How to Choose the Right Property Manager for Your Investment Property

1. How to Choose the RightPropertyManager for Your Investment Property?

2. Afterbuyinganinvestmentproperty,thenextstepwouldbetomakesurethatitismanagedproperly.Afterbuyinganinvestmentproperty,thenextstepwouldbetomakesurethatitismanagedproperly. Andbecausethereisanoptionofmanagingthepropertybyyourself,manyinvestorschoosetoseekthe servicesofalicensedandexperiencedpropertymanager.Theprofessionalpropertymanagerwillminimize stressandboostprofits. Havingagoodpropertymanagerbyyoursidecanbeaninvaluableassetforyourinvestmentproperty.Besides taking care of the day-to-day responsibilities that come with managing investment property, the property managers also help in screening tenants, maximizing rental income and increasing the value of the rental property. Anexperiencedandhigh-performingpropertymanagerwillbeknowledgeableandinformedabouttheproperty laws and tenancy. They have the potential to reduce your leg work and they take care of all the paperwork neededintheprocess.Theprofessionalsmaintainfinancialrecordsandkeepyouonthekeepyouontheright sideofthelaw.

3. Here’swhatyoushouldlookfor. Buthow doyouevenchoosetherightpropertymanager? CheckLocalCandidates Beforeyoulookintotheprospectivepropertymanagersatotherplaces,itwill beagoodideatocheckthelocalareaprofessionalsfirst.Afterall,youwould want someone who knows everything about the local area. The property managerwhostaysuptodatewiththelocalinformationplaysacrucialrolein therealestatemarket. A local property manager can give you a massive advantage as they would knowtheinsandoutsofthelocalpropertymarkets.Thiswillbeimportantfor youifyourinvestmentpropertyisinanyotherareathanyourresidentialarea. A local property manager will be able to attend emergencies when you are unavailable. Moreover, they also have the necessary knowledge and connectionswithcontractors,otherrealestateprofessionalsandtradespeople.

4. RelyonWordofMouthorReferrals Thebestwaytofindtherightpropertymanagerisalsothroughwordofmouth/ feedback, referrals, and testimonials. If you have a real estate agent, you can even ask them about a good property manager. Since the genre is the same, theymighthavecontactwithsomepropertymanagers. If not, you can even ask your colleagues and acquaintances who have investmentsinthesameareaiftheyhaveanypropertymanagersintheir connection. Ifanotherlandlordrefersyouaprospectivepropertymanager,youcanask themthefollowingquestions: Howlonghaveyoubeenworkingwiththepropertymanager? Anyissuesfacedwiththepropertymanager? Whatarethebestservicesofferedbythispropertymanagerandwhich agencysotheyworkfor? Reasonsforchoosingthem. Afterhowlongdoyougetupdatesandprogressreports?

5. CheckCustomerReviews Ifyoucan’tfindonethroughwordofmouth,thencheckonlineforthereviews andtestimonialsofthepropertymanagementcompany.Bycheckingthereviews ofclientsorofthepropertyowners,yougetanhonestopinionoftheirtrack record.YoucanevencheckthroughGooglemapreviews,realestatewebsites likeRealestate.com.au,andthesocialmediasitesofthepropertymanagers. Makesureyoustayvigilantandsortouttherealreviewsfromtherestandthen takethefinalcall.

6. AskAboutTheirExpertise Eventhoughyoufindapropertymanagementcompanyorapropertymanager spectacularontheirwebsiteorbrochure,youmustaskarangeofquestionsto getpasttheglamoroftheirPRcampaignsandadvertising. Also,makesureyourpropertymanagerislicensedandcertified.Besides,also checktheirtotalexperienceinthefield.

7. AskAbouttheServicesofPropertyManager Everypropertymanagerwillofferyoudifferentservices.Nopropertymanager will be the same. A good property manager should be upfront about the servicesheoffers.Toknowwhatexactlythepropertymanageroffersinterms ofservices,askthemthefollowingquestionssuchas: Prospectivetenantsscreening. Checkingthetenant’semployment,referencesandincome. Securitydepositsandbonds. Disputeswithlandlordsortenants Emergencies Repairsandmaintenance Marketing/advertisingyourproperty

8. ChecktheFeeStructure Feesofpropertymanagerscanvaryfromstates,territoriesandevensuburbs. Taking into account the total fees structure can benefit you in setting your budget. Alsonotethatanyexpensesassociatedwithaninvestmentwillalwaysbean importantconsiderationandyoumusttakethisintoaccount.

9. Communication Thepropertymanagershouldactasamediatorbetweenyouandyourtenants. This is the reason it is important for a property manager to communicate quicklyandeffectively. Thepropertymanagershouldbeabletogetbacktoyouandkeepyouupdated. Communicationshouldbeopen,clearandtransparent. Whetheritistoinformyouaboutnecessaryrepairsorsimplycheckintoseeif thereisanythingmore,thepropertymanagerswilldothatyou. Yourpropertymanagershouldknowhowtohandleunpleasantexperiences, complaintsandlatepayments.Bybeinguptodatewiththeproperty,youwill beabletobuildagoodrelationshipwithyourtenants.

10. ChecktheTermsofTheContract Youwillreachthisstepafterfindingtheperfectpropertymanagerforyourself. Atthispoint,youwillhavetosignapropertymanagementcontractfirst.Thepropertymanagement agreementalsocalledarealestatemanagementagreementisalegallybindingagreementbetween themanagerandtheowner. Youcaneventhinkofitasthepropertymanager’semploymentagreement.Itisimportanttonotethat youarerequiredtosignonesuchagreementbylawifyoudecidetohireapropertymanager. Makesurethatthedrawn-upagreementisvalid,fair,andcomprehensive.Thecontractshouldensure the rights and interests of the parties involved. Since there will be involvement of legalities, it is suggestedtoconsultalegalprofessionalandnegotiatetheterms. Ifyouarelookingforagoodpropertymanager,contactfreedomrealtors,therentalmanagement companyClydeNorth.

11. GET IN TOUCH 1RaphaelSt,HallamVIC3803 0476372002 rentals@freedomrealtors.com.au ContentResource: https://medium.com/@freedomrealtorsau/how-to-choose-the-right-property- manager-for-your-investment-property-b88530e7aa1a