In the process of brokering home loans in the Baldivis, Kwinana and Rockingham area, I am often asked to recommend a property manager for those who are buying investment properties. While I know plenty of great property managers, I think it is more productive and helpful to teach clients how to find a property manager themselves.
Why a Great Property Manager is Crucial
Along with a great mortgage broker, a great property manager is an important part of your investment team if you want to maximise your income and retire comfortably. While some property investors think they can manage their own properties and “save money,” most amateur property managers “cave in” after the first 3 am phone call for a plugged toilet.
However, the most important thing a property manager does is keep your investment property filled with qualified tenants. If the tenant selection process is done correctly, rent is usually collected on time and vacancies are kept to a minimum. In addition, a good property manager keeps an eye on your property and makes sure it isn’t allowed to deteriorate.
In other words, a great property manager is more than worth whatever you pay. As your portfolio increases, it is even more important to have a property manager who pays attention to the small details that can make a big difference in your bottom line.
Questions for Determining the Right Property Manager
Does Your Firm have a Dedicated Department for Property Management?
Some companies offer property management as more of a “side” service. Make sure your property management firm is serious about delivering the best to their clients.
Who Oversees the Property Management Department?
Ideally, you want the owner or manager of the firm to oversee the property managers. The only exception is if property management is overseen by a “superstar” veteran of property management.
How Many Years of Experience Do Your Property Managers Have?
This is important. At the very least, someone in the building should have years of experience in property management, preferably in the local market.
Can I talk to some Satisfied Clients?
If the answer is “no,” say “no thanks.” Any great property manager has plenty of satisfied clients.
Call 0408 912 244 to learn more.