Choosing the right property manager
A property manager can mean the difference between a smooth
journey and a bumpy ride. They are responsible for preserving your property's
capital value and maximising its income – much more than just collecting the
weekly rent. They can provide a total management solution from finding and
screening tenants, conducting regular inspections, providing market advice, and
handling ongoing property maintenance.
But how do you determine who’s the right property manager for you
and your property? Here are a few considerations to assist
you:
Don’t focus exclusively on fees
Many landlords only look at fees to determine who they will choose
to manage their property but this is often a poor decision that they come to
regret. With fees ranging from anywhere between six to fifteen percent of your
gross rental income, some may see that as excessive but you do get what you pay
for, so remember, cheap is not always cheerful.
How capable are they?
Look for a company with a dedicated property management
department. This shows serious commitment and means you don’t need to worry that
the receptionist may end up managing your property. This also protects you in
the event that your property manager is ill or resigns as there’s a number of
other specialists there to assist.
Tenants can cause the biggest headaches of all so make sure your
agency subscribes to major tenancy databases and thoroughly screens prospective
tenants on credit worthiness, rental history, and employment security.
Also, it’s a good idea to choose a property manager who is also a
property investor as they will better understand your needs.
How important is your business to
them?
Consider how they present themselves and the effort they put in to
win your business. A well presented agency who takes the time to answer your
queries, view your property, and present a formal proposal to you is a good sign
you won’t be just another number on the books and you will be looked after. Also
ask how many properties they look after. Some individuals look after 200 or more
properties each, while better agencies manage between 100 – 150 properties per
person. You may pay a little more, but with fewer properties to juggle you can
be confident your property will get the attention it deserves and the manager
will take a more active role in maximising your property’s worth.
Read the management agreement
Don’t forget to read the fine print. Check what services are
included and what you need to pay extra for. Some will include routine rent
inspections and rent reviews, others won’t. Will the property manager be present
when taking prospective tenants through the property to ensure your property’s
security and obtain important feedback?
When determining the best property manager for your property,
remember the critical role they play in maximising your investment. With a
number of responsibilities to handle, make sure they have the appropriate
skills, value your business, and will keep your property performing at its
best.
For more information on how
Momentum Wealth can assist you with your Property Management needs,
contact our Property Management Team on 1-800-000-159 or email info@momentumwealth.com.au
