Some property investors do not realise the value of a good property manager until an incident or series of incidents occur that cost the owner time and money. To avoid the pitfalls of selecting the wrong property manager for your investment, we list the key areas that you should consider before selecting someone to take care of your valuable asset:-
What experience does the property manager have? Have they managed an investment similar to yours, how long have they been in the industry and what value do they bring to you and your asset? Property managers with varied experience across multiple forms of assets will usually have the right set of skills to provide you with a unique and holistic approach to dealing with whatever issue comes up with your property efficiently and effectively.
Who is looking after your asset?
Often the owner of the business, department head or worse yet the business development manager will initially meet with you offering all the bells and whistles of how great they are and will be, but who will be managing the property? Is it someone who is inexperienced or someone who is managing 125 – 200 other properties which does not allow them enough time to properly service you and your property? It is usually these time poor property managers that are under so much pressure that they take short cuts and eventually, issues creep up and cost you in the long run.
Check with other agents and see how much their fees are and if they are competitive, however with all things in life be careful not to look at the cheapest possible offer as there is usually a very good reason as to why they are! Do they get multiple quotes for repairs, do they have trusted contractors, how often do they inspect the property and do they check after a repair has taken place? Does the agent have an online portal where can check on their last inspection, if rent is paid and if the property is in a great state of repair?
Ask the agent for a few references from local, interstate and international investors. It’s important to see how your property would be treated if your circumstances change and you need to travel. Often if an agent treats their interstate or international investors well and they are happy, local owners will be treated just as well but be careful as an agent will usually provide a contact who they know will give a great reference. Better yet ask your trusted friends and family if they know of a proven property manager that they could recommend.
What’s important to you
There are other important areas to consider such as what will happen in the event of an urgent repair, if a Tenant does not pay on time or how does the agent ensure that we are getting the best Tenant and rental possible. Is the agent honest, do they have integrity and are they across all legislation relevant to your asset etc. Whatever is most important to you, ensure that you communicate it to the agent to see how they deal with that situation or what evidence they can provide.
Direct Property Group will work with you on your priorities to give you the best service possible, for great value and most importantly you deal with the owners of the business direct, so you are ensured to get a level of treatment that very few agents can provide. We provide services across residential, commercial and industrial property.
Please contact us today if we can help you in getting the best out of your property investment.