11 Questions to ask your Property Manager- Part 1
Property investors in Bega spend a large amount of effort and time researching the property markets. Many ignore the role that a professional property manager can play in maximising a properties income and preserving its capital value.
Too many landlords choose their property manager on fees alone. Many beginning landlords fail to recognise the relationship with their property manager as an ongoing business partnership.
Others think they don’t need a property manager at all and can do it all themselves. This is possibly because they don’t understand that property management is much more than just collecting rent.
To minimise vacancies and maximise your returns requires:
*Industry specific skills and knowledge. Eg: Having the knowledge to market your property effectively to gain maximum exposure to potential tenants.
*Setting the rent at an appropriate market level to ensure quick leasing.
*Checking potential tenant’s references to ensure reliability.
*Drawing a fair and comprehensive lease to protect your interests as a landlord.
*Lodging the bond with the relevant authority.
*Handling repairs and maintenance with skilled, licensed tradespeople.
*Keeping up to date with the ever-changing tenancy legislation.
Because the relationship with your property manager will be a long and ongoing one, let’s look at how to select a top professional in the next few blogs.
First, write a list of potential property managers. It is important to find who has the experience in the property market that your property is located in. Arrange to meet your short list at their offices so you can observe them on their home turf. It will help you decide if you feel comfortable working with them and allow you to judge their level of professionalism. Clarify which services are included in their proposal and ask specific questions. Eg: check how they handle arrears, routine inspections and rent reviews.
Keep reading for the next part of 11 Questions to ask your Property Manager. Stay tuned!