Part of running a successful real estate investment business means hiring the right people to partner with you. Having a Property Manager on your team is one of the best things you can do to protect your investment, especially if you don’t live where your rental property is.
Not created equal
Not all Property Managers were created equal and it always pays to do your research. Cheap doesn’t always mean better. Remember you are investing in your business so you want to hire the person who will be the best fit, not the cheapest. Visit them at their office and go with your gut feeling. Interview several candidates to find the one you are most comfortable with.
They said what?
When starting your search, start by asking friends and family for recommendations. This may not always be practical, depending on the location, but it is always good to get referrals first. Then investigate them. Google their name and business to see what others are saying. Ask them for their testimonials or look on their website. But keep in mind that just because Property Manager is a great fit for one person, doesn’t always mean they will be right for you so always do your due diligence.
Make sure your property manager knows their stuff by asking lots of questions. Find out how they handle late payers, what is their process for handing requests for repairs and will they be looking after your property personally themselves or do they have a team to help them. You also want to find out what is included in their services and what they can do to help you get the best return on your property.
How’s their service?
Get in touch with them in different ways to see how quickly they get back to you. If they don’t respond to your emails or phone calls, alarms bells should ring. Not responding within 5 minutes isn’t going to be an issue, but if you still haven’t heard from them days later, you may want to go back to the drawing board. Check their policy for clauses saying how quickly they expect to respond to you.
If you are looking for a Property Manager to look after your rental property in Melbourne, contact us today to find out how we can help you.