Our Top 3 Questions To Ask When Considering A Property Manager For Your Investment Property
1. How long has the property manager you are considering appointing to look after your investment property, worked in real estate?
This is about the property manager, not the agency. Do you know who your single point of contact will be? Going to a brand name agency does not guarantee better service; the majority of brand name agencies are owned and operated independently.
Many people begin their careers in real estate as receptionists and work their way up to property management, with some of the top performers moving into sales.
However, some people choose property management as a career, and this is the type of person you want to look after your property.
2. Does the agency have a dedicated property management department and how many staff will be looking after my investment property?
Many agencies regard property management as inferior to the more glamorous sales department, and some even delegate client asset management to front desk staff and receptionists.
Check to see if your agent has a property management department. This department should be staffed by several experts to ensure continuity of management if one of the property managers becomes ill or goes on annual leave.
Always enquire how many properties the Property Manager will be managing. And what is the scope of their services? The goal is to determine whether they are managing too many properties in various areas. Less than 100 properties are a good number of properties for one person to manage.
3. Is a Director/Owner of the agency involved in the day-to-day management of your Investment Property?
Most agencies have both a sales and a rental department. In most cases, the business owner comes from a sales background rather than a leasing background and manages the sales department while delegating management of the rental department to a property manager or junior administration and reception team.
This is frequently because the sales department earns more and has a higher turnover rate, whereas the rental department earns less, is more intensive, and requires extensive and frequent training to keep up with changing legislation.
You may discover that an agency where the Director is actively involved in both your Investment Property and the property management department will take property management more seriously.
Your Property Team is a Gold Coast property management agency. Grant Drennan, our Director / Owner, is heavily involved in the team daily. To get the results you want, we recommend hiring a specialist property management company that can help you maintain and maximise your investment property, rather than just one that collects the rent.
If you have any questions or would like to have a chat about how Your Property Team can help you with your investment property, click here to get in touch, we’re ready to help!
Please keep in mind that this post is not intended to provide financial or legal advice. Before making any decisions for yourself, please speak with your expert financial and legal advisors.