Choosing the right property management company to manage your investment property can be a daunting prospect. How do you know that they really know the property market, relevant legislation and have the skills to back up their claims? Some property managers can talk the talk, but don't have the necessary support and industry knowledge to efficiently manage your property to the standard you are expecting.
Fortunately we have put together a list of some of the most important questions you need to ask any potential property managers to help you make an informed decision when it comes to looking after your investment property.
1. Can you demonstrate your knowledge of the local property market?
Employing a property manager who has a keen and demonstrable knowledge of their local area and market movements is key to the successful letting of your property. Ask them how long they have been in the industry for, as well as how long they have worked at their current company and area, as this will show any gaps in their knowledge or allow their expertise to shine through.
2. Do you have any office support?
Having access to an administrative and marketing team means your property manager has more time to focus on managing your property instead of getting caught up in paperwork. If there is more than one person involved in managing your property, ask who they will be and who the best person to contact is should you have any questions.
3. How would you handle a dispute with a tenant?
Good negotiation skills are important for property managers as they act on behalf of the landlord and the tenant at the same time. Of course, as a landlord you want to protect your property so ask them what they would do if a tenant stopped paying their rent or if there were any problems with the tenant.
4. How do you ensure only the best tenants are found for my property?
A good property manager will have strict screening practices in place and should be able to outline this for you when asked. They will also have access to several estate agent tools to advertise your property and know how to attract good tenants.
5. How many properties do you currently manage?
Ask them how many other properties they manage at the moment and if that number fluctuates regularly or not. It's a fine balance but you don't want a property manager with no properties and equally you don't want one with so many that it's evident they won't have the time to properly manage your property.
6. What happens if my property needs maintenance?
If your property manager has a portfolio of properties they manage, they are likely to have forged connections with a number of local tradesman like electricians and plumbers. So in the case that your property need some maintenance like a routine service or some unscheduled repairs, they should have the appropriate tradies on speed dial to get the issues fixed in no time at all.
7. What are the full property management costs?
Some property managers may attract you with seemingly cheap management costs, but there can be hidden charges, like periodic rental inspection fees if they aren't included in their upfront quote. So make sure when a property manager gives you their prices, there are no costs which have not been included at the outset, even if they won't arise until later in the tenancy. The last thing you want are extra charges when you aren't expecting any.
For more information about property management in Perth, speak to the experts at Time Conti Sheffield. They have been operating in WA for over 60 years and have niche knowledge of property management in Victoria Park. Book a rental appraisal today and see what sort of rental income you can generate on your investment property today.