Today I will be discussing five crucial tips for selecting the right property manager for your investment property.
Choosing a property manager is a critical decision as they play a vital role in protecting your asset and ensuring a steady income stream. Let’s dive into the tips:
1. Seek recommendations from current investors.
When considering a property manager, reach out to fellow investors who are currently utilizing their services.
Ask specifically about their experience with the property manager, not just the company as a whole.
Recommendations from trusted sources can be invaluable.
2. Don’t prioritize cost over quality.
While it may be tempting to opt for the cheapest option, remember that property management is a specialized industry.
Companies offering the lowest fees may lack the necessary procedures and expertise to maximize your rental income and select reliable tenants.
Investing in a competent property manager can save you substantial costs in the long run.
3. Request a dedicated contact person.
Larger property management companies often handle numerous investors, making it crucial to have a designated point of contact.
Having a dedicated person to address your queries and concerns ensures efficient communication and minimizes frustration.
Always inquire about the procedure for replacing your contact person if they leave.
4. Asses their experience.
Evaluate the company’s track record and longevity in the industry. Additionally, consider the experience of your assigned property manager.
Understanding their expertise and familiarity with managing rental properties can instill confidence in their ability to handle your investment effectively.
5. Inquire about lease renewal procedures.
Ask the property manager about their process for handling lease renewals as the expiration term approaches.
Find out if they monitor the rental market to assess the potential for increasing the rent.
Understanding the current demand for tenancies and their level of inquiries helps determine the best course of action for your property.
These five tips will greatly assist you in selecting the right property manager who will ensure the smooth operation of your investment and maximize your returns.
If you would like more detailed information or have any questions regarding property managers, I invite you to book a strategy call. Click here to book a time in my calendar.
Thank you for your continued support, and remember to tune in next Tuesday for more valuable insights. Have a fantastic week!
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
