Your rental property is one of your most valuable assets; choosing a property manager to look after it is a big decision. A great property manager is experienced, proactive and works hard to maximise your returns – if yours can’t answer the following questions, it’s worth considering a change.
- How many properties do you manage?
A property manager who looks after too many properties won’t have time to get to know you, your property, or your tenant properly. Even the most experienced property manager won’t be able to add much value if they’re managing close to 200 properties.
- What’s your approach if my tenant falls behind in rent?
A good property manager should be able to step you through what happens if a tenant falls into arrears. If they can’t answer this question on the spot, proceed with caution.
- How do you approach urgent repairs?
Your property manager should understand how you’d like them to handle requests for urgent repairs. They should know whether you have preferred tradespeople or there’s an amount below which you’re happy for them to proceed with the repair without notifying you upfront.
- How will you help me to maximise my returns?
This is the most important question you should ask – but it’s often not raised. Your property manager should take a strategic approach to protecting and improving your rental’s value. Have they asked about your five year plan for the property? Suggested proactive improvements that will allow you to achieve a higher rent?