Choosing the wrong property manager in Perth can cost you thousands of dollars. Many property investors choose the property manager with the lowest fees, only to find out later that it cost them much more than it would have to choose the right manager in the first place.
It’s not all about the fees
– It is natural for an investor to focus on fees, but there’s a lot more to consider when choosing a property manager for your investment property in Perth. Here are some essential questions you should always answer before choosing a property manager.
Is the agency focused on sales, or are they professional property managers?
– Many agencies are great at selling, but their property management services are more of an afterthought or add-on to their main business of selling property and services.
What role does the Licensee/Principal play in the company?
– Are they “hands on?” Do they have property management experience?
Who will be my property manager?
– How long have they worked for the company? How much property management experience do they have?
Will my property manager conduct routine inspections of my property and report directly back to me?
– Many companies and property managers outsource inspections to contractors. This is unacceptable; make sure the property manager does the inspections.
What documentation will I receive from inspections?
– The only acceptable answer is “detailed reports with full colour photos.”
How often will I get paid?
– Most agencies pay out to the owner and creditors at the end of every month but there is no reason why this should not be
be conducted on a weekly basis. This affects cash flow and the responsiveness of tradespeople. It is a subtle difference that can make or cost you a lot of money.
How many properties does my property manager manage at once?
– If your property manager has a workload higher than 120 properties, they are overloaded and your service may suffer.
How accessible will my property manager be?
– You should be able to call your property manager anytime and get an answer within a reasonable time period. Insist upon guaranteed communication for you and your tenants.
How accountable is the property management agency?
– If they make a bad decision that costs you money, will they take responsibility?
Can I terminate the management contract if I’m not satisfied?
– At Investors Edge, there are “no lock in contracts”, so the answer is always yes.
Read an article on: “Danger: Not All Property Managers are the Same“