You’ve saved your money, spent months researching and finding the right property, and finally bought a quality investment. Now you need to find tenants.
Tenants can make or break your investment as bad ones could damage your property, build up massive repair bills and cause many headaches. Having an expert who knows how to find the right tenant, and deal with them through their lease is integral to achieving the most from your investment.
Here are a few questions to ask the right property manager.
Ask your friends
Perhaps the best way to find a property manager is to ask a friend who they are using. You can ask about the pricing structure and whether they are happy with the service provided. You can also ask if they’ve had any bad experiences or if the property manager has done something which is above and beyond the call of service. You’ll form a more accurate picture of a property manager through the eyes of someone who has experience dealing with them, rather than their website or sales pitch.
Ask if they specialise in a suburb or in a type of property
Many property managers only take on properties in particular suburbs. This means they are local and will be able to access the property easily if needed. Agencies often have property management teams of 5 or more people, and each person services a different suburb or area. Ask how many other properties they manage in the area that your property is in.
Some property managers specialise in types of properties, most commonly apartments. If you have an apartment in or around a city, there are likely a few property managers in the area which only take on apartments. They’ll be able to provide you specialised advise and answer questions about your property more accurately.
Ask about their leasing process
How a property manager screens and selects tenants for you to approve is the most important part to your investment. A good tenant can provide you will reliable income and keep your property in good shape, where a bad tenant could potentially cost your thousands. Getting the right one is integral.
Your property manager should present you with 2-3 options for you to choose from. At the end of the day it is your decision and your property manager should do the hard work of vetting the best applicants and allowing you to choose from the very best.
Ask for a sample lease and condition report
Leases and condition reports are generally done online these days, but some property managers still do them manually and often provide an inadequate result, especially with condition reports.
Online software makes condition reports very easy to do, and they are quite comprehensive. Ask a potential property manager to send you copy of a condition report they did recently (with all the tenant’s identifying information and property address removed) so you can get an idea of what sort of service you will be receiving. Any property manager who is hesitant to send you a sample lease or condition report should raise alarm bells in your head.
Read reviews online
Reputable property management agencies will have good reviews on Google or other review sites. If they provide quality service, their clients will be eager to tell others about their experience. The better the reviews, the better the property manager.