How To Choose The Right Property Manager For Your Investment
Choosing the right property manager is important for your investment, but it’s easy to get wrong when there’s so much to consider. Here’s how to find a good property management company from the start.
There’s a lot to consider when it comes to choosing the right property management company for your needs, so it’s not uncommon for investors to make the wrong choice. As we shared in a previous article here, it is possible to change property management companies smoothly, but it’s of course better for you and your investment if you can get it right the first time.
Here’s how to find the right property manager from the start and why it matters.
Why Do You Need To Find The Right Property Manager?
Property managers are there to take care of your property on your behalf, so finding a professional you can trust is one of the most important decisions you’ll make for your investment. While the efficient day-to-day management of your property is essential, the value property managers can add is much bigger than that, including identifying ways to add value to your property and fostering good relationships with tenants.
Think of your investment property or portfolio of properties like a business – you want the best people working for you to ensure its success, as well as to save unnecessary stress and costs. Ideally you’ll work with an experienced property manager, business development manager and leasing specialist on the management of your property, so having the right team of specialists in place can make a world of difference.
Property Manager Research And Testimonials
If you’re a first-time investor, it’s not always easy to know what to look for or where to start when you’re appointing your property management company, but it all comes down to research. Testimonials and reviews are worth their weight in gold during this process, so ask family and friends who might have worked with the company before, as well as weighing up online reviews.
With any property management company you’re considering, you should also check out their website, social media posts and their recent advertising campaigns for properties to gain an understanding of how they work, and what they might be able to do for your property.
Vetting Your Property Manager’s Knowledge And Experience
There’s a big difference between a new property manager and one with 10 years or more of experience, so it’s important to understand the experience and knowledge of the people you’re considering working with. We’ve written about possible questions to ask previously, but some basic essentials include:
- How long have you been working as a property manager for?
- What is your agency’s area of specialisation?
- What’s your experience with properties similar to mine?
- How long have you been working in the local area?
- How many properties do you manage?
- What value will I get for the fees?
Note that the question about money should focus on value, rather than on price alone, as a higher cost often means a higher value of service that is worth the extra fee. Requesting detailed quotes and a description of services provided is helpful in making comparisons between agencies.
The Importance Of Good Communication
Good communication is at the forefront of what we do at Taylor’s, because we know it’s essential in building relationships and effectively looking after our clients’ investments. It’s also essential in attracting and keeping great tenants. But not all property managers follow this philosophy, which can be stressful for landlords. To identify if a property manager is a good communicator, consider the following:
- Do they respond to you promptly?
- Do they speak to you in a professional manner and answer all questions you have?
- Do they introduce you to their team?
A great property management company will introduce you to everyone you’ll work with, which will give you a good idea of the communication style and service offering of the agency as a whole. We’ve gone into more detail on good communication here.
Looking For A New Property Management Company?
At Taylor’s Property Management Specialists, we are focused solely on property management, making us experts and true professionals in the field. If you’re looking for a specialised team to manage your investment property, get in touch with us today.