Date:
2015-09-04 06:55
Selecting a property manager
Contracting someone to manage your residential property is like using an accountant or lawyer to manage your business affairs. It’s important to take time to choose the right person or business.
What a property manager does
Many landlords expect their property manager to receive rent on their behalf, find suitable tenants, handle maintenance, deal with disputes, and sort any issues at the end of a tenancy. In essence, the property manager becomes the landlord’s agent who looks after their investment.Having a good property manager can help to attract and keep good tenants.
Questions for landlords to ask a property manager
How well qualified are you?
- What are your qualifications?
- Are you a specialised property manager or a real estate agent who also does property management?
- How long have you been a property manager in the area?
- Do you personally invest in the area?
How does your business work?
- How many staff do you have and what are their roles? Do you have staff specifically responsible for finding good tenants?
- Are you affiliated with any particular professional body with a code of ethics?
- What resources do you have for managing property over holiday periods?
- How many properties does your business manage, and what percentage is currently vacant?
- What’s the average length of time it takes to fill a vacancy in the area?
- What kind of insurance coverage do you have? Is there any fidelity fund coverage?
- What computer system and software do you use?
- May I see an example of a monthly reporting package?
What experience do you have with the Tenancy tribunal?
- Have you appeared in Tenancy Tribunal cases? If so, what happened?
Questions for landlords to ask themselves
- How close is the property manager’s business to your property?
- How organised and tidy are their offices?
- Do they present themselves professionally?
- What does their website look like? Is the content consistent with what they say when you meet them?