Your investment properties are important and should be treated as such by an experienced and dedicated property manager. No matter how many investment properties within your portfolio it is essential you manage your assets adequately. It will help ensure you receive the best return on your investment.
The top 5 questions you should ask your investment property manager
Who will be managing my property?
Is it the person you’re speaking with, or one of a roster of property managers? You’ll want to meet with your investment property manager, not a representative – see if they can set up a meeting for you. You’ll need to ask them some questions and it pays to clap eyes on the person looking after your investment.
How many properties do you manage?
Once you’re in a meeting with the actual property manager, ask them: how many properties do they manage themselves? Any more than 120 or 140 is too many. They simply can’t dedicate themselves to that many properties and get the best for their client – you. Yes, more properties means more experience and skill (but even this isn’t a given) however they still need to make time for you and your investment.
How do you intend on marketing my property?
Ask the rental property manager how they intend to market your property. They should be in attendance when they show your property, and directly target the tenants you’re looking for. They’ll need to be available on the weekend for prospective tenants, and have a number of marketing strategies in place to net the best tenants for your property.
How do you manage the tenants?
How do they screen them, follow up on late payments, inspect the property etc. These should all be covered in policies for the agency, and they should be able to not only quote them, but show you in writing.
How much will your services cost?
All the added extras and hidden fees. Include GST and things like inspections, which they might not list up front. Yes, these costs are tax deductable however you don’t want a nasty surprise when the bill comes in.
Any property manager should be happy to answer these – and any other – questions you might have. Make a list before you visit, and ask every rental property manager you speak to the same questions to gauge their baseline. Of course, here at Aspect Estate Agents we’re well-versed with property management and are more than happy to answer your questions. Speak to our friendly staff today.