1. Look locally
In the real estate business, local knowledge is crucial. From knowing how to attract tenants, to setting the rent at the right level and having contacts with trusted tradies, a local property manager gives you a big advantage.
2. Do your research
If you have an Internet connection and a spare half hour, you can find out a wealth of information about the property managers in your area. Read customer reviews of property managers online to get some honest opinions from fellow investors. Here are some great resources to help you find the right property manager:
- Google. Do a quick search for property managers in your local area to see what’s available.
- Real estate websites. Realestate.com.au and Domain are the two biggest property listing websites in Australia, and they also have online tools to help you find real estate agents and property managers all around the country.
- Productreview.com.au. Check out reviews from fellow investors at this useful website to get an idea of what to expect from an agency. Just remember to take each review with a grain of salt.
- Rent.com.au. Search a directory of more than 6,200 property management agencies throughout Australia.
3. Rely on word of mouth
The best way to find a good property manager is through word of mouth and feedback based on experience from consumers rather than via marketing or advertising campaigns.
4. Ask questions
A property management company may sound spectacular on its website or brochure, but you’ll need to ask a range of questions to get past the PR spin. You’ll find a list of handy questions you can ask a prospective property manager below.
5. Find out what services they offer
Not all property managers are created the same, and not all of them will offer the same services, so make sure you know exactly what you’ll be getting for your money.
6. Compare communication
A property manager must be able to quickly and effectively communicate with you at all times, whether it be to inform you of necessary repairs, provide you with a choice of tenants or simply check in to see if there’s anything more they can do for you. Make sure you find a property manager who is always easily reached and who always keeps you up to date.
7. Count the cost
Any expense associated with an investment is always going to be an important consideration, but remember that it’s not the only factor you’ll need to take into account. The old adage that you always get what you pay for holds true when it comes to property management, so don’t put price above all other factors.
Want to know the 5 essential questions you should be asking a prospective property manager? Reach out to our office and we would be happy to email you a copy of the 5 essential questions you should be asking your property manager.