A good property manager will do more than just manage your property; they will optimise your investment. But if you’re looking to hire a new property manager, how do you know if they’re worth their fee?
A property manager’s role goes far beyond simply collecting the rent; they are responsible for maintaining the quality and value of your property and building strong relationships with your tenants. This includes ensuring repairs and maintenance are promptly and effectively addressed, keeping your property in good shape and your tenants happy. They will also conduct regular inspections (without being too frequent) to make sure that your property is well-maintained. A reliable property manager will also work tirelessly to fill any vacancies with quality tenants quickly, rather than letting your property sit empty and cause you financial loss.
Another key aspect of their role is building strong relationships with your tenants. This pays off in dividends but can often be overlooked. Happy tenants who pay their rent on time and look after your property, are worth their weight in gold.
In addition, your property manager should have their finger on the pulse of the market, providing immediate feedback as soon as there are shifts in the market. This ensures your investment stays on track and your property’s rent is priced appropriately.
But if every property manager you speak to says they will do all these things, how do you know which one to hire?
Here are some crucial questions to help you make your decision.
How many properties do you manage?
Ideally, you want a property manager who manages a smaller number of properties but still has experience. If they’re swamped, they may not have the capacity to provide the service level you need and may seem impossible to get in touch with. At Prudential, we cap our property managers according to their experience, ensuring they have ample time and resources for each client.
How many years of experience do you have?
An experienced property manager is more likely to be a skilled negotiator and communicator and exude the confidence that comes with experience. This means if they believe it’s time to increase the rent, they’ll do so with confidence and backed by solid market data. Ideally, seek out a property manager with more than three years’ experience.
You can also get a gauge of their professionalism by asking if they have a written procedure for how they handle unforeseen events and if they can provide evidence of the rate of arrears in their personal portfolio. A lower rate is an indicator of effective rent collection and tenant management practices, which can significantly impact your investment’s financial stability. In addition, ask who will manage your property if they go on leave. It’s important to know that your investment will be well cared for, even in their absence.
What is their communication turnaround time?
Clear, timely communication is vital for delivering exceptional service and fostering good relationships with tenants. Look for a property manager who has direct lines of communication with you and your tenants, such as through their mobile or WhatsApp.
The benefits of good communication go beyond building strong relationships, it’s crucial for getting on top of issues, fast. For example, if there’s an after-hours leak and a plumber needs to be onsite that day, or risk further damage, will the tenant be able to contact them?
Have they been to NCAT, and if so, what is their success rate?
NCAT (New South Wales Civil and Administrative Tribunal) is the main forum for resolving rental disputes between landlords and tenants in New South Wales. You need a property manager who can effectively navigate NCAT to safeguard your interests if issues arise, such as unpaid rent. An experienced property manager is likely to have been to NCAT more than a dozen times, however, beware of any agent who has been taken to NCAT by a tenant and lost – this is a major red flag.
Once you’ve asked these questions, it can also be helpful to also check their Google Reviews. This will give you a better understanding of their reputation and the experiences others have had with their services.
In conclusion, hiring a property manager is not a decision to take lightly. The right property manager can make a world of difference to your investment yield and save you headaches in the long run.
Whether you’re ready to seek out property management services or simply have a few more questions, we invite you to get in touch with our friendly and professional team.
Prudential Real Estate Campbelltown | (02) 4628 0033 | campbelltown@prudential.com.au
Prudential Real Estate Liverpool | (02) 9822 5999 | liverpool@prudential.com.au
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | macquariefields@prudential.com.au
Prudential Real Estate Narellan | (02) 4624 4400 | narellan@prudential.com.au
