21 Feb 14
Buying your first investment property is always an exciting event, but it can all turn sour very quickly if you don’t have the ongoing management of the property sorted out before settlement. As a first time investor you should have been screening potential property managers as soon as the contract was confirmed. A good property manager can mean the difference between a hassle free rentalproperty earning regular income, and an under-performing stressful investmen
We have a thorough screening process for selecting tenants and we think that a new investor should be just as diligent in selecting a property management agency. There are a number of key questions you can ask potential property managers to help you make an informed choice about who manages your investment for you.
Questions to Ask Potential Property Managers
1. Firstly, find out whether the agency has a dedicated property section. If property management is just a side-line to sales, then investors will not be the first priority for the staff working there. These days, property management is a conscious career choice requiring a specific set of skills. A good property manager
2. The agency should also have a reasonable ceiling on the number of properties one person can successfully manage. Our industry figures indicate that with more than 150 properties to look after, active management will start to break down. Ask the question and,at the same time, also ask if you would have a dedicated property manager who would always be your point of contact. Having multiple people managing your property can be very frustrating.
3. Be very clear on how different agencies perform their inspections. A good agency like ours will be thorough, document the condition of the property, note maintenance issues and carry out inspections on schedule. Good property managers keep in touch with their investors, especially about maintenance, and encourage them to fix things when needed, so the property does not become run down.
4. A professional proposal is a good guide to what to expect...Other important things to know are what management systems theagency has in place to screen tenants, receive rental payments, recover outstanding rent and market the property to quality tenants. Ask for a written proposal and expect something that looks professionally prepared and gives comprehensive information. If it doesn’t shape up, then look elsewhere.
Investing in real estate should be an exciting and financially rewarding experience. We think it’s a great area, very attractive to renters and if you get the right agency, it should be trouble free. If you have any questions about any aspect of our Property Management service, we’d love to hear from you on (02 4228 2555) or send us an email (firstname.lastname@example.org).