A good property manager plays an important role in the ongoing upkeep of your investment and the day-to-day administration of a rental property. Whether you’re looking to maximise your rental returns or find perfect long-term tenants, a property manager has the expertise you need to get the most from your investment. Below, we outline some questions you should ask when you’re searching for a property manager.
Who is the property manager?
When you’re looking at property management teams, you need to make sure the team is adequately resourced. Make sure you ask how many properties the property manager has in their portfolio, who else on their team supports them, such as an assistant, and how they run the administrative and operational aspects of property management. Teams with the latest software and systems in place may be better equipped to respond to maintenance and repair requests promptly, leading to happier long-term tenants and the potential for better rental returns.
How does the property manager handle late payments?
Managing late payments is often an inevitable part of being a property manager. Look for property managers who proactively keep communication open with tenants so that any issues with rental payments are addressed before they become a major problem. A professional property manager will have a standard procedure for managing overdue rent. This procedure typically includes making follow-up phone calls, sending payment reminders, and, in extreme cases, issuing a notice to vacate if the rent is more than 14 days late.
When are routine inspections conducted?
A good property manager should regularly inspect your property to note any maintenance and repairs required and ensure your property is being properly looked after. When you’re looking for a property manager, ask how they manage routine inspections. If they have strong systems and processes, they’ll typically have dedicated software that reminds them when an inspection is due and when they should notify the tenant.
How does the property manager ensure repairs and maintenance are managed?
One of the most important parts of having a property manager is having a professional who knows how to get jobs done properly and efficiently. It’s especially important for properties, as repairs left unnoticed or not appropriately fixed can cause expensive long-term problems. As the owner, it’s your responsibility to provide a safe home, but the tenant and property manager need to do their part in reporting and addressing maintenance and repairs. A professional property manager will make sure any problems are addressed promptly.
Having a great property manager can make a significant difference to the burden of responsibilities you carry as a property investor. When you have an expert to properly support you with finding great tenants, making sure the property is well maintained, and that your place adheres to the ever-changing regulations, it provides peace of mind that your investment is being looked after, so you have time to focus on your long-term goals. Reach out to our friendly team to find out how we can help with all your property management needs.
Remember, this article is general in nature and is not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.