What to look for in your property manager
When you select your property manager, you are entrusting a complete stranger with one of your biggest assets so it’s important you get one that you can trust!
Here is a simple checklist you can use when selecting your next property manager:
- What is the size of their rent roll?
- How many staff work there and how many properties do they manage?
- Who will be your property manager, how long have they worked there for and how many years’ experience do they have? If staff turnover is high the quality of management can be affected.
- Where/how do they advertise vacant properties? (We once had a manager that would only do open houses during mid-week business hours, making it impossible for most employed applicants to attend)
- What are their fees and rates? Usually a % fee is taken from the monthly rent amount, however there can be other administrative fees and additional charges when a new tenant is found for a vacant property.
- How often do they do inspections, and how are you notified?
- Do they offer a handyman service and do they charge a fee? Some managers recommend a handyman for free, others charge a % commission on top of the handyman’s fee.
- When is your rental income deposited into your account?
- How do they assess applications? They should be checking against the rental black list as well as other references
- How do they deal with arrears and when do they notify you?
- Do they pay your utilities for you? Most will pay the land rates and water rates for your property out of your rental income. This can be handy come tax time as all your ingoing and outgoings for the property appear in one statement.
- Will they go to court/tenancy tribunal for you if the need ever arises?
Do you have any other tips to add?