If you are shopping around for a property manager for your investment property, it is important that you know what quality and range of services you are paying for.
Not all property managers are the same.
In order that you make an informed decision, ask the following questions of the agency you are considering for the job of managing your property.
- On average, how many properties does the agency lease each month?
- What human resources has the agency allocated to leasing properties?
- Do the agency staff members personally show prospective tenants through properties?
- How does the agency market available properties for lease?
- How much information is obtained from applicants for properties and what information is verified?
- What documented systems are in place for property management?
- What is your process for dealing with rent arrears?
- What is your process for dealing with repairs and maintenance?
- What steps do you take to ensure that all contractors working on my property are properly licensed and insured?
- What steps do you take to ensure that all maintenance work on my property is competitively priced?
- How frequently will you inspect my property?
- What is the experience level of the staff members who will be leasing and managing my property?
- How much training have they had?
- How frequently will you account to me for rent monies collected on by behalf?
- Can you send me rent statements by email and deposit my money in my bank account electronically? Yes/No
- What references do you have from satisfied clients?
- Do you provide a service guarantee? Yes/No
- Does the agency have documented service standards? Yes/No
- What back up staff are there in the event my property manager is sick or on holidays?
- How frequently will you communicate with me and what form will it take?
More tips for investors and owners can be found at True Property Management’s (Victoria) website.