A property manager can play a vital role in the rental process of an investment property. The property manager will seek to maximise weekly rental income and source high quality tenants who will best take care of your asset. It is therefore crucial to choose wisely when deciding who should represent you and your property.
To ensure that you appoint the most suitable agent to manage your property it is important to do your research and meet with a few agencies before making a final decision. Once you have shortlisted a few potential property managers you should meet with them individually and ask them some key questions to make a more informed decision. Below are some of the key questions we feel are important for you to ask before you make that final decision.
Hiring someone to manage your investment is a big decision, so you need to do your research before choosing one. Important qualities to look for include organisation, honesty and actual experience.
Is a director/owner of the agency overseeing the property management department?
How focused is the agency on property management? The more important property management is to an agency, the more successful they may be at effectively managing your property.
Can you provide me with a written comparison of rental values in the market?
An experienced and knowledgeable agent will be able to benchmark comparable rental properties on the market and advise you of the optimal rental return you should receive from your property.
What is your process for reviewing potential tenants?
How do they determine whether the tenant is suitable for a property? Do they conduct police checks, or checks regarding their past rental history, current employment, etc?
What are your fees?
Enquire about management fees as well as any other costs a property manager may charge. Typical fees you may incur include those related to sourcing tenants, ongoing management of property and monthly statement fees.
Will you go to court to represent me if needed?
In the case that you experience difficult tenants, you may need to go to court to resolve certain issues about the bond or other matters. The property manager you decide on will need to be experienced and willing to support you in these times.