It may appear that all property managers provide the same services. They collect the rent, look after maintenance, conduct routine inspections, and so on. But some offer so much more. I mean would your prefer a written inspection report, or a video walk through with commentary? A statement once a month or 24/7 access to your agents system so you can see exactly what’s happening with the finances for your investment property.
It’s a job interview. Your essentially employing an expert to look after one of/your most valuable assets.
- You should establish if they are licenced and REIQ members.
- Who would show the prospective tenants through my property until it’s rented? Will it be the licencee and business owner or a junior employee?
- How often will my property be inspected?
- Who would be manage my property after signing the lease? (you might be talking to a business development manager)
- Do you have enough liability insurance to protect me from lawsuits?
- How often would I be communicated with when my property becomes vacant?
- How do you recover rental arrears?
- What process’s do you have in place for dealing with repairs and maintenance and how do you handle emergency repairs?
- What are the fees?
- How do you minimise vacancy in my property, and what is your advertising schedule? and so on.............................
Property Managers have several properties to look after. Now is the time to get all of the commitments you need into a written agreement.
Employing a Property Manager doesn’t switch everything into auto-pilot. You will have ongoing dealings with your property manager regarding maintenance, inspection reports, and tenancy renewals. The best property managers will also want to discuss how to increase the value and returns on your investment. It’s important to make sure you feel that you can establish a productive professional relationship.
Does the Property Manager look after properties similar to yours? Can they handle the expertise your property needs such as required by the NRAS scheme? Do they have testimonials/clients who will provide a reference?
At True Power Realty you will always deal with Andrew and Jodi who also happen to be the licenced owners and operators of the business.