PRW advertisement 2012 – Finding the right Property Manager

Finding the Right Property ManagerThe formula to find the right property manager? Sounds like it should be pretty easy: “investment property + property manager = good tenants”.

Unfortunately it’s not so simple.

Most people prefer a property management company to manage and maintain their property for them. The trend has become pretty common, as it relieves the owner of all the headaches; the only thing the property owner has to do is hand the property over to a reliable property management company and stop worrying.

Being a property manager is a lot more involved, however, than just collecting rent, conducting a couple of routine inspections a year and doing rental reviews. Our job is about more than just these basics.

We manage important investments for our clients and therefore need to keep up with the real estate market (both sales and rentals) as well as with related things such as interest rates.

We need to be able to point out ways that our clients can increase their rental return, update them on ways we can maintain the property on their behalf, keep up with changes to legislation, be able to advise on insurance (both landlord and building) and understand Victorian Civil and Administrative Tribunal (VCAT) procedures so that we know how to deal with tenants in case something does go wrong.

Property managers who are not trained properly are not in a position to be able to offer their clients this extra information, but it is imperative that they be able to cope in all situations and offer you relevant advice.

How can you find a property manager who will be able to provide you with this service? Interview several and ask them a lot of questions to ascertain their experience, such as:

  • How long have you managed property?
  • What areas of property management have you worked in?
  • What is your area of expertise?
  • How many properties do you manage?
  • Do you continue to manage a property after you lease it?
  • Do you know the current vacancy rate?
  • What would you do in a situation where a tenant is paying their rent late each month,
    but is paying just enough to avoid receiving a notice to vacate?
  • Do you know what is covered under landlord’s insurance?
  • Have you ever claimed insurance on behalf of your client?

Don’t feel embarrassed to ask as many questions as you like, and remember, your property manager has to be good enough to manage what may be some of your largest investments.

 

Kabaker Property Group