As an investor, your property is not just an asset, it’s a significant part of your financial future. Ensuring it is in capable hands starts with hiring the right property manager.
A good property manager should be:
- An effective communicator who keeps open lines of communication with you and your tenants.
- Proactive, with a strategic, proactive approach to protecting your investment and avoiding “band-aid” fixes.
- Have established protocols, ensuring everything runs smoothly and when unexpected issues pop up, they know what to do next.
- Staying on top of maintenance to keep tenants happy and avoid costly disasters.
- Have local connections, such as with local tradespeople, so requests get actioned quickly.
- Efficient at tenant replacement, with a dedicated leasing team to minimise vacancy periods.
- Well-versed in market shifts, so they can provide timely updates to keep your investment on course.
Spotting the right property manager
Before reaching out to a prospective property manager, conducting some research can help discern between one that will provide a sub-par service versus one that’s worth every cent.
Start by taking a look at their Google reviews, looking at how many there are, as well as how they respond to both positive and negative feedback.
Next, look up some of their lease listings – do the properties they’re advertising for rent sound appealing, or is it just a basic list, riddled with typos? This is a good indication of how they’ll market your property. If they have any recently leased properties in your area, you can drive past to see if they’re being looked after. This can help you judge their standards and tenant selection.
Questions to ask before you hire a property manager
Once you’ve created a shortlist of potential property managers, the next step is to interview them. Here are questions you can ask them to gauge their service level:
Describe your tenancy selection process?
Every property manager should have a defined process to compare prospective tenants and identify the best ones easily. At Prudential Real Estate, we use the Prudential Tenant Assessment Process, which applies a point score system to easily compare and rank tenant applications.
Do you subscribe to tenancy databases?
Tenancy databases can be used to see if a tenant had their tenancy agreement terminated, or they breached their tenancy agreement in the past. There are three main tenancy databases, so the more the property manager subscribes to, the more opportunities they have to catch those tenants who might look great on paper but aren’t so great at looking after a property.
How many properties does each property manager look after?
This can indicate their availability for your property, with a lower ratio meaning more personalised attention for you and your property.
How many outgoing calls do you make a day?
Whether they’re calling tenants to organise an inspection, organising quotes from trades or keeping you updated on maintenance, active communication is a strong indicator of a manager’s proactive nature.
How frequently do you conduct routine inspections, and could I see a sample inspection report?
Legally, the property manager can conduct a maximum of four routine inspections each year, but some only do one. Regular inspections and detailed reports are signs of diligent property oversight. You should also check if additional inspections are an option, and if so, if they’re at an additional charge.
How will you keep me informed about market changes?
Timely and insightful updates are the hallmark of a manager who’s truly invested in your property’s performance.
Remember, the subtleties in a property manager’s approach can significantly impact your investment’s success. By applying the above criteria, you can ensure your property is not only maintained but also primed for optimal performance in the market.
Ready to secure a property manager who ticks all the right boxes? Contact our offices today to discuss your needs and find out how we can provide the exceptional service your investment deserves.
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | macquariefields@prudential.com.au
Prudential Real Estate Narellan | (02) 4624 4400 | narellan@prudential.com.au
