Eight tips to choosing a good property manager
Finding competent property managers is important for building a portfolio and maximising cash flow. Here are some key considerations for finding a good property manager.
1. Landlord loyalty
When selecting a property manager, you are employing someone to look after a significant investment for you. To do that successfully they must have your best interest at heart. Always engage people who are working on your team –not for the tenant or other parties.
2. Proven track record
Seek out recommendations for property managers in the marketplace and do your homework to determine how they do their job before committing. Ensure any possible candidates are in the market place doing good things, renting out properly and achieving the best results for their clients.
3. Follow good people
A good property manager is like gold. If you find someone who you feel works well for you, don’t let them go, even if they change firms. Keep your business with proven talent as incompetence can cost you your financial independence.
4. Good communication
Your property manager must be a pro-active communicator, keeping you informed of relevant information. They should always keep you in the loop about your property from market changes and rent potential to tenant issues and vacancies.
5. Selection processes
It’s important to determine how tenants for your properties will be selected and managed – what processes does the property manager have in place? Ask questions about;
- how the property will be advertised
- how tenants are selected
- what type of tenants they are finding
- what reference and background checks are conducted to ensure tenant potential.
All of these aspects contribute to determining the best tenant and rental situation for your property.
6. Proactive actions
A good property manager will always be on top of market changes, conducting regular rent reviews to ensure maximum returns for their client.
7. Expert knowledge
It’s essential to find a property manager who knows their industry and is competent with complex issues. Do they know how to represent you in court should the need arise? Are they aware of relevant insurances and avenues that may be taken to resolve complex issues.
8. Build your A-Team
Always ask the questions to ensure you have the best team on your side. Ask property managers their thoughts and go with those that you believe suit your situation to maximise potential.
