As a rental property owner, hiring the right property manager is one of the most important decisions you’ll make.
A good PM can make your investment effortless and profitable. A bad one can cost you thousands in headaches and lost revenue. Before you sign on the dotted line, read this:
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Verify their experience and track record
Don’t just take a PM at their word. Check online reviews, ratings, and ask for references from other owners they manage properties for. An experienced PM with a proven history is crucial.
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Understand all fees upfront
Property management fees can include leasing, management, maintenance markups, etc. Get a complete fee structure and compare to industry averages. Never assume fees are set in stone – they may be negotiable.
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Review their marketing process
How do they market and advertise rental listings? Do they use professional photography and listings? A comprehensive marketing process is key for minimizing vacancies.
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Ask about tenant screening criteria
Request their full tenant screening process including credit, income, employment, criminal checks, etc. You want thorough screening to protect your investment.
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Inquire about accounting and reporting
You should receive detailed monthly statements and have 24/7 access to view your property’s performance online. Transparency is a must.
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Check their insurance coverage
Make sure the PM carries comprehensive insurance to protect your asset from any potential liabilities or incidents.
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Get it all in writing
Once you’ve verified everything, get a detailed management agreement in writing spelling out all services, fees, and responsibilities.
Proper due diligence in hiring a property manager can save you thousands down the road. On the Sunshine Coast, rental owners trust Luxe Property Management for professional, transparent service. Learn more at www.luxepropertymanagement.com.au.
