5 ways to select the best property managers
Owning an investment property comes with its challenges. For one, managing it can be a stressful experience, especially if you have a series of properties in your portfolio. And secondly, you are ever busy and making trips to your property is hectic. To save investors from this entire headache, property managers expertly look after property obviously on a fee. While this is a big break for property owners, finding a good property manager is another nerve-wracking experience. To save you all the trouble, here’s how to select the perfect fit to manage your investment.
While selecting the right property manager isn’t easy, that doesn’t mean you give up your search and go with the first one you come across. Your quick decisions may land you the cheapest manager who doesn’t offer the best service or land you an expensive one who doesn’t give you value for your money. Creating a shortlist of would-be property managers close to your property or in your area is a good place to start. Use this shortlist to compare their services and prices to find who the right one for you is.
Read testimonials and reviews
Current tenants or landlords will be willing to tell you their opinions and thoughts about the property manager in question. You may also want to consider online reviews. If your search for reviews turns up empty, approach your property manager and ask for a list of references of who you can speak to.
As we all know, the cheapest property manager isn’t necessarily the best. On the contrary, most people tend to discount expensive property managers solely because they charge more. So, how can you strike the balance between the cheapest and expensive managers? Well, you can negotiate the cost with your potential rental manager or get quotes from several managers. Compare the quotes and narrow them to the one you are happy with. 4rooms Property in Prospect – 4rooms.com.au are unique in the sense that they have a fixed $79/month Fee. We always suggest comparing other quotes, but we’ve heard great reviews about 4rooms Property. If you visit their 4rooms Property LinkedIn you will see dozens & dozens of recommendations. They often upload great videos on their YouTube – property managers account giving great insights into the industry.
Meet the property manager
Property managers can entice you with killer emails. But to get a good idea of who they are, it’s important to talk to them on phone or to meet them in person. If they rush on matters or are too busy, then walkway – no run! How can they manage your property effectively if they give you vague responses or cannot answer all your questions?
When you meet or call your property manager, ask as many questions as possible. This way, you’ll be able to find out how experienced they really are and uncover more about them. Treat your first meeting as an interview to grill the property manager. Ask key questions like, “How many properties do you manage?”, “How much do you charge?”, “How do you attract and screen prospective clients?” or “Do you work with insured and licensed contractors?”
A great level of capital growth is always guaranteed when you choose the best property manager. Choosing the wrong property manager, on the other hand, means mediocre growth, bad tenants, delayed rent payments, expensive damage to your property and property vacancy.