5 expert tips for chosing the ideal property manager

When you decide to rent out your investment property, you have the option of managing it yourself or entrusting the task to a professional property manager.

The main advantage of hiring a property manager is convenience. You won’t have to worry about arranging tradespeople if the property floods or the heating system fails.

A skilled property manager can help you maximise your investment by securing reliable tenants, conducting thorough background checks, and ensuring that tenants are financially capable, all while keeping vacancies to a minimum.

Property managers can provide a variety of services, such as:

  • Rent pricing advice
  • Expertise in leasing and advertising
  • Contract management
  • Guidance on tenancy laws
  • Regular inspections and hands-on management of your property

Here are five tips for choosing the right property manager for your rental.

1. Do Your Research

Look into property management companies that service the area where your investment is located. You can choose between a full-service estate agency or a company specialising exclusively in property management.

Even if a company has been recommended by friends or family, it’s important to read online reviews. These will give you insights into other clients’ experiences and what you might expect from their services.

2. Stick to Local Experts

Hiring a local property manager can be highly advantageous as they’ll likely have in-depth knowledge of the area’s demographics, the type of tenants you can attract, and the most appropriate rent level.

This local expertise is invaluable when managing your property and can help you make informed decisions.

3. Understand the Fee Structure

Most property managers charge based on a percentage of the rent, while others may offer a flat-rate fee.

There may also be additional charges, such as administrative fees, leasing fees at the beginning of a tenancy (often equivalent to a couple of weeks’ rent), advertising fees, and renewal fees.

Make sure you fully understand the fee structure and what services are included for your money.

4. Check Their Availability and Communication

When something goes wrong at your property, you’ll want to reach your property manager quickly. Before committing, test how accessible they are.

Call your shortlisted property managers to gauge their knowledge, communication skills, and overall demeanour.

Do they respond mainly through emails or texts? Do they take ages to get back to you? Ensure their communication style fits your preferences.

5. Ask Plenty of Questions

Don’t hesitate to ask prospective property managers any questions you feel are relevant.

  • What services do they offer?
  • How do they handle maintenance issues?
  • What kinds of properties are in their portfolio, and how many do they manage?
  • How do they manage rent collection?
  • How frequently do they conduct inspections?
  • Will they keep you informed about changes in legislation that may affect your property?

Asking the right questions will help you find a property manager who aligns with your needs.

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