Along with the rise of Australians investing in property, so too is the demand for top industry professionals to manage those investments. Today, property managers do far more than simply collect the rent; they are experienced, well-trained individuals, who pride themselves on providing exceptional service when it comes to looking after what could be termed as one of your most valuable assets.
With some suburbs being home to 10 or more real estate agencies, narrowing down the right property manager may seem a daunting task. Below are our top 5 tips to help you find the right property manager.
1. Do Your Research
After making the decision to rent out your property, we recommend embarking on some research. By conduction online search of rental properties in your area, you will be able to gauge who the experts are in your local area. Large website portals such as realestate.com.au and domain.com.au will enable you to find out who the major real estate businesses are in your catchment.
2. Word of Mouth
In an age where the internet and social media provide an easy platform for people to air their experiences publically, online reviews could potentially turn you away from suitable candidates before you get all the facts. Word of mouth remains an invaluable way to hear first-hand how a business conducts itself so ask family, friends and colleagues for personal recommendations before narrowing down your options.
3. Create a Short List
Short list the agencies you are interested in, then look at some of their current rental advertisements. Are the property listings well written with quality photographs? Go to some of the scheduled opens to see if the property manager is well dressed, polite and knowledgeable and the home is clean and presented well.
4. Interview Several Property Managers
Interview your short listed property managers. Just as your chosen property manager will screen several tenants before renting out your property, you too should screen them to ensure you are selecting the right manager to look after your asset.
Your chosen Property Manager should know the area, the demographic and the current rental market. Some qualifying questions to ask them may be: How many properties does your agency manage? How many of those properties are in your portfolio? What is the average days on market for your agency? What is the current vacancy rate?
Things such as experience, services provided, fees and being up to date with current legislation should also be discussed, as should their process for routine inspections, maintenance and condition reports.
5. Read The Management Agreement
Once you have selected your property manager, make sure the management agreement clearly defines the responsibilities of the agency, tenant and landlord. Ensure all of the terms you discussed during the interview are included in the contract. Pay close attention to the sections about the responsibilities of the owner, compliance with consumer affairs and other special clauses you may have agreed upon.