Top things to consider when engaging a Property Manager
Engaging a property manager for your investment property can save a significant amount of time and help maximize your return on investment. However, when looking for a manager, a number of items must be considered to find the one that fits you.
Inertia invited Investment Manager Cath Schuhmacher from Rhino Property Management to give us some advice on how to find the right Property Manager for your investment.
Why use a professional property manager?
Lots of owners choose to manage their property themselves and many of them are very successful. However, with the time involved in collecting rents, arranging repairs and finding the best tenants, most owners have found that their time is more valuable spent elsewhere.
A good property manager will make you money on your investment, not cost you money.
A strong reputation is not something a property manager can develop overnight. A property manager’s reputation gives a very clear idea about the kind of service they offer and whether they are consistently responsive and professional. All property management companies will claim they offer the best service, but the real proof is in how they have treated past clients. Check out testimonials.
Ascertain whether the property manager has superior knowledge of the local rental market. This will allow you to set the rent at an appropriate market level to ensure quick leasing while maximising the returns in these days of rising rents.
Most property managers will know how to market your property to have it exposed to a large number of tenants. However, experienced managers have the ability to filter potential tenants quickly and give you a variety of reliable applicants to choose from. Superior knowledge of the industry is also vital, from understanding lease and bond arrangements to comprehending and keeping up to date on complex tenancy legislation that is ever changing.
You are not a number and should not be treated like one. Look for a property manager who can make you their main priority. Property is often one of the largest investments people make and it should be managed as such. Ask how they communicate with their clients and what their process for handling repairs and maintenance is. For example, Rhino provides a 360° online platform to allow you to stay up-to-date with your property no matter where you are in the world.
Because the relationship with your property manager will be a long and ongoing one, you want to select a top professional that is efficient and someone you can relate to and trust with your investment.
For further info on property management services, contact Cath on 0429 964 587 or visit Rhino’s website (http://iwantrhino.com.au/). They will even give friends of Inertia a reward for referring others!