6 months ago
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Renting out an investment property comes with two choices — take on the responsibilities yourself or hand over the reins to a professional property manager. Many landlords prefer the latter because it saves time and stress. From burst pipes to heating failures, a property manager can handle the headaches so you don’t have to.
Beyond convenience, a skilled property manager can help increase your rental income by securing reliable tenants, conducting proper background checks, and reducing vacancy periods. Their services often cover everything from rental pricing advice and advertising to lease preparation, property inspections, and guidance on tenancy regulations.
If you’re considering hiring one, here are five essential tips to help you find a property manager who’s right for you.
Start with Thorough Research
Begin by identifying property management companies that serve the area where your rental is located. You might choose a full-service real estate agency or a firm that focuses solely on property management. Regardless of referrals from friends or family, always check online reviews and testimonials. These will give you insights into how the company operates, what past clients have experienced, and whether the team lives up to their promises.
Choose Someone with Local Expertise
A property manager who knows the local market can make a big difference. They’ll understand the neighbourhood’s demographics, tenant demand, and appropriate rental rates. This kind of local insight helps you make better financial decisions, from setting rent to selecting tenants who are a good fit for your property.
Understand the Full Fee Structure
Property management fees vary — some charge a percentage of your weekly rent, while others offer flat-rate pricing. On top of that, you may encounter admin costs, leasing fees (typically a few weeks’ rent), marketing expenses, and charges for lease renewals. Before you sign any contracts, be sure you know exactly what you’ll be paying and what services are included in those fees. Clear terms will help avoid surprises down the track.
Test Their Responsiveness
You need a property manager who’s easy to reach when issues arise. Try contacting your top candidates and observe how quickly they respond and how well they communicate. Are they approachable and knowledgeable? Do they reply promptly or leave you waiting? Whether it’s a phone call, email, or text, make sure their communication style suits your preferences — because delays could cost you time and money.
Ask the Right Questions
Don’t hold back when interviewing potential property managers. The more you ask, the better your chances of finding the right fit. Some useful questions include: What’s included in your services? How do you handle repairs and maintenance? What’s the size and type of your property portfolio? How do you track and manage rent payments? How often do you conduct inspections? Will you keep me updated on legislation that might affect my property? These answers will give you a clearer picture of how they operate and whether they’re the right match for your rental goals.
Need Help with Investment Property Finance?
If you’re planning to buy an investment property and need assistance arranging finance, we’re here to help. Get in touch to explore your loan options and get expert guidance tailored to your goals.
