Excellent management is crucial for any successful investment and for most people, property is the biggest financial investment they will make. Property has a proven reputation as a strong long term asset, but no matter how strong an asset is, poor management will compromise its viability as a high performance investment.
Property investors must think about their rental property like a business. The property manager they appoint must then be thought of as the business manager, someone who plays a significant role in how much income is generated and how the property is maintained as it’s leased.
Can They Go Beyond Local?
Choosing a local property manager seems like a logical and simple solution. However, it’s important to think ahead if you intend on expanding your investment portfolio. Don’t settle for the local real estate agent you happened to purchase the property from or the first local property manager you find.
Try to find a property manager capable of managing property outside of the immediate suburb your first property is in. This will allow you to use one quality property management firm to manage a diverse portfolio of property, reducing overall costs.
Look for a Company that has the technology to manage anywhere and the staff who know the area
Cheap Isn’t Always Best
If you find a property management firm who is quoting well below others, there may be a good reason way. Cheaper services tends to indicate more cut corners. In property management, this could mean less effort screening property or fewer property inspections or using junior inexperienced staff without support all of which could cause bigger problems and cost you more in the long run.
It’s far better to go with a property management firm that will provide a quality and dedicated service. One that won’t trim their margins just to beat their competition.
Test Their Knowledge
It goes without saying that you should look for experience, credentials, testimonials and references. Don’t make a decision based on promises. Look at results. Good property managers will be more than happy to provide these details for you.
Test their knowledge by asking specific questions, for example:
- How are arrears handled?
- What are the vacancy rates in this area?
- What is the demographic of tenants in this area?
- How many people will be involved in managing my property?
- What is the average rent for similar properties in the area?
Remember that your property manager is going to be in charge of your most valuable asset, so take the time to choose the right person for the job. Ensure you feel confident that they will look after your best interests.
Perth Property Management
Talk to the team at Gow Property if you’re looking for an experienced property manager in Perth. We strive to offer a service marked by good communication and negotiation skills, organisation, expert knowledge and honesty.