Choose the Right Property Manager For You
January 14, 2013 at 8:53 PM
Property owners tell me how hard it is to find a quality property manager in Auckland. They raise the same concerns about Property Managers. Traits such as; a lack of communication, market knowledge, maintenance knowledge, urgency and complacency. So how do you find a property manager? And what should you look for in a good property manager? Below are six of the most important things to consider.
How long has the agent been in the industry and do they have a supportive team around them to lend a hand when it's busy or they go on leave? If they are a small property management company with only one or two people in the property management division, can they really offer you and your property complete care. Ask a prospective property manager what happens when they go on holiday?
Who are you dealing with? Have they seen the highs and lows of this industry? Do they have a track record of success? If it were your share portfolio you would check the success record and previous figures on the investment company. I urge you to do the same thing when looking for an Auckland rental property manager. Success breeds success and first hand feedback (like testimonials) is priceless. Ask a prospective property manager in Auckland if you can speak to an owner whose properties they already manage?
3. Market Knowledge
Do they know your area? Ask the property manager what they know about this area and what properties they already look after near your property. If you are unsure, look on Trademe at the property rentals Auckland has available. How are the properties photographed, how are they described and who is working in your area. A well photographed property, with an informative blurb attracts a higher quality tenant. Ask how the property manager will market your property? Do they use relocation agents, alternative websites, in house databases or window advertising?
4. Legislative Knowledge
Does the property manager know their stuff? Ask them if they are versed on the Residential Tenancies Act 1986 and the 2010 amendments. If not, you may find yourself in hot water with a legal dispute that could have been avoided if your property manager was properly trained. Ask your property manager for a copy of their tenancy agreement? Check with them what the most common problems they have are and what you can do to avoid these issues.
5. Service - The Extra Mile
Everyone loves getting something for free, so ask what extra value your Auckland property manager can add to you and your investment. Do they have a professional photographer to take excellent photographs of the property; to capture it in its best light and secure a top rent for you at no extra cost? Will your property manager work weekends and after hours?
How often can you expect to hear from your property manager and what help, advice and support can they offer you? What is their policy on returning your call?
7. Reporting & Money
How often will you receive reports and payments? What should you expect? As an owner you have the right to access information about your property (as and when you need it) and you should check the reports a property manager can offer you. A good report can save time and money at the end of a financial year.
Once you have interviewed a couple of property managers you should feel reasonably confident and able to separate the best from the pack. Remember that property management is as much about service as it is about property. Ultimately you want to find a property manager who is qualified, experienced and enthusiastic with a sincere desire to see you achieve your financial goals. And they exsist, let me introduce you to a few.