How to select a property manager for your investment property
Investing in property is a wise decision, but a big responsibility, so it’s important to make sure your property is managed by a professional.
Choosing to use a REIWA property manager to look after your rental property will ensure all the daily tasks of managing your investment are taken care of.
What is a property manager?
A property manager is an employee of an agent who is registered under the Act to conduct property management functions (though this generally doesn’t include sales transactions).
Your property manager will;
- advertise for and select a tenant
- negotiate rents and prepare lease agreements
- collect rent and other costs
- lodge bonds
- inform you of any required repairs
- conduct inspections
- negotiate rent reviews
- liaise with tenants
- control the termination of a tenancy
What should you look for in a property manager?
It’s a good idea to make sure you meet the specific property manager that will be personally looking after your property before hiring them.
If you are negotiating with an agent about hiring a property manager, ensure you have a chance to meet them first so that you’re comfortable with who will be looking after your investment.
When deciding on a property manager to hire, you should look for the following attributes:
- Excellent communication skills.
- Impeccable people skills.
- Knowledge and experience.
- Great attention to detail.
- Highly organised.
What questions should you ask?
Some questions you might like to ask the property managers that you speak with are:
- What management services are included?
- What are their skills and experience?
- How many other properties in the area do they manage?
- What are the skills and experience of the agency principal and what involvement do they have with tenant selection and property management?
- How will they determine the rental value of your property?
- How will they advertise for tenants?
- How will they assess tenants?
- How thoroughly will your property be checked during inspections and also after the tenant leaves?
- How often will they communicate with you about your property and how will this communication be executed? How often will property condition reports be provided?
- How often will financial statements be provided?
- What procedures are in place to take care of any issues that may occur?
- Have they had any experience in the Magistrates Court acting on behalf of a property owner?
- What improvements do they think could be made to your property to attract the desired tenants?
Choosing a property manager is crucial to the success of your investment property, so be sure to do your due diligence so you can be confident in the decision you make – and remember to use a property manager that is a member of the Real Estate Institute of Western Australia.