Tips on How to Choose a Property Management Company to Manage your Investment

Not all property managers will have your best interests at heart. If you need to contract a property manager, you must be careful when screening your options. You are advised to cast wide net as this is what will increase your chances of finding the best property management company. Also, pay keen attention to the costs involved in hiring a property manager.

In particular, you need to establish that you have got a trustworthy and reliable manager to take care of your property. Remember that, not only will your property manager collect rent and other fees from your tenants and remit them, but also handle the daily maintenance tasks and respond to the needs of your renters. If you are a property investor looking for someone to manage your house for you, do not worry. In this post, we tell you how to select a property management company that will take care of your property as if it was their very own.

Get referrals.

The best way to start your search for a good property manager is through referral. Who sold you the home? Your real estate agent could surely know a good property manager. Also, if you have friends who have invested in real estate in the same area, ask them to refer you to a reputable and trustworthy property management company.

Take the next step of checking the property manager’s licensure status and see if there have been complaints lodged against them. After you have shortlisted a few prospective candidates, interview each of them.
Research
Apart from just relying on your network of friends for referrals, you should know that your own research is very important. Make Google your best friend, and make sure that you look up several different sources to get all information. Check the company’s business page’s Facebook community posts and also private groups. If from your independent research you come across a few property management companies that have good reviews, you are in luck.

Meet your potential property manager in person

One of the best ways to engage a person is through meeting face-to-face with them. Therefore, after short-listing a couple of property management firms, the next stage is to set up interviews, or meetings with them. Before the meeting, make sure you are well prepared with a list of questions to ask each one of them. Your questions should include, but not limited to, the following:

• Where does the company currently advertise available properties? Note this down and later check their listings out to ensure that they are professional and that they advertise houses in the best light possible.
• What does the management fee include? Even more importantly, what is not included and how much will those services cost, should you require them?
• Which areas do you operate in?
• How long can I wait for my property to be leased?
• How do you handle finance and rent collection?
• Will the manager be the only contact person for both you and your tenant? How many, if not, will be involved?
• What is the pricing for maintenance?
• What happens if a tenant delays or doesn’t pay rent?

See what they’ve done

It’s also a good idea to visit one of the properties that your prospective manager is currently taking care of. Look at the surrounding and see if they are doing a good job or not. You can easily ascertain this from the way the property is maintained, whether it’s well-kept or untidy, and if compound is clean.

With regards to seeing your would-be manager in action, also check out their credentials. Check to ensure that they have taken the relevant certification courses. This certification may not be a pre-requisite to choosing a property management company. However, it does ascertain the foundation of your shortlisted manager. But if you like a property manager but he doesn’t have this certification, this should not eliminate them from being potential candidates. Trust your gut.

Find out about the property manager’s maintenance policies

When there is a problem with your property, you will want to be sure that your manager has a plan of action on how to deal with a variety of issues and the amount it will cost. Find out the following:

• Is there a markup for the vendor-provided maintenance services? Usually, some property managers will mark up the vendor’s invoice by at least 10%. Try to negotiate the rate.
• It’s common for most managers to want to perform repair up to a given fixed dollar amount (usually between $250-500) minus your approval. You can negotiate over the amount, based on your price point.
• Does the property manager have a list of approved and vetted vendors? Make sure that list includes a handyman, plumber, painters, appliance technician and an electrician among other vendors
• How will the manager deal with maintenance emergencies? A good manager will always have a 24-hour maintenance emergency contact to respond to emergency requests immediately.

Ask if the manager has liability insurance.

While you need to have your own insurance covering the property, it also helps to confirm that your manager has insurance of their own just in case there is a lawsuit. The manager should be ready to share their liability insurance details.

Talk with the manager to see if they can be added as additional insured on to your insurance in case of disputes between tenants and property damage that occurs when they work on the property.

Choose Tullawong Properties for Exemplary Service for your tenants

Tullawong Properties prides itself as one of the most progressive property management companies in Caboolture. Results oriented and driven by a desire to satisfy our customers, we are a trusted Australian property management company. Our biggest desire is to nurture long-term relationships and collaboration with tenants and owners to enable them have a great return on their money, investment and time. We are in the property management business for a reason.

Committed to customer service and professionalism, Tullawong Properties aim to become an industry leader through offering the best property management services to tenants and owners. We serve a wide number of areas which include Sandstone Point, Bribie Island, Toorbul, Elimbah, Bellmere, D’Aguilar, Ningi, Beachmere, Beerburrum, Wamuran, Donnybrook, Petrie, North Lakes, Kallangur, Deception Bay, Burpengary, Woodford and Narangba among other areas.

Call me on 0408 185 199 today to find out how I can help you.
Amanda Webb
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