When it comes to your investment property, a great property manager will add value beyond the rent collection and inspections the profession is typically known for.
But with so many property management companies and agents to choose from, it can be hard to know which one is right for you and your property. We’ve outlined what to look for in a property manager that stands out from the rest.
1. Best-in-class service and communication skills
When you’re paying a professional to look after your investment property, you should be given excellent service that puts your mind at ease.
One of the factors that contributes to the level of service you’ll receive is the number of properties your property manager is responsible for – generally, the more properties, the less time they’ll have to provide a tailored service.
This service also extends to communication. Property managers are often the central point between landlords, tenants, tradespeople and other vendors, so excellent communication is an essential trait.
2. A focus on marketing your property
Your property manager should know that a strong marketing plan is key to finding the best tenants for your property. When choosing a property manager, be sure to ask for the details on how they’d market your property, including budget, which channels they’d recommend and how long it generally takes to find tenants in their area.
3. Due diligence when it comes to finding tenants
Good tenants will look after your rental as though it’s their own home, so finding the right fit is essential. While you’ll have the final say on who rents your property, your property manager is responsible for doing the initial review of all applications to assess suitability or identify any gaps in information. When looking for a property manager, make sure they do full reference checks, including confirming the tenant’s rental history and employment status.
4. Looking after your tenants
While the landlord is their primary stakeholder, a great property manager knows how important it is to look after the tenants as well. Building relationships with tenants makes them feel cared for, leading them to take better care of the property and protect the value of your investment. This includes having open communication and being timely in responding to issues.
5. Addressing issues and being proactive
A big part of a property manager’s role is in dealing with maintenance requests and coordinating repairs, but a good property manager won’t stop there. By identifying any smaller maintenance issues that have the potential to become big problems, they’ll help you avoid larger costs and a greater inconvenience down the track.
6. Local knowledge and knowing the market
A property manager based in your area is an asset in understanding the local property market, including how much rent you can ask for your property and how long it generally takes to find tenants or new buyers if you decide to sell. Their familiarity with the market also means they can advise on renovations that typically add value to properties in your suburb.
7. Passion for property
Above all, an excellent property manager will love property and become a true partner in getting the best value for your investment. To speak to our passionate team about how we can help you, get in touch today.