Finding the right property manager

A good property manager can save their owners a big chunk of money and help them make a larger profit year-on-year, so knowing how to choose the right property manager for you and your rental is hugely important.  A bad property manager can be a total disaster, so this is probably one of the most important decisions you can make as a property investor.

Customer reviews are an easy way to learn about the experience other property owners have had and give you an idea of what working with them might be like.  Good places to start might be Google Reviews, RateMyAgent and Realestate.com.au – these are all independent review platforms but do keep in mind that Agents tend to request for their happy customers to leave reviews for them whilst conveniently forgetting the ones who might not be as impressed.  So the results might not be totally accurate.

It’s a great idea to speak to family members, friends, colleagues or anyone you know who owns an investment property and ask them for their recommendations or experiences.  Word gets around quickly, so if a business isn’t doing the right thing by their customers, it isn’t long until everyone knows.

First time investors tend to focus on fees as a way of deciding between agents.  Experienced owners know though, that saving money on fees doesn’t mean much if you end up spending a lot on maintenance because of a neglectful property manager or if you’re left out of pocket because an unqualified tenant doesn’t pay their rent.

On the surface, it seems like most agencies offer exactly the same services.  So how to differentiate between the good and the bad?

We recommend asking a lot of questions.  Different property managers will have a completely different way of approaching their work.  So find out how they manage rental payments, how often inspections are completed and whether they provide updates on changes to legislation.

One of the most important things to consider when deciding on a property manager is how easy they are to reach. When something goes wrong with your property or you have an issue with a tenant, you want to know your property manager is reachable and responsive.

Finally, trust your instincts and ask yourself how does the property manager makes you feel? You should feel comfortable around them and have confidence in their judgement.  Look for someone who will look after your home and the people in it, so you have one less thing to worry about.