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When you’ve put a substantial amount of your hard-earned dollars on the line to purchase an investment property, you want to know that your property will be expertly managed to maximise your returns and minimise stress. While there is the option of managing the property yourself, many investors choose to utilise the services of a professional property manager.
Here's everything you need to know.
Keep the following tips in mind when searching for a property manager:
In the real estate business, local knowledge is crucial. From knowing how to attract tenants, to setting the rent at the right level and having contacts with trusted tradies, a local property manager gives you a big advantage.
If you have an Internet connection and a spare half hour, you can find out a wealth of information about the property managers in your area. Read customer reviews of property managers online to get some honest opinions from fellow investors. Here are some great resources to help you find the right property manager:
The best way to find a good property manager is through word of mouth and feedback based on experience from consumers rather than via marketing or advertising campaigns.
A property management company may sound spectacular on its website or brochure, but you’ll need to ask a range of questions to get past the PR spin. You’ll find a list of handy questions you can ask a prospective property manager below.
Not all property managers are created the same, and not all of them will offer the same services, so make sure you know exactly what you’ll be getting for your money.
A property manager must be able to quickly and effectively communicate with you at all times, whether it be to inform you of necessary repairs, provide you with a choice of tenants or simply check in to see if there’s anything more they can do for you. Make sure you find a property manager who is always easily reached and who always keeps you up to date.
Any expense associated with an investment is always going to be an important consideration, but remember that it’s not the only factor you’ll need to take into account. The old adage that you always get what you pay for holds true when it comes to property management, so don’t put price above all other factors.
Leanne Habib, CEO of Premium Strata, outlines five key questions you can ask prospective property managers to help narrow down your choice:
We’ve included a selection of well-known property managers below to help you begin your search. The list is by no means exhaustive, so make sure to shop around for more options in your local area.
Some companies specialise in property management, including:
Others also sell real estate, including:
Make sure to compare a range of available options to determine which property management agency is right for you.
You’ll need to add the property manager’s fee into your calculations when determining the overall success of your investment. The fee charged varies depending on the state or territory the property is located in, but it’s usually a percentage of the rent on the property, such as 8% or 10%.
It also pays to review your property management services regularly to make sure your property is receiving the care and attention it deserves and not falling through the cracks. Contacting your property manager regularly for updates will help you determine how high a priority your investment is and will also help ensure that the manager remains committed to helping you get the most out of your investment.
If you’re looking for someone to look after your investment property so that you don’t have to, make sure to do your research and shop around. Selecting the wrong property manager can have a detrimental impact on the success of your investment and even threaten its viability. But if you put in the time and effort to find a reliable and professional manager, you’ll be able to sit back and watch your wealth grow.
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