A little while ago, we looked at how to go about finding the right tenants for your rental property:
But in addition to this, it’s also crucial that you get the right property manager on board. Failing to do this means you run the risk of:
- Problem tenants
- Poor R.O.I
- Property deterioration
And other additional headaches that could’ve been avoided. In finding the right people to manage your property, you want to know they’ll care for your investment like it was their own. So to assist you, here’s what you need to know when looking for a potential Property Manager:
#1. Resolving Property Damage, Repairs And Maintainence
By scheduling regular inspections, your property manager should be able to identify (and fix) any problems sooner rather than later. If there’s damage (caused by tenants or otherwise) your property manager needs to resolve the issue promptly.
A reliable property manager can identify maintainence that’s necessary/ urgent from maintainence that’s non-essential. Ultimately it’s your responsibility to pay for repairs and maintainence, but it’s in the hands of your property manager and tenants to ensure any arising issues are quickly rectified and managed correctly.
#2. Routine Inspections
Find out how regularly the property managers carry out inspections, as this is key to identifying any issues early and ensuring your property remains in good condition. An agent must give a written notice ahead of inspection (between 7 and 14 days) to tenants. When choosing a property manager, find out their process for inspections and how they are reported, to ensure it meets your criteria.
#3. The Support
Large portfolios run the risk of over-burdened managers, poor communication and costly errors. A professional property manager should be able to take care of anwhere between 100 and 200 properties with ongoing support from an assistant. These property management assistants ensure there’s enough resources and and support to manage the properties in larger portfolios.
#4. Dealing With Late Rental Payments
Property managers who keep the lines of communication open are better for your investment. The agency you choose should be proactive in following up late rental payments. Phone contact with you the owner and e-mail notifications are signs that your property manager is diligent. Furthermore, a professional property manager ensures late rent is followed up immediately, sends payment reminders and (if necessary) will issue a notice to vacate if the payment falls inarrears of 14 days or more.
#5. How To Maximise Rental Returns- The Inside Info
Ask your chosen property manager if they can offer information on how to maximise your rental returns. Their knowledge of property and the rental market could provide notable added value to your current investment as well as future ones. To achieve this, your agent of choice must be kept up to date with regular industry training, as good property management relies upon understanding of the latest protocol and conditions in an ever-changing market. Past experience matters, but selecting a property manager who’s in step with the current property market is of great value to you.
#6. End Of Month Statements.
A good property manager keeps you informed through monthly statements so you can see not just your monthly rental income, but also if your investment property is providing good returns. Outstanding attention to detail is important here to ensure you remain aware of costs and important updates that affect your investment income.
A reputable agent has client testimonials on their website and social media channels. These are vital to ensuring that your agents’ actions back up their words. Ask to see references from tenants and landlords alike, as this indicates that the overall management of your property should be a smooth process. If you can’t find any testimonials online, ask them to provide you with some.
You can find such testimonials for Shields Gillman right here: 26 Years With Sally- Straight From The Horses’ Mouth
In A Well-Managed Nutshell:
The right property manager can make or break your investment, and that’s why it’s crucial to ensure they’re competent across a range of areas and tick all the right boxes. By doing this, you can rest easy knowing your property manager cares about your investment property like you do- and aim to get the best returns in the long-run.
So if you’re looking for property managers with the expertise and first-hand knowledge required to manage your investment property, why not Contact Us