10 Questions To Ask Your Property Manager
If you’re ready to hand over your property to an experienced property manager, you’ll want to make sure you’re choosing the right person for the job.
After all, having a good property manager means fewer headaches and happier tenants. Here are 10 questions to ask any prospective property manager.
1. What experience and qualifications do your property management staff have?
You’ll want to speak to the property manager who will be looking after your property before making a firm decision. Ask about their experience in the rentals market, as well as what expectations you can have for regular communication. It’s also worth looking up any online reviews that previous clients have made.
2. What’s your management fee?
The cost of a property manager is an important consideration, especially when you have to factor in the mortgage, council rates and any potential maintenance issues that may arise. But it also depends on what is included in their fee. It’s worth having this discussion early.
3. How will you attract and retain quality tenants?
Finding a good tenant is a key part of the property management puzzle. Keeping them long-term is even more important. A good property manager will have their own strategy for seeking out the best tenants for your investment property, so don’t be afraid to ask them about how they intend to find you a quality tenant.
4. What are the benefits of investing in professional marketing materials?
What marketing strategy do they plan on using to get tenants interested? Also, find out whether the costs of marketing – such as priority listings and online advertising – are built into their fees or whether it’s an additional expense. Sometimes it’s worth investing in quality photos or spending a little more for a good result.
5. What – if any – improvements should I make to my property?
Depending on the state of the property, you may need to make a few updates or additions in order to attract more tenants. Make sure the property manager walks through your home and points out where any positive changes could be made, and how they may impact your property’s marketability, rent or yield. But remember, it’s also important not to overcapitalise on your investment.
6. How can I minimise vacancy rates?
An experienced property manager will have the latest data on rental trends and vacancy rates in your area. Because you’ll obviously want to keep your property tenanted for as long as possible, ask them how you can minimise the vacancy rate. This might involve small improvements, or other strategies like negotiating a longer contract length with tenants, or raising the rent less often depending on current market conditions.
7. How often will you conduct rental inspections and review the rental price?
Your property manager should have a clear plan for managing any tenancy and know the regulations and guidelines inside and out. This question will help you understand the key moments of a tenancy. It will also give you an idea of how regularly you will receive updates on the property.
8. How quickly will I need to deal with maintenance issues?
Ask the property manager how they usually deal with maintenance requests. Will they call you beforehand to get sign-off on calling a professional tradesperson? Would you prefer they ask you to take care of minor requests to minimise costs? Also, ask what their protocol is when urgent requests are made outside of work hours.
9. Are there any compliance issues I should be aware of?
You’ll want to ensure your property manager is aware of all the rules and regulations you will need to comply with as a landlord. These can change when guidelines are reviewed. Make sure to ask the property manager questions about things like what has changed recently, your rights and responsibilities, how they deal with a breach of agreement, whether they have attended tribunals before, and what the process is if you want to sell your property in the future.
10. How will you communicate with me and the tenants?
The best property managers are those who are always on top of everything. They should stay in contact with you whenever necessary and give you rolling updates throughout the tenancy to ensure both you and the tenants are satisfied.
Your ideal property manager is right around the corner
Ready to let the experts take care of all the hard work of property ownership? Contact an experienced local property manager today.