Hiring a property manager is a crucial decision for any property owner. Whether you own a single investment property or a portfolio, the right property manager can make a significant difference in maintaining your asset and maximising profitability. To help you make an informed choice, here are ten key questions to ask before hiring a property manager.
1. What is your experience in property management?
Experience is vital in property management. Understanding property legislation, dealing with tenants, and handling maintenance issues all require years of hands-on expertise. Ask how long they have been in the industry and what challenges they have successfully managed.
2. Will the person I initially meet be managing my property?
Many agencies have business development managers (BDMs) who meet with prospective clients but do not handle the daily management of properties. Ensure you meet the actual property manager responsible for your property and assess whether they are a good fit for your needs.
3. How do you screen potential tenants?
Tenant selection plays a major role in the success of your investment. Ask about their screening process, including the questions they ask, the references they check, and whether they verify employment and rental history. A rigorous screening process helps reduce the risk of problematic tenants.
4. How do you handle maintenance and preventative maintenance?
A well-maintained property attracts and retains quality tenants. Ask how they manage maintenance requests, whether they use trusted tradespeople, and how they implement preventative maintenance to avoid costly repairs down the track.
5. How do you manage after-hours emergencies?
Emergencies such as burst pipes, fires, or break-ins can happen outside business hours. Find out if they have a dedicated after-hours emergency number and what their process is for handling urgent repairs and incidents.
6. How many properties do you manage?
A high workload can impact service quality. If a property manager is handling too many properties, yours may not receive the attention it deserves. Ask about their current workload and how they balance their responsibilities to ensure each property gets adequate care.
7. How often do you conduct routine inspections, and how will I be updated?
Routine inspections help ensure that tenants are looking after your property. Ask how frequently they conduct inspections and how they report their findings to you. Will they provide photos or detailed reports?
8. What is your strategy for attracting tenants, and how do you provide feedback?
A good property manager actively markets your property through various channels, including online listings and industry contacts. Ask how they attract tenants and whether they provide regular feedback on inspections and inquiries.
9. How do you stay up to date with the rental market?
To maximise your return, your property manager must have a strong understanding of the rental market. Ask how they research market trends and whether they provide regular rent reviews to ensure your property remains competitive.
10. How do you handle financial transactions and payments?
Understanding how rent is collected and disbursed is crucial. Ask how often you will receive payments, how maintenance expenses are handled, and whether they manage additional bills such as rates and water charges on your behalf.
Final Thoughts
By asking these ten questions, you can gain a clearer picture of whether a property manager is the right fit for your investment. A great property manager will be transparent, proactive, and dedicated to maximising your returns while maintaining your property in excellent condition.
