When you purchase an investment property, the big question is: do I manage the property myself or appoint the services of a property manager?
The day-to-day responsibilities of maintaining an investment property are a lot to take on, especially if you already have several in your portfolio. And chances are it’s your most valuable asset, so bringing in the services of a professional makes sense. It can protect your investment and take the pressure off your own shoulders.
When handing over this responsibility, you want to make sure the property manager you choose is reliable. Here are five key traits to look for:
A knowledgeable property manager, especially one with an investor’s mindset, knows the local rental market intimately, including supply and demand, what the vacancy rates are, the rental prices of competitor properties, and can provide you with the best advice to maximise your rental property’s potential.
With their help, you can take proactive action, understand where changes need to be made (repairs/maintenance), understand the local council regulations, and ultimately be confident that you’re commanding the highest rental price.
An excellent communicator
Knowledge and communication go hand in hand. A great property manager should offer their advice on a regular basis and in a timely manner, so that you are always up to date. They not only ensure your property is properly cared for and maintained, but also employ a proactive approach to help you make wise decisions early on.
A property manager who pays attention to detail results in less issues for you down the line. The best are meticulous in their work, and this includes ensuring nothing is missed regarding the law, inspections, and rental agreement conditions. Meticulous property managers also carefully check the rental references of prospective renters, identify maintenance issues, and conduct comprehensive research to price your rental property properly.
And when issues do arise, you want a property manager who can keep a cool head. Contractors with unreasonable expectations, tenants missing in action, tradespeople who don’t arrive – all these things can be a challenge when managing a property, and it can be stressful when things don’t go according to plan. When this happens you want someone who can take control and problem solve through all the issues for you.
A great property manager knows where the owner’s priorities lie and can handle situations with an assertiveness that doesn’t come across as aggressive. It’s a delicate balance that requires tact, but ultimately they will do what is necessary to follow up on missed payments, ask for what is owed, and get the job done.
How we can help
Trusted for nearly 50 years, PhilipWebb is widely regarded as the largest privately owned property management portfolio in Victoria managing over $4.5 billion in assets.
Our team consists of a support network of over 60 staff, with an unrivalled combined experience of 458 years.
We are vigilant about protecting our client’s valuable properties and have an exceptionally thorough tenancy screening process to secure the highest quality renters who will care for your property, minimise payment delays and reduce the likelihood of damage.
Let us help you get more out of your investment!