Saturday, 25 August 2012

How to Choose the Right Property Manager

So, you’ve just purchased your property. You’re over the moon that you’ve finally made the leap into the property market and can now start reaping the rewards. Well, unfortunately the hard work is not over. The number one, most critical decision outside of when to buy and sell a property is choosing a suitable property manager.
A property manager’s role is broad and can cover anything from choosing a tenant, collecting rent, carrying out repairs, and providing sensible advice on management decisions. A good property manager will do this and more, covering all of the little, but very important things as well. These should include, but are not limited to:

  • Find prospective tenants
  • Check a potential tenant’s criminal record
  • Prepare the lease documentation
  • Advertising
  • Maintenance
  • Take initiative with undertaking repairs under a nominated dollar value
  • Organise bond documentation
  • Pay authorised account and statutory charges
  • Undertake regular property inspections and provide good feedback back to the landlord
  • Check a potential tenant’s credit history
  • Give you up to date advice on rentals and the property market
  • Administer rent reviews
  • Pass on the rent payments to you promptly
  • Provide regular statements
  • Handle arrears
So, how do you choose a good property manager? There are a number of ways that good property managers can be found. It’s rare that the best one for you will be the buyer’s agent. It’s much more common to find good property managers through word of mouth, looking through investment forums etc. Here are some tips for finding a good property manager:

  • Always contact the property manager’s current and previous clients to get a bit of perspective on his or her character
  • Have a clear contract set up with your property manager which outlines all the services that will be provided
  • Generally, try and steer clear of really cheap property managers as it’s likely the services will be of a much lower quality and will end up costing you more money in the long-run
  • Try and gauge the reputation of the company that the property manager works for by looking on the internet and contacting other professionals in the industry
  • Find a property manager that specialised in the types of properties that you are planning on buying

Here are some other articles that you might be interested in:

American Real Estate Listing System

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Disclosure: The article is not to be taken as investment advice and the views expressed are opinions only. Readers should seek advice from someone who claims to be qualified before considering allocating capital in any investment.


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