Choosing a Property Manager to manage your investment property and Red flags 🚩 to look out for!
Selecting the right property manager for your investment property is crucial.
When searching for a Property Manager or Property Management Company, consider asking a number of questions to ensure your property is in safe hands and sets you up for success. Often landlords will make their decision based on who is offering the cheapest rate, this is crazy considering your entrusting your biggest asset to the agency who is the cheapest. As they say, "If you pay peanuts, you'll get monkeys!
Here are some questions to consider asking before engaging a new agency to manage your property:
- Who will be managing my property?
- How many properties does the property manager manage?
- What are your management fees?
- How often do you carry out inspections (open homes if vacant and routines inspections while tenanted)?
- Do you offer an online portal?
- What do you do if a tenant stops paying rent?
- Ask to see reviews or do your research prior, you'll want to see reviews from other landlords and tenants.
- Ask to speak with the Principal/Director of said business.
In most cases you will be dealing with a Business development Manager (BDM) when calling an agency about the Property Management services. The BDM's role is solely to meet landlords to win the business. They'll have impressive sales pitches but at the end of the day they won't be the one managing the property. Once signed up, the property may be handed over to an inexperienced property manager. When calling an agency, ask to speak with the Principal or Director to get an understanding about the business. A successful business will have a good leader behind it.
Hiring a bad property manager can cost you thousands:
You may already have your property under management and have been noticing a few issues. Here are some red flags to be on the lookout for:
- Poor communication
- Delays in acting on property maintenance
- Not doing regular inspections with reports
- Constant changes with staff - Property Managers leaving
- Delays or irregular payment disbursements
- Limited knowledge of tenancy laws
- High vacancy rates and no feedback
If you are experiencing any of the above, you need to put your property in better hands. Changing agencies is very easy, give Your Haven Realty a call on 07 32552 668 and see how easy it is to make the switch.
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