The decision to establish a property portfolio is a major consideration whether you are an experienced or first-time investor. To entrust the safekeeping of your asset portfolio to a property manager is a key decision that can influence and/or affect that objective.
1. Is there a dedicated Property Manager looking after your property?
Agencies notoriously experience high turnover rates in their property management departments. Most landlords don’t know who is managing their property from one day to the next. It is critical to have one dedicated manager to ensure continuity of service and a ‘stable’ business partnership.
2. Is your Property Manager committed to property management as a career path?
Stability is the key word to consider in choosing your property manager. You want to pick up the phone and talk to your property manager today, and, 12 months down the track. Someone you know and who knows your property inside and out.
3. Who holds the chain of responsibility? Who conducts the open homes, the routine and entry /exit inspections?
Many agents do not conduct robust entry inspections leaving owners in a precarious situation should their property be damaged. It is vital that you are given full and comprehensive reports after each and every inspection. Many agencies outsource their inspections and have never even seen your property.
4. Does your Property Manager invite you to attend one of the routine inspections? Do they call you after every routine inspection to report in person as well as in writing?
Transparency should be an integral part of the service you receive providing reassurance and dedication to their duty of care.
5. What hours does your Property Manager work?
The most common complaint is that property managers are never available when issues arise or rarely answer their phone. It is critical that you have full access to your property manager with all enquiries handled promptly and professionally; including responding outside business hours if required.
6. Does your property manager attend tenant inspections? Or do they just hand out the keys?
Security of your property is fundamental. Your property manager should attend all inspections with prospective tenants. If your property manager just hands out the keys, this is indicative of how they will manage your property with little if any care or attention.
7. Do you screen potential tenants?
Selection of top quality tenants should always be a priority. Prospective tenants should be assessed on but not limited to credit worthiness, rental history and current employment.
8. How many properties are managed by your Property Manager?
Too many properties allocated to one property manager will result in the quality of service being seriously compromised
9. Does your Property Manager maximise your returns?
Rates should be assessed on a regular basis to ensure returns are maximised and revised if and when required. There is no benefit in having your investment empty for weeks on end because the price is not competitive.
10. Do you have a collaborative business partnership?
Make sure you feel comfortable with your property manager and have confidence they will represent your best interests in a professional and ethical manner.
11. Have you checked out your Property Manager on social media? Do they have the integrity and profile you wish to represent you?
Do a google search and check their credentials.
At Premium Property Management, extraordinary passion and implementation of industry best practice are what sets us apart. Premium’s business ethic concentrates on managing a select number of client portfolios with an individual personalised service that is both professional and encompasses a ‘hands on’ approach to managing every property.