The value of a good property manager is often underestimated when comes to the long-term success in property investment. If you’ve got a good property manager your journey can be a dream. However, choose a bad one or, worse still, try and do it yourself and it often leads to a lot of stress and sometimes financial disaster.
There’s no better person to ask about this than my recent guest on the Get Invested podcast – Lauren Robinson. As an award-winning property manager and long-term property investor, Lauren has seen the good, the bad and the ugly from both sides of the coin.
Here is what she would look for when choosing a property manager:
Choose A Dedicated Property Manager
First up, Lauren recommends choosing a dedicated property manager or firm simply because they are more focused. Their attention isn’t divided between making property sales and the rental roll.
Meet The Property Manager Face-to-Face
She also recommends meeting them face-to-face. It’s a good way of gauging the quality of their service and how well they understand the legislation, which is critical in good property management.
Find Out About Their Leasing Process
If you have a vacant property, how are they going to market the property so that it stands out in the marketplace? Do they do personal viewings? Do they hand out keys? What sort of background checks do they perform?
Ask For An Example Condition Report
The entry condition report is one of the most critical documents in property management. It sets the tone for the entire tenancy. Ask to see one and make sure you’re happy with its standard.
Who Carries Out Routine Inspections And How Often?
As well as finding out how often routine inspections are done, make sure you know who performs them. Good property managers will do them themselves, while for others its done by a junior or even outsourced.
How Will You Be Notified About Maintenance?
It’s also important to know how maintenance is dealt with. Will you be notified, how and when? Do they have any systems or technology in place to handle the maintenance process?
Does The Property Manager Have A Portfolio Approach?
Does the property manager look after a portfolio of properties from end-to-end or are particular functions like leasing, for example, taken care of by one property manager and inspections by another. An end-to-end portfolio style means the property manager is in touch with what’s happening at your property and more likely to be across any issues.
If you’d like to find out exactly how Lauren goes about finding a good property manager, you’ll find a complete checklist in her book called Rented.
Listen to my entire conversation with Lauren here!