision so you need to do your research before choosing one. Look for someone who is organised, honest and has actual experience.
Here are 7 tips to help you find the best fit for your property
1. Get referrals from different sources
Talk to friends, family, colleagues and other property owners in your area. You may be able to find some great tried and trusted options. Find out what they were happy with and not happy with. Referrals can be biased; this is why it is important to get them from different sources.
2. Do an online search for Property Managers
Check out their website and any online reviews, blogs and social media pages. You may come across some of the same companies you found through referrals.
3. Check out their current work
Look at some of their current rental ads, are they professional and compelling? Do they advertise in a variety of places? Are the properties clean and well cared for? You can get some great information from talking to the tenants they currently manage because Property Management is about keeping you and your tenants happy. Ask to see an example of the monthly report you would receive.
4. Interview several Property Managers
Compare them to find the one you are most comfortable trusting your property with. You will be able to tell those with real knowledge and a proven plan from those without. Ask questions about their education and experience, services provided, fees charged and if they have an understanding of Residential Tenancies Act.
5. Check they belong to a supporting organisation in the industry
Such as the Independent Property Managers Association which encourages and promotes ethical conduct by its members, deals with complaints and promotes and lobbies for law reform when necessary.
6. Examine their management agreement
This should clearly define the responsibility of the Property Manager and that of the Property Owner. Carefully check the sections on services provided, extra fees charged, responsibilities of the Owner and reasons for cancellation.
7. Invest in property themselves
It is important your Property Manager understands the reasons why and how to invest in property if they are to manage your property as if it were their own. They can often support your investment growth with their knowledge and experience in the market.
We'd love to talk to you about how we can help you maximise your profits whilst minimising your risk and carryout a free rental assessment, contact us today!
An active investor with her husband Hamish, Claire loves to inspire & inform others, all whilst juggling three little boys and living her mantra to eat well and travel lots.