Being a property owner is an incredible feeling, and it comes with untold benefits. What you may overlook is how consuming it can be to manage your property while also living your life and looking out for that next investment opportunity. Fortunately, there is a solution that has helped millions of homeowners come out on top, and able to mitigate the direct property management and bypass all the drama that can come with the rental market. Hiring a property manager is a worthy investment, but they are not all made equal. If you’re on the hunt for a property manager that will simplify your life, here is what you need to look out for so that you secure a great manager.
It’s that million dollar question that everyone answers differently – how much contact is optimal with your property managers in Melbourne? A manager worth their salt will work out quickly just how involved you want to be, and when information should be expedited to you directly or withheld due to insignificance. If you yourself are not sure what sort of communication regime you are looking for, feel it out and understand what their communication structure is with their other investment owners and what they feel is balanced for you.
Reliable and reactive
When residential or commercial tenants are not in your properties, it can be stressful. No matter how good your property manager is, this is simply going to be a fact of life. A good property manager, however, will mitigate that rental income shortfall and be reactive enough to lineup another candidate and get contracts signed swiftly.
None of this is to say that there isn’t a rigorous screening process, it simply means that they will have warm leads ready to go should a lease be broken. An even better property manager will have a sense of whether a tenant is getting itchy feet or looking around, and can work with you to put wheels in motion should that transpire.
How many properties do you currently own, and more importantly, how many do you wish to own? The number of properties and the size of these developments will govern what sort of property management arrangement you should seek and whether that will need to change as your portfolio expands.
The quality of a property manager does not vary depending on the size and number of your properties, so do your research before you choose. If your portfolio is split over more than one state as an out of state investor, you will need to decide upon the location of where you wish your property manager to reside.
The property market is about as agile as it comes, rising and falling all too frequently. While you may not have your finger on the pulse nine times out of ten, it is a reasonable expectation that your property manager does. Look for a company or individual that live and breathe the property market so that they can advise you of the climate as often as you need, and spot opportunities for your existing and future assets.
Like any profession, there are people that see their job as just that – a job. Find that X factor within your next property manager and you will both have a long and successful future together.
You’ve worked hard to build your portfolio, and you want to see it managed and cared for with the same love and attention that you wish to deliver. By taking the time to find the right fit for you, you can set yourself up for an autopilot approach to your assets as you know they are in safe and more capable hands.