Like many in the real estate industry, the reputation of property managers often suffers due to the actions of a few, but finding a quality one doesn’t have to be like looking for a needle in a hay stack.
For investors, one property management professional believes that just a brief list of questions can go a long way to helping them find a property manager that suits their needs and benefits their investment.
Tim Godden is the director of Property Management Concierge, a firm that assists investors in finding the right property manager, and he says just a simple selection process can take a lot of the stress out of finding the right manager.
“A lot of the time people will just go with the manager from the agency they bought from without doing any research because it’s the easy way to do it,” Godden said.
“But you want to make sure you’re actually finding the right manager for you. You want someone who is going to maximise your property and there’s a few things you should be asking them.”
Before appointing a manager, Godden recommends investors do some research in to areas such as how long an agency or manager has been operating, how many properties they manage, whether they work on a portfolio or task basis, what the agency or manager’s vacancy rate is and what their knowledge of the region’s vacancy rate is.
From there, Godden recommends investors create a short list of potential managers before doing further research, which should include considering one of the most important aspects of an investor/manager relationship.
“Of the people that say they’ve had a bad experience with managers in the past, 90% to 95% of them say it’s because of communication issues.
“You obviously want a manager that is going to a good job, but they have to suit the investor’s style as well.
“Some people are happy to have minimal communication, a report or statement every six months and are low maintenance, while others want emails twice a week and constant updates on what’s going on, so it’s really important both parties know what the expectations are.”
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