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An experienced and professional property manager is a value for landlords that can reduce potential stress around the management of your investment property. They can also assist with maximising the returns on your property and manage the tenancy process from start to finish.
When you are looking to hire a property manager, it is helpful to ensure that you are informed about a few key areas so that you know who is going to be the best fit to look after your property throughout its management.
Research the market and candidates
Before the appointment, a property manager, look at the market that your property is located in. Many of the property portals will show available and recent properties so that you can get an idea of where your property might be positioned.
When you are researching available properties, this will also provide the opportunity to look at potential agencies and property managers. You will be able to find information on their websites and look at current and recent properties that they have rented.
From this information, you can then make a shortlist of potential agencies that you would like to reach out to for an appraisal and have them talk to you about their service offering.
Be aware of the legislation and regulations
While a qualified property manager will be there to assist you through the minefield of legislation and regulations that are required when owning an investment, it is a good idea to look at the information on the key areas that you might need to comply with in the legislation.
Some of the areas that are important to know are rules around items like rent required, bond, pets, notice periods for terminating tenancies, smoke alarms, pools and other compliance, maintenance and repairs and inspections at the property.
Interview your prospective property managers
When the time comes to have property managers through your home for an appraisal, you may not always choose to go with the first person that you have been recommended. Finding a property manager is individual as you need to feel comfortable with the person and agency that you are appointing to manage your investment.
You may choose to interview several property managers and agencies and be sure to ask questions such as how many properties they manage, their level of experience, how they manage arrears and potential challenges with any tenancies, how they manage maintenance and repairs and what is their arrears rate.
You might also ask about their process for tenant selection, rent reviews and what they look for when carrying out routine inspections. When it comes to these kinds of inspections, it’s not just looking at the cleanliness of the property, they should also be looking for maintenance that may need to be done to help maximise your investment.
Look at the financial investment
Don’t forget that when you are employing a property manager, there are fees and charges that will come with the management of the property. Check with the agency about what their fees and charges are and be aware that the cheapest agent may not provide you with the best level of service.
Some of the usual fees that you could expect to pay include management fees for rent collection, letting fees and lease renewal fees, marketing and photography of the property, administration fees and fees for attendance at tribunal and project management of renovations.
If you would like to know more about how we can help with the management of your investment property, contact our property management department.