Taking on an investment property can be a full-time job, but there’s always a way to help lessen the burden with a property manager.
In this latest blog from Northside Realty, we’re covering the topic of what should I look for when hiring a property manager.
We’ll help you with the knowledge of what key traits to search for and why hiring a property manager is in your best interests to help with maintaining your investment.
What to Look for When Hiring a Property Manager
Deciding on a good property manager is essential to ensure that your investment is well taken care of. Here are some things to look for.
- Knowledgeable and thorough understanding of legislation.
- Good local market knowledge.
- Responsive, organised, excellent people skills and diligent.
- Trustworthy and proactive.
- Their vacancy rates and rent on time consistency, as well as maintenance efficiency.
Traits you Should Find in a Good Property Manager
- Their ability to communicate.
- People skills, promptness and prioritisation.
- Effectively communicating issues and resolution of conflict – availability and responsiveness, keeping tenants happy and your property well cared for.
- Long term mindset for your investment.
- Are they providing continuous rental market updates or suggesting rental increases?
- Are they giving maintenance updates short term but also long term so you as an investor can plan financial outgoings and the ongoing upkeep of the property? (i.e. expensive items don’t pile up for replacement in a short period of time)
- Leasing process.
- Rent to be paid on time every time.
- How are they conducting the tenant screening process?
- Are they focused on long term tenant retention and low vacancy rate?
- Routine inspections and how well they ensure the property is maintained.
A good manager will have a thorough screening process. The focus should be on reference checks, affordability checks, social media checks and TICA (Tenancy Information Centre Australia).
At Northside Realty we require a tenant or someone on their behalf, as a must, to inspect the property before applying. The risk is if they don’t view the property, tenants may end up renting a property they don’t like. The risk for the owner is tenants will move out of the property, which means the cost to the owner in lease fees and possibly having their property vacant in between tenancies.
How do you Determine if a Property Management Company is Reliable?
- Low vacancy rate.
- Experience and local knowledge of your area.
- The team and their skills. Are they able to offer full service – property management, advanced technology, sale if required in the future.
- Impeccable customer service.
How a Property Manager can Help a Landlord
- They are the point of contact between the landlord and tenant.
- Assessing the rental market and setting rental price.
- Leasing rental property and lease renewals.
- Screening tenants.
- Collecting rent.
- Property maintenance and repairs.
- Handling tenant disputes and complaints.
- Insurance claims in some cases.
Why You Should Hire a Property Manager
- More time for yourself – this can be a full-time job.
- Let someone else deal with the tenants.
- Better tenants, thanks to the screening process and a bigger pool of potential renters.
- A property manager knows the law.
- A property manager can make you more money – selecting better tenants that will stay longer and cause less damage to your property.
What Should I Look for When Hiring a Property Manager
Looking to buy, sell or rent property? With a professionally driven team and proven track record, Northside Realty are determined to get you the highest price. Contact Northside Realty today.