What Should I Ask My Potential Property Manager?
Don’t Choose Property Managers Because You Like Them
Choosing someone to manage your property can be a daunting experience, as this should be one of your longest relationships in real estate. Our best advice first off the bat is don’t choose a person just because you like them. You need to choose the whole package – a company that provides the policies, procedures and systems to ensure the ongoing management of your property is a smooth process.
Here are a list of questions you should be asking …
- How many properties does each property manager care for at your company?
- How much experience does the property management team have?
- How do you retain staff so there isn’t a high turnover of property managers?
- What marketing strategies do you have in place to ensure my property attracts good tenants quickly?
- What is the screening process for a tenant for my property?
- What checklists, system and procedures do they have in place?
- Are they up to date with current legislation and implement compliance requirements?
- What is their rental arrears procedure?
- Do they have a tenant database – Use Inspect Real Estate, and are they in touch with relocation agents?
- Experienced in risk reduction procedures such as landlord insurance ?
- How do you receive regular communication from your Property Manager? Response turnaround/questions dealt with promptly ?
- How do they conduct their ingoing property condition reports and routine inspections?
- Lease renewals, does the Property Manager discussed ways to maximise your income over the next 1 to 3 years?
- Does the Property Manager provide investment property updates/newsletters, etc?
Contact us so we can answer these questions for you…