We spoke before on what exactly it is a property manager does and the skills they need to have to do their job, check out our previous blog here. Now you know exactly what a property manager can do for you and your investment property, finding one is the next step.
As there are so many important roles that a property manager must undertake, you want to be putting your trust in a good property manager. There is a bare minimum that property managers can do but you do not want the bare minimum. You want your investment property to give you the returns that you expect, so having a strong property management team can make all the difference.
In order to find the best property manager for your property, there are certain areas that you should take notice of and processes to understand. When you have all of the following aspects covered, you can do an in-depth comparison of your potential property management team. It is important to understand how certain property managers undertake their role and the questions to ask them when scouting. That way you will know whether your potential property manager is a good fit or not for your rental property. Here are some ways to screen for a good property manager.
Do Your Research
If there is one thing the internet is great for, it is research. While a quick search can bring up a long list of property managers, sifting through them to find the best one for your rental property can seem overwhelming. Of course, the first way to narrow down your search is to look for property managers in the area that your investment property is in – but this may still turn up a huge amount of results. This is where referral processes and testimonials come in handy.
Word of mouth and Google review are always a fantastic form of advertising, especially since past clients are talking about their personal experiences. Another way to research is to search for listings in the area that your investment property is in. Take note of what names appear consistently. You will be able to see how well certain property managers also market any properties; from the quality of the photos they use to the detail of the listing and if you are checking regularly, how long the property is advertised. Online reviews from tenants are also a great indicator. A positive relationship between a property manager and a tenant always is a strong sign the property manager is competent.
First Impressions Count
Once you have done your research, arrange to meet your potential property manager. This is where you can assess their skills as a property manager. If they are communicative with you, get to your enquire in a timely and a professional manner and seem enthusiastic about your business, it is always a positive. Great communication skills are a staple of being a good property manager, so if they are not communicating well before they’ve got your business – then that is a red flag.
If you can arrange a meeting, especially face to face, that is the first tick of the box. Meeting somebody in person normally always gives you a better idea about how much you can trust somebody with something as important as your investment property. Not only will you be able to get a strong impression of them, but you will also have the opportunity to ask them important questions. If you are not sure on what sort of questions to ask, Local Agent Finder has some fantastic question ideas.
Not just the answers they give, but how they answer your questions are important. If they are forthcoming, encouraging of asking questions and communicative, then you are likely in good hands. Professionalism is evident from how a property management team presents themselves, so take note of these details.
How Much Will You Pay?
Nothing is free, but there is always value for money and the goal is always to get the best return on your investment. This is no different when it comes to dealing with property managers. Since you will be using their service, getting a breakdown of their fees is imperative. Of course, there will be regular property management fees. On top of this though, there is possibly fees for advertising and associated costs. Every property management team will have their own system so asking for a breakdown can help you compare prices. Check the list of services they offer and whether there are any extra charges for certain services.
Finding Tenants For Your Rental Property
There are many roles of a property manager and their job is to make your life a little easier as an investment property owner. One of the biggest perks about hiring a property manager to look after your rental property is that it is their job to find tenants. The last thing you want is your property sitting empty, so you want your property manager to get tenants in as soon as possible.
When you are talking to your potential property manager, enquire about their process on how they find tenants. Everything from the marketing, to how quickly they expect tenants to move in and the contracts that will be drawn up – these processes are important for you as a rental property owner to understand. You want to have the best tenants possible in your rental property so ensure that you have a property management team that makes the most effort to reach this goal.
Marketing your Investment Property
If you have done your research, you may already have an idea of how the property management team you are enquiring about market their properties. You want to ensure that the property has the best exposure and how the rental property is marketed makes all the difference. This is why you want any potential property management team to be able to show you all the lengths they will go to so your property gets rented out as soon as possible.
Little things like professional photography, utilising a range of resources and advertising in the right spaces. How they conduct inspections, how they communicate with potential tenants- all of these come under marketing. A good property manager should be able to explain all of their marketing processes to you so take note on how invested they seem in this aspect of their job.
Maintaining your Rental Property
Handling maintenance requests is one of the most important roles as a property manager. This is definitely a huge area to compare property managers when deciding on who to go with. Routine inspections, emergency maintenance and requests from tenants – all of these should be going through the property manager.
A good property management team will have their go-to plumbers, electricians and maintenance workers on call. A good property manager should be able to competently handle any requests while keeping you in the loop at the same time. They should be in constant communication between you and the tenant to handle any maintenance issues.
How About When Things Go Wrong?
At the end of the day, a property manager should be your representative and always striving to have a positive dynamic between you, the property manager and the tenant. That is why when things go wrong, you want somebody you can trust in your corner. Aside from maintenance issues, many things can go wrong with a rental property and tenants.
Late rent, property damage, needing to evict a tenant – there are so many things that can go wrong when renting out an investment property. A good property manager should know how to handle these issues as they come. They also should be prepared to represent you in VCAT if necessary. Being able to resolve disputes correctly and efficiently is a sign of a great property manager, so make sure that you are confident in their ability to do this before you hire them.
So What Now?
Now you have all these tools to find a good property manager, time to get out there and find one. If you are looking for a property management team in Melbourne, Geelong, Ballarat, Bendigo or South-east Queensland, you will find that Reventon Property Management ticks all of these boxes.
Always professional, efficient and communicative, as well as having strong processes in place, with Reventon you can have peace of mind that your property is in good hands. With a proven track record of efficient property management, we are invested in your investment. We never cut corners and we guarantee that we have a strong understanding of the market we work in. You can always have confidence in how our property managers handle your rental property. Our past clients can vouch for us!
Find out more about how Reventon can provide you with great property management? Fill out our contact form and let us see what we can do for you and your investment property.