- Select a property manager by matching the landlord's requirements to the right person
- There are a dozen or so questions to ask the potential property manager
- Put as much effort into this as researching the property investment itself
As rental property availability has decreased, so have portfolio numbers within real estate agencies as many owners are selling up their investments to recoup losses, or moving back in to minimise their ongoing financial commitments.
Some real estate offices have consequently slimmed down their staffing and/or agency fees.
While the latter may appear a short-term solution and a welcome incentive for investors, the long-term effects on an investment property could be impacted further as service levels deteriorate concurrent with internal mergers creating supersize portfolios. What once was, may now not be.
This leads to a point often overlooked when selecting a property management service: matching the landlord’s requirements to the right property manager.
It is recommended that current and potential investors put as much effort into choosing who will manage their property, as they do when researching the demographics and potential growth of the property investment itself.
Finding the ‘right fit’ will ensure the property owner’s needs and expectations are met consistently and the relationship with the property manager can sail on successfully for the long term.
In anticipation and prior to any commitment, prepare a list of questions, such as:
- What awards has your property management department won?
- What awards have individual property managers won?
- What structure does the property department operate within? – individual portfolio, pods, squads, task-based (each having different processes, procedures and communication channels, which can impact the relationship)
- Is the property management team listed on the website?
- Do the property management team have individual profiles?
- Do the profiles provide you with sufficient information and instil confidence?
- Does the property manager have sufficient experience and any additional/special credentials that place them above the rest?
- How long has the property manager been at the agency?
- How many properties are they each personally managing?
- What is their availability when you need to contact them?
- Are you able to interview the property manager personally, to see that they are the right fit for you?
Happy investing … happy interviewing. I hope you find the perfect fit to ensure your investment maintains capital growth and yield.