Wondering how to choose a property manager? With so many options, it’s important to know what to look for, and what to look out for when choosing your property management company.
With rental monies creeping up at a steadily increasing (and increasingly alarming – for tenants, at least) rate, in the current economic climate, being a landlord is where it’s at.
But it’s not all plain sailing.
Tenants can be an unruly bunch (not all, of course), and there’s plenty to think about to make sure it’s working out in the best way possible for all concerned.
Thankfully, we’ve got your back.
Read on to find out how to choose the right property management solution for you, and enjoy peace of mind, as well as a healthy bank balance.
Top 12 property manager traits
As the face of your rental property, it’s essential that your chosen property manager has the right qualities – namely:
- Experience with your type of property
- Financial and accounting acumen
- Tight tenant screening process
- Low turnover rates (consider this against your cost of vacancy)
- Technology stack, local knowledge
- Communication skills
- Billing transparency
- Values (especially when it comes to cost-effectiveness), and
- A long-term mindset*
*Expert Panel, “12 Key Traits To Look For When Hiring A Property Manager”, Forbes Real Estate Council, July 16 2019 https://bit.ly/39zhrBO).
Local is best
In real estate, local knowledge is fantastically powerful. Look for a property manager who can put you in touch with the most respectful tenants and reliable trades, and one who knows exactly how much your rental property’s really worth.
What’s on offer?
Not all property management companies offer the same suite of services. Find out what’s included, and what’s not.
Don’t believe the hype. Even if a company sounds impressive, it’s important to get answers to those crucial questions. Not sure what to ask? Well, here’s a list we prepared earlier.
- What qualifications do you have?
- How many properties do you manage?
- How many properties are allocated to each manager?
- What is your commitment to best practice?
- Will I have one point of contact with the agency?
- How do you determine rental amount?
- How will repairs and maintenance be dealt with?
- Will I be contacted before any work is performed?
- How often will you inspect my property?
- What do you do if a tenant falls behind on rental payments?
- How often will you contact me about my property?
- How are your services different to other agencies?
The Educated Property difference
Financial allies: Partnering with Educated Finance, we have the financial and accounting acumen to handle all your property management needs in-house, making it a much smoother, much easier process for you.
One-on-one service: Chat in person, by phone or via email with your property manager – whenever you need. As a small agency, we offer all our clients our most valuable asset – our undivided time.
Detailed, quarterly photographic reports: We identify the seeds of concern before they’ve hatched into problems through our in-depth checks and reporting system – we’re always close at hand keeping watch over your assets.
Peace of mind: We genuinely care about your property as if it was our own, and take the headaches from you using our tried and trusted processes and practices (that we’re always continuously revising, too).
Low arrears rate: We’re proud to say that because of strong relationships and attention to detail, our tenants pay on time – 99.9% of the time. If tenants do fall behind, they are contacted daily with effective reminders until it’s sorted.
Looking for stellar property management? Your search (luckily) ends here.