Choosing a Property Manager? Read This First.
What Does a Property Manager Do?
When you rent out your home, you can either do it privately, or you can enlist a property manager to find tenants and manage the home for you. Let’s just say a good property manager is worth their weight in gold! They take the stress out of owning an investment property. They put the right people in your home and take care of maintenance issues, insurance, water bills, council rates, rent collection and maintaining good relationships with your tenants.
They’re taking care of (probably) the biggest investment you have so it’s important you choose the right manager. Here’s how to do that.
Word of mouth is a powerful tool for you to make use of. Ask friends in the area who they use, and if they’d recommend them. Ask the real estate agent you bought your house off who they’d recommend. Many they also have a property management team? Put a shout out on social media and see which businesses keep getting mentioned.
Do Your Research
Check which property managers operate in your area and get your super sleuth shoes on! Go onto Facebook or Google and see what reviews are left. If they’re active on social media you’ll get a feel for their vibe and whether or not it sits right with you. What kind of advertising campaigns have they run on social media? Are the campaigns professionally conducted?
Check out their website. Does it have impressive features? Does it look professional? Is it easy for tenants to find the rental list? Is there a portal for owners to log on and view accounts and statements?
Price is always a tricky one, because what people can afford varies. But it’s advisable not to choose your property manager based on price, especially if they seem much cheaper than other companies. If the deal is too good to be true, it probably is. You need to decide if cutting corners with your investment is a risk you want to take. Honest, transparency and good communication are worth paying a few extra dollars for.
Once you have a list of property managers in your area that you like the look of, organise to meet with them.
Many will happily meet you at your home and provide a free rental appraisal.
Your first impression and your gut instinct are important in this instance.
Do they present themselves professionally?
Are they good communicators?
Are they organised and informative?
Say hi to Janelle, Owner and Property Manager of QLRE!
Questions to Ask
- At your meeting, here are the questions you should be asking:
- Have they got experience in renting properties similar to yours?
- How many properties do they take care of?
- How many years of property management experience do they have?
- What are the fees and what’s included in them?
- Do they specialise in a particular kind of property?
- Do they currently have a lot of vacant properties?
- Where do they advertise?
- How long does it normally find them to place a tenant?
- Will the same property manager take care of your home?
- Will your point of contact remain the same?
- Are they contactable through more than one means?
- How is rent collected and disbursed?
- What are their processes for dealing with a ‘rogue’ tenant who doesn’t pay rent and doesn’t care for the property?
Here to Help
Hopefully those pointers will help guide you towards finding the right property manager for your home. Queensland Lifestyle Real Estate is here to help if you have any questions you would like answered about renting in Rochedale and its surrounds, or anywhere in Brisbane and on the Gold Coast. We’d love to meet you, so contact us today and don’t forget to ask about our introductory promotion for new clients!