Finding an Experienced Property Manager
Finding a good Property Manager can be hard.
Most agencies focus on sales with little knowledge about managing investment properties. It is rare to find an agency that is totally dedicated to Property Management. Yet for most property investors, keeping your property tenanted and in good condition is of high importance.
Below are the things you should look for when hiring a property manager to look after your asset:
- Experience. Knowledge is everything - ensure they provide proof of how they will manage your asset. Knowing when to spend money and when to save it.
- Specialist. Using an agency 100% focussed on property management means you will have a company with the knowledge and care you need to look after your asset.
- Understanding of Legislation. Understanding of your State's legistlation is critical and can save you a lot of time and money. What are the tenant rights and what are the landlord rights? It is important your property manager has the experience of knowing landlord rights.
- Avoids Over Pricing. Ensure the agency is giving you realistic property valuations via RP Data or similar. There is nothing worse than being told you will get more than the market will pay.
- Stress Free. Ensure the Property Management company is experienced enough for you to walk away and trust your asset with them.
- Embraces Technology. Ask what technology they are using to manage your property. There are excellent programs out there to help with property inspections, property appraisals, financial management, document signing, etc.
- Service Focussed. It is easy to say "yes", however ask what examples the property manager has of great service they offer to their landlords. Customer service is critical in property management, because things can get hard sometimes such as, tenants and maintenance issues.
- Solid Trades Network. Does the company have an excellent trades network? It is critical that they have emergency maintenance trades and reliable workers. Do they go the extra mile to remind you about seasonal maintenance jobs?
- Focussed on Reducing Costs. Having good maintenance and repairs means less expenses down the track.
- Depreciation Schedules. Ensures you contact a depreciation company to maximise your tax return.
- Customer Service Driven. This includes tenants - care for tenants and they will care for the property.
- Is the Company a member of the REIV? The Real Estate Institute of Victoria (REIV) provides agencies with legislative support and updates to the legislation of Acts. It is important that they are affiliated with this organisation.
- Knowledge Sharing. Does the company have a property investor newsletter, events, seminars, etc? These things help you to learn more about your property investment. It is important that you build on your knowledge over time.