When renting out an investment property, you have the option to either manage it yourself or hire a professional Property Manager to handle the day-to-day tasks.
The main advantage of hiring a Property Manager is the convenience. You won’t have to coordinate repairs, whether it’s fixing a burst pipe or dealing with a broken heater.
A professional Property Manager can help boost your returns by finding reliable tenants, conducting comprehensive background checks, and ensuring financial stability, all while reducing the risk of vacancies.
Property Managers typically offer a wide array of services, including:
Here are five essential tips to help you choose the right Property Manager for your investment.
Do your Research
Start by researching Property Management companies that operate in the area where your investment is located. You may want to consider a full-service Real Estate Agency or opt for a company that specialises solely in Property Management.
Even if you receive recommendations from family and friends, it’s important to check out customer reviews. This will give you a clearer picture of the company’s reputation and what you can expect from their services.
Opt for Local Expertise
A local Property Manager typically has in-depth knowledge of the area’s demographics, the types of tenants it attracts, and the ideal rental prices for your property.
This local insight is crucial for effective Property Management and can help you make smarter, more informed decisions regarding your rental.
Understand the Fee Structure
Property Managers usually charge a fee based on a percentage of your rental income, though some may have a flat-rate fee.
Be aware of any additional costs, such as administrative fees, leasing fees (typically one or two weeks’ rent at the start of a tenancy), advertising fees, and charges for lease renewals.
Before making a decision, ensure you fully understand their fee structure and what services are included.
Evaluate Their Accessibility
In case of an emergency, you’ll need to be able to reach your Property Manager quickly. It’s important to assess their responsiveness and communication style.
Contact the Property Managers on your shortlist to gauge how easy they are to reach and how knowledgeable they are. Are they prompt in responding? Do they only communicate through email or text? Do their communication methods align with your preferences?
Don’t Hesitate to Ask Questions
There’s no such thing as a silly question when selecting the right Property Manager. Don’t hesitate to ask them anything that’s important to you.
Here are some helpful questions to consider:
• What specific services do they offer?
• How do they handle maintenance requests?
• What types of properties are in their portfolio, and how many?
• In what way do they manage rental payments?
• How often do they conduct inspections?
• Will they inform you about changes in tenancy legislation that could impact your rental?
Asking these questions will help you find a Property Manager that best fits your needs.
If you’re looking to purchase an investment property, we can help you navigate the financing process. Contact us today to discuss your options and get expert advice tailored to your situation.
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