Need a property manager? Here are some tips for getting the right team on board
This is sponsored content for Buxton Real Estate.
Managing a rental property might seem like a straightforward process but the reality is it can get complicated.
That's why most people who buy an investment property will opt to use a professional property manager to guide them.
An experienced property manager will be a valuable partner to help you navigate everything from residential tenancy legalities to ensuring you have the best tenants living in your important asset.
But how do you choose a professional property manager, someone you can trust to care for your investment?
Peter Burley, director at Buxton Real Estate in Ballarat, said it is essential to take the time to do your research and ask some simple questions to choose the property management team you want on your side.
"It's an important decision for a landlord," Mr Burley said. "You want a reputable agent, someone who has the runs on the board in the property management space.
"A property manager isn't just there to collect rent. You want someone with good systems and structures in place, and someone who believes relationships with landlords and tenants are important."
Mr Burley said the first step is to head online to real estate agency rating websites like ratemyagent.com.au where you can search for local real estate agencies and read their customer reviews. From there select two or three agencies, get in touch by phone, and then organise a face-to-face meeting.
Key questions to ask:
- How's your property management department structured?
Find out how many properties the agency currently has under management, how many each property manager looks after, and what support they have.
An agency that takes property management seriously as part of their business will have a team backing up their property managers and a limit on how many each one looks after, Mr Burley said.
"We cap the number of properties within each portfolio at a number we believe still allows each property manager to effectively and professionally manage the property and maintain relationships with landlords and tenants.
"Some agencies might have their property managers looking after upwards of 200 each. That's too many - you just become a another number.
"Supporting the property managers we have a dedicated business development manager, department head, and a leasing agent, as well as staff who take care of things like a daily reconciliation to make sure rent is going into accounts."
- What's your process for vetting tenants?
Finding good tenants, who pay rent on time and care for your home, is on top of every landlord's wishlist and it's something a good property manager takes very seriously.
"It starts with the initial application," Mr Burley said.
"We meet all prospective tenants at the property - no-one can apply without that - so we can better ascertain if they're a good person.
"We have a rigorous process, checking all rental references and history. We call their previous property managers, and also ask for both professional and personal references.
"Getting the right tenant takes diligence and care. You don't want an agent who chooses a tenant just to get the rent in quickly."
- How often will you be in touch with me?
One of the top complaints landlords have about their property manager is that they only hear from them when something goes wrong.
"Good communication is very important - it means you can relax knowing your property is being well looked after," Mr Burley said.
"Our property managers regularly call landlords just to update them and let them know everything's fine."
Got a question? Call Buxton on 5331 4544 or head to their website.
This is sponsored content for Buxton Real Estate.
