Managing your property investment chores
How Can a Property Manager Help?
A good property manager is worth their weight in gold as they play a pivotal role in the success of your investment.
Many of us barely have enough hours in the day to manage our own households, with work, kids, shopping, home maintenance and other chores to attend to, let alone managing an investment and tenants as well.
Finding the right property manager is crucial, but what are the key roles of a property manager and what should you look for and ask when you interview them?
What are the key roles of a property manager?
A property manager will cost approximately 7-10% of your total rental income, however the services and expertise offered by a good property manager is worth much more than this fee, plus in many cases the agent service fee is tax deductible.
The key roles of a property manager are:
Advertising your property for rent
- Open your rental property for viewings
- Screening tenants including reference checks, rental history review
- Manage the condition report process
- Manage the tenancy agreement signing process and handling questions
- Manage your financial accounts for the investment property and provide regular reports
- Inspect the property on a regular basis
- Organise tradespeople for repairs and maintenance
Interview questions to ask a property manager
Like any working partnership asking the right questions to help identify the best property manager for you is important. Here are some questions you should ask when interviewing a property manager.
- How many properties do you and your company manage?
- How would you market my property and attract the best tenants?
- How do you screen tenants?
- How many tenants on your books currently are in arrears with their rent?
- What action is taken if a tenant is behind on rent?
- What happens if my property needs urgent repairs / maintenance?
- How many inspections do you do each year and what is the cost for these?
- How do you communicate with landlords and how regularly?
- What is the full cost of management? Please detail all costs and fees and show where GST is payable?
- What is your estimate of the weekly rental potential of the property?
- How can you ensure I receive the best returns for my property?
- What differentiates you from other property managers?