Hiring a property manager could be essential to the success of your investment. Choose the right person and you’ll have an expert advisor on your side who can help marketing your property, setting rent, screening and selecting tenants, lodging bond, handling disputes and so much more.
However, choose the wrong property manager and you might do more harm then good. To make sure you avoid any unfortunate property management mishaps, here are seven tips to getting the most out of yours.
1. DO YOUR RESEARCH
The real estate services industry in Australia is worth a staggering $14billion and employs over 110,000 people.
All property managers aren’t created equal. According to IBISWorld, the real estate services industry in Australia is worth a staggering $14billion and employs over 110,000 people, many of whom will be property managers.
With so many to choose from it’s essential that you take your time to do your research and select only the best. Look at the history of the agency they work for, the resources they have at their disposal and their reputation in your area and in the industry. You can do so using registers provided by organisations like the Real Estate Institute of Australia or onegov in NSW.
When you do you’ll find that no agency stands out more than Ray White. We had our origins in 1920, and have since built up Australasia’s largest and most trusted real estate brand, managing approximately 230,000 properties worldwide.
2. GO LOCAL
There are thousands of towns around Australia of varying shapes and sizes. Each has its own unique real estate market, tenants, and issues that your property manager will have to address. That’s why you should always hire a local property manager – they’ll have an in depth knowledge of the area’s unique challenges.
They’ll also be located close by, so that they can respond to urgent maintenance requests, meet face-to-face if necessary and keep up a strong relationship with your tenants.
3. ASK ABOUT THEIR MARKETING
Tenanting your property is one of the first and most essential steps to making your investment a success.
Tenanting your property is one of the first and most essential steps to making your investment a success. That’s why it’s important to ensure that your property manager has a professional marketing team and large tenant database, so they can ensure your property is in front of as many eyes as possible.
With better marketing you may find there are more people interested in your property, which will make it easier select suitable tenants, and may mean you’re more likely to receive your asking rent. When broaching this topic ask how your property manager will market your property and why their strategy is better than those of other agencies.
4. ASK ABOUT EXPERIENCE
Just like any other position, your property manager should have the experience necessary to do the job. Ask your property manager how many years they’ve been in the business, if they’ve had experience managing property similar to yours and what training they’ve done.
In general it’s best to look at the larger agencies when hiring your property manager. Most will have a number of experienced agents available, as well as rigorous training and development to ensure that your property manager is always aware of industry standards and changing legislation.
5. FOCUS ON THE RELATIONSHIP
Do you and your property manager get along?
Do you and your property manager get along? While this may seem irrelevant, the fact is that it’s extremely important to have a relationship with the person who’s managing what may be your largest asset.
If your relationship is strong you’ll feel completely comfortable asking questions, raising issues and keeping in contact. You’ll completely trust the person looking after your asset, and your property manager will be more likely to go above and beyond to help you.
6. EMPHASISE COMMUNICATION
When it comes to communication with your property manager it’s best to start off on the right foot. Be very clear about what’s important to you from day one and you’ll be far more likely to get the results you want.
Let your property manager know that you expect prompt communication about any issues or changes in the property, including problems with rent, maintenance request or vacating tenants. Furthermore, make it clear that you expect prompt replies to all communications from both you and your tenants, as if your property manager isn’t easily available they’re far less effective.
7. GIVE FEEDBACK
Get the best service possible from your property manager.
No property manager is perfect, and yours will need to adapt to the different requirements of you and your tenants. Help them adjust and ensure that you’re getting the service you need by giving them feedback on their services when you’re in touch.
That way you can quickly work out any kinks, and get the best service possible from your property manager.