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Hints and tips to guide you through your property management journey

What questions to ask a property manager when interviewing?

October 2019 

Property management services

Hiring a professional and experienced property manager will help maximise your returns. Are looking to invest in the real estate market? For your benefit please use this checklist when interviewing different agencies. Here is a list of key aspects that we feel are very important when selecting your property manager.

 

How do you determine what my property is worth?

This aspect of property management is often overlooked by many inexperienced property managers. Having the ability to accurately assess the market and set your property at the correct rental amount is vital to the success of your real estate investment.

If the rent is set too low, this will decrease your rental income. As a property investor your goal is to maximise your rental income to offset all expenses incurred. If the rent is set too high, the property may be left vacant, resulting in lost rental income.

An experienced property manager will be able to accurately assess the current rental market in your area. Having your property assessed by experts in your local area will help you to maximise the rental income earned from your home. 

 

How do you advertise for a new tenant?

To find the best tenants your property must be professionally advertised using the forms of marketing that effectively provides results. It is essential to reduce the amount of time your investment property sits vacant without generating rental income. An experienced property manager has the knowledge and know-how to generate the amount of tenant leads required to have your property leased. If you are a first time property investor, it is important to organise a consultation with a property management agency that can deliver the results you need.

 

Do you have a high turnover of staff?

Having your investment property managed by an inexperienced property manager will only cause you trouble. Even if your property is being managed by an established agency, be careful knowing that your property manager may change at any moment. Many property investors are faced with the situation being introduced to a new rookie agent because their current agent has decided to leave the agency. At Verdi Property Management our team are loyal to us and committed to providing the best service to you.

 

How many properties do you manage?

The changes in tenancy legislation increases the importance of having an experienced and professional property manager.The constant changes made to the tenancy legislation makes property management a very difficult task for a time poor manager. Ensure you select a property manager that is managing less than 100 properties. You need to hire a property manager that will be able to dedicate the time required to effectively manage your property portfolio. 

 

How will you communication with me during the management?

Getting the best rental and best tenant for your property should be a priority as a property owner. Although, without having effective communication techniques the tenants that are selected could be very likely to leave at the end of their lease due to poor communication from your property manager. An important role of an experienced property manager is to build and maintain a professional relationship with your tenants. A high turnover of tenants can dramatically decrease your investment returns, as you will be confronted with many leasing fees. Therefore, ensuring your property manager is able to establish an open relationship with your tenants is very important. This can entice the tenants to stay at the property long-term. Your tenants will feel comfortable knowing their property manager is always there for them when required. 

 

How often do you complete rent reviews?

Your property manager should conduct regular rent reviews to ensure your property the rental income is at market. Reviewing the rental of your property must be handled in a professional manner and according to tenancy legislation. Leaving your property at the same rent amount for several years can decrease your income earning potential. However, there are circumstances where keeping the rent stable for a good tenant is an effective retention strategy. Keeping a good tenant at your property will save you having to constantly pay leasing fees to find a new tenant. Good tenants are also more likely to keep your property well maintained, saving you in maintenance costs.

 

Do you specialise in property management? 

It is a good idea to select a property manager who is focused on delivering a quality service without distractions. Many property managers working for a agency that also sell property, are constantly being distracted by the sales team looking for potential leads. Therefore, select an agency that is 100% residential property management. This will ensure your property manager is focused and can consistently deliver the best service to maximise your rental returns.

After asking these questions, you should have a good understanding of whether you feel comfortable with the property manager you have interviewed based on the quality of answers you have received from them. 

Are you looking to lease your investment property? Have a discussion with our property management specialists today. We will ensure we maximise your investment returns throughout the duration of our management. You can start the process by requesting an accurate rental appraisal. We look forward to hearing from you shortly.