An investment property is a valuable asset and just a few simple choices can easily turn a great investment into a money pit. A property manager can help make managing an investment property a little easier and even help improve the return, however, choosing a manager shouldn't be a quick decision.
There are a range of different property managers who offer different things that may or may not work for you. Your property manager should have the knowledge and expertise to fulfill your needs and as a landlord and meet your expectations.
So what should you look for when deciding on the right property manager? Listed below are a few ideas.
A strong reputation is not something a property manager can develop overnight. A property manager's reputation gives a very clear idea about the kind of service they offer and whether they are consistently responsive and professional. All property management companies will claim they offer the best service, but the real proof is in how they have treated past clients.
When it comes to managing an investment property and tenants, there are going to be situations where quick response is a must. If there is a maintenance problem or a tenant has a complaint, the property manager needs to be able to fix the problem fast. The property manager needs to be able to collect rent on time, respond to complaints, respond to maintenance issues, chase up unpaid rent and also keep the landlord up to date.
How a property management responds to your initial enquiries will give you an indication about how responsive they are. If you send enquiry emails and don't receive a reply for days or do not receive calls back, it could be an indication that this company is not suitable.
Being local has many advantages, particularly if you are not living close to the investment property. A local property manager will have insight into the current property market, such as current rent charges and which tradespeople are the best to use and most cost efficient.
Having a local property manager is a great idea for those who have investment properties interstate. It can be difficult to manage a property from far away, particularly when time zones come into play.
Marketing strategies can help maximise occupancy and rental rates, so it is worth finding a property management company that has them. Ask to see past marketing strategies a company has used and how effective they were. Look at how long it took for a particular property to find a tenant, but also don't forget to look at how much it will cost. It is important that the benefits will outweigh the costs.
If you are looking to purchase an investment property, considering refinancing an existing one and are interested in home loan options, check out the State Custodians’ range of home loans. Our Lending Specialists are also on hand to chat to you about what you are looking to do, so don’t hesitate to give them to discuss your options. Call on 13 72 62 or leave your details here and they will contact you.
See if you qualify. To get a more accurate idea of how much you can borrow with State Custodians,