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How to Find the Right Property Manager
Thinking about finding a property manager? Picture this.
You have just bought your first investment rental property. The tenants are super excited to move in!
You figure the easiest way forward is to enlist a property management company. Now you get to sit back and watch your investment grow!
Except that the tenants haven’t lodged their bond yet. And they are calling you because the shower head came off and the property manager won’t email back. And they want something called fibre. And you can’t remember when the next inspection is. And you’re getting reminders about something called the Healthy Homes Guarantee Act.
Quality rental management is not just about collecting rent money on time. Property management services include maintenance, reporting, inspections and putting a personable face on the property.
If you want to find the right property manager, here are 5 things to help you choose between a good one and a bad one.
Top Five Qualities of a Great Property Manager
1. Are They Easy to Communicate With?
Good communication is the basis of any good relationship. Great communication is absolutely paramount when you are placing an expensive asset in someone else’s hands!
If your property manager is both easy to talk to and easy to get hold of, this is a good indication of communication skills.
You need to know that if things go wrong, they will tell you exactly what happened and what they are going to do about it!
2. Do They Respond to Tenant Enquiries?
Communication should not just be efficient with you. Your property manager should also keep an open channel with your tenants.
There is nothing worse than finding out your tenants don’t trust your property manager!
If your tenants feel like they can’t rely on the property manager, then they might try and get in contact with you instead. This defeats the purpose of hiring a rent manager to begin with.
A good property manager will keep tenants happy by responding to maintenance enquiries quickly, scheduling regular inspections, and making sure everyone understands their obligations.
3. Do They Understand Legal Obligations?
Quality property managers know exactly what rental properties need to meet legal obligations. The government implements rental policies to protect tenants and it is critical that you stay on top of these changes!
Does your property manager understand the Residential Tenancies Act? Could they tell you what the Healthy Homes Guarantee Act entails?
To ensure that your rental is up to date, it is important that your property manager knows policies inside out. Having an expert manage your property could be the difference between keeping up to standard and trailing behind when regulations change.
4. Do They Make You Feel Secure?
Rental properties are one of the biggest investments you can make.
You probably don’t have time to look after your rental, but you don’t want to risk a decrease in property value due to poor management.
If the opening scenario above makes you nervous, you’re not crazy. This is why you need someone that immediately puts you at ease.
Don’t underestimate a gut feeling. If you meet a property manager that does not make you feel like they have everything under control, then don’t settle. If you have been emailing and you have any feelings of doubt, trust that feeling.
5. Are They Experts at Streamlining the Process?
Quality property management companies should have efficient systems in place for maintaining your property.
However, they should also have systems that keep communication streamlined. They will have answers for any situation that arises. Staying on top of these processes means that your property will be running at its highest value!
You know that your rental is in good hands when they:
- Have an efficient system for moving new tenants in and out
- Keep you informed about regular inspections and any issues/complaints
- Are transparent about their process and any finances associated with running your property.
If your new property manager ticks all of these boxes, you are on your way to reaping the rewards of having an investment property!
Just realized it might be time to find a new quality property manager? See how Crocker’s can help!