Finding a property manager that will help you to maximise value from your investment property portfolio can be an extremely tough exercise.
With so many different property management companies in the market the degree of service you will receive can vary dramatically.
Too often do property managers promise the world before disappointing and becoming just another ‘transaction filler’.
Here are four features to look for in a property manager to help you find a professional advice-driven service, which will help you make the most of your investment property.
Open and clear communication should be maintained by the property manager at all times. Check to see if the property manager has a customer service charter that outlines their commitments to you. A good property manager will ensure they return phone calls or emails within one working day or contact land lords within one working day after becoming aware of required repairs or maintenance. They should also provide regular (monthly) updates on the performance of your property and if rent is being paid on time.
Property managers are constantly in negotiations, whether this be about the rental price, lease contracts or gathering quotes for maintenance services. An outstanding property manager should hold good negotiation skills to ensure you, as the landlord, receive the best outcome.
3. Knowledge and passion
While the number of years a property manager has worked in the industry can be an important factor, it’s not the be-all and end-all. What’s more important is their enthusiasm for the industry – do they read industry publications to expand their knowledge, for example? Do they have a comprehensive understanding of the Residential Tenancies Act? Do they attend regular industry training courses and seminars? An outstanding property manager will have a passion for the industry to ensure they stay abreast of the latest trends and information.
Professional property managers will be active participants in the broader industry. Is the property manager a member of any credible industry organisations? Has the property manager, or their company, won any industry awards for their excellence in property management and customer service? Furthermore, ask if the property manager has a cap on the number of properties they can manage as some individuals will handle hundreds of properties, which will mean a poorer service for you.