When you have put a considerable amount of money on the line that wasn’t easy to raise to purchase an investment property, you want to know that it will be managed properly to ensure you get maximised return and low stress. There may be an option to manage the property yourself, yet most investors will choose to take on a property manager.
Here are a few tips when you are searching for a property manager:
Look around locally
Looking into the real estate industry, you need to have local knowledge as this is crucial for your own finances. Knowing how to attract tenants to the home, to setting the rent at an appropriate rate and finding the trusted tradies to carry out repairs is important. You must be educated in your decisions. Having a property manager means having someone to take on this role for you.
Carry out your research
If you have internet connection and some spare time do some research. The internet has a wealth of information about who the property managers are within your local area. Read customer reviews online and talk to any investors you know about whom they recommend. Perth property management reviews are great as a tool.
Here are a few resources that can help you to find a property manager that is right for you:
- Real estate websites: Domain and Realestate.com.au are the biggest property websites in Australia. They have online tools that can help you to find a property manager that suits you.
- Google: You can search Google for local property managers in your area.
- WOMO: Word of mouth online is a review site that will be able to pull up some information about the property managers.
- Rent.com.au: A search directory that has over 6,000 property management agencies all around Australia.
Word of mouth
The best way to find the good and bad among property managers is via word of mouth. The feedback that is based on the experiences of other customers is the best feedback and the most trustworthy.
Ask many questions
A property management company, of course, sounds good on the brochure or the website, but there are many questions that you need to have answered before you can get past the PR spin stage. Ask what their letting fee is.
What services are being offered?
Every property manager isn’t created the same, and most won’t offer the exact same services. Ensure you understand what you are receiving for your money before signing up.
Compare the communication
A property manager will need to communicate quickly and effectively at all times. Whether to inform you about repairs or damages, give you a list of tenants or to check-in and see how everything is going. You want a property manager that is easy to reach and will always keep you updated on changes or concerns.
Counting the expenses
Any cost that is associated with an investment is always going to be a vital consideration. Remember, this is not the only issue that you need to take into account. The old saying of you get what you pay for still rings true when it comes to property managers. Ensure you are not putting the price above all the other factors.
Take your time when looking for a property manager, as they are handling a large investment. You want someone who is experienced and knows what they are doing on a professional level. You don’t want to put everything on the line due to not getting the right property manager. Pick someone who knows how to do their job properly.