Renting out your investment property can be an intimidating experience. From dodgy tenants to absent property managers, the world of renting can quickly become overwhelming and stressful. To ensure that your investment is protected and productive, you need to appoint a professional property manager who acts in your best interests and understands your needs.
A good property manager is one of your best assets when it comes to the success of your investment. Learn more about what to look out for when it comes to choosing the best property manager for your rental.
What to Look for in a Property Manager
You shouldn’t have to wait weeks to hear back from your property manager. From simple requests to updates on the progress of leasing your property, communication should be clear, frequent and responsive. Key to good communication and property management is adept technology use – both through phone and email.
An experienced property manager will also use technology and software to automate processes, accept tenant applications, advertise properties, update listings, schedule viewings and ensure that your investment remains rewarding.
Routine Inspections and Analytics
The effective day to day management of your property leads to the long-term growth and stability of your investment. A good property manager stays on top on routine inspections and maintenance requests to ensure that your property is protected. On top of this, your property manager should implement a system that checks rental arrears on a daily basis – allowing them to act quickly. Instead of losing months’ worth of rent due to ineffective systems and processes, a good property manager can quickly remind tenants or recover losses.
Some property managers juggle hundreds – yes, hundreds – of investment properties at a time. This means that they’re unable to devote proper attention to caring for your property. Often due to agency demands and pressures, some property managers can simply become overworked. Examine a potential property manager’s agency and determine if their agency provides proper resources and support. A good agency will empower quality property managers to make the best decisions for your property.
Consider the fees of your potential agency. A good property manager at a reputable agency is often more rewarding than an agency that happens to have slightly lower fees. In Perth, you can expect to pay around 9.9% of rents collected in management fees, a few weeks of rent in leasing fees and a up to $1000 per year in PCR fees and administration fees. All agencies have different rates and fees, so be sure to thoroughly check before signing on with a property manager.
Training, Licenses and Certifications
Your property manager should be properly trained, licensed and certified. They generally need to hold a real estate broker’s license or a property management license in order to show properties. They should also be trained by and hold a certification with either the Real Estate Management (IREM), National Apartment Association (NAA), National Association of Residential Property Managers (NARPM) or the Community Associations Institute (CAI).
Recommendations and Testimonials
A great way to learn more about a potential property manager is to look at recommendations and testimonials. Talk to real estate agents and other property owners to learn more about how their property managers measure up. Get referrals from different sources and examine online reviews and research to gain a clearer idea of different property managers and agents.
The team of property agents at ACTON in Perth provide local property management services for properties of all sizes. We’re proud of our track record of attracting high quality tenants and providing responsive communication to ensure that your property is protected.
Experienced Property Agents in Perth
Our team of qualified, licensed, certified and experienced property agents follow strict guidelines to ensure that your asset is protected throughout all tenancies. From regular inspections to prompt communication with both landlords and tenants, we keep your property in good condition to maximise your return on investment.
Chat with our property agents in Perth to learn more about what we can do for you. Contact your local ACTON office today.