With more Australians investing in property every year there is growing demand for top industry professionals to handle the day to day management of these investments. Gone are the days when property management was just about collecting the rent money; today’s successful Property Managers are experienced, well-trained, highly skilled individuals, and for those savvy investors who find the right property manager, they can be their best friend.
When choosing a property manager to take care of your investment it is of utmost importance to ask questions. Lots of questions. Knowledge is power, and experience is essential. A good Property Manager should have all bases covered, and the team at PhilipWebb have offered up their top tips on the topics to test your potential PM’s.
Get Yourself A Know-It-All
Just like a top salesperson knows their core market like the back of their hand, so to should your Property Manager. How many properties do they manage in the area? How many are similar to yours? What is the agency’s average days on market? What’s the vacancy rate like at the moment? What’s the tenant demographic and suburb profile?
Be Seen In All The Right Places
A major part in maximising your return is getting your property seen by as many prospective tenants as possible. What marketing strategies does your Property Manager follow to promote your property? How do they attract the best quality tenants? What options are available? Do they have professional photography? What database marketing do they do?
Bring The Bling
Presentation of your property is vitally important as first impressions matter. Equally, there may be simple additions to your property that could make it stand out, or be more desirable to potential tenants. Asking your Property Manager for any suggestions on improvements to the presentation, or increasing its appeal could include things like adding a dishwasher, installing built-in robes, a fresh coat of paint or some new carpet. These small changes could not only reduce vacancy times but may also improve your return.
It’s all well and good to have your property advertised in all the right places, but what does your Property Manager do to ensure all those potential tenants get to inspect your property? When are the open inspections and appointments? And how long are they for? And how often? In addition to traditional advertised open for inspections the best Property Managers also use the latest in real estate technology, programs like Inspect Real Estate; so tenants are able to choose the time they would like to inspect the property. This can often result in better quality tenants and lower vacancies because new tenants are sourced quickly.
Tenant selection is a big part of ensuring your investment is well taken care of. What does your Property Manager look for in a good tenant and does this align with the needs of your property? What criteria do they believe to be more important over others?
Keeping your investment in a good state of repair, with regular routine inspections, repairs and maintenance means you can potentially avoid larger, more expensive repairs in the long run. How many routine inspections do they conduct and will you receive a report and photos of your property’s condition? What kind of recommendations do they make? What happens if there’s an issue? Having a good property manager, who conducts regular routine inspections and is in constant communication with you can mean the world of difference.
Finally, check out these must-see questions you should ask when choosing a potential property manager.
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