When you make the decision to either rent out your property or consider changing property managers there can be a lot to learn. There is no shortage of property managers on the market, but making the right decision is crucial to maximise your returns. If you are unsure where to start or want some additional help, consider this simple guide to get the most of your property management experience.
Research is everything
Doing your research on property managers in Melbourne means making a list of those available, then considering all of the key question you need answered. Do as much research as you can online, learn what their business structure is, fees and commissions, customer testimonies and more. If they don’t offer this information, then perhaps ask yourself why.
From there, the best way to ensure a positive experience is to shortlist and arrange meetings. At a face to face you get to meet the person who could potentially be responsible for your asset, so the fit has to be right. It is a chance to dive deeper and ask those questions and see how they can make your investment soar.
Specialist or generalist
Property management is something that some companies specialise in, while for other it may only be a small portion of their business. When you are looking to get the most out of your experience you really need to consider both. A specialist property management company may seem like the obvious choice, however, if they don’t have sufficient staff to manage their clients, you may not be happy with the service.
A generalist company who only has a small department on property management may have the same issues, but they could also be a great option if you ever look to sell in the future. Additionally, considering where the company focuses it’s expertise in terms of geography could place one ahead of the other. The easiest way to ensure a positive experience is to meet with a few of each to get a sense of what you’d prefer.
A sure-fire way to ensure a positive experience is to ask around. The likelihood that you can’t find another investor who has dealt with your potential property manager is very low. Look into different forums to get an insight into the property managers track record for things like unpaid rent and their process, legal claims, inspections etc. Additionally, you may also choose to look into the track record of individual managers. For example how long have they been managing properties, is this a stepping stone to other areas of their business. You want a property manager who is invested in your future and theirs.
Experience is key
A positive experience is usually achieved if you opt for a property manager with experience. A great way to examine this is to look into how long both the individual and the company have been in the industry. Look for history of listings, success rates of fill times, rental income achieved etc. All of these indicators over time, if achieved, will represent a property manager who knows that they are doing. As is the case in most professions, there is no substitute for experience. Knowledge of how to manage properties successful is a hard commodity to replicate.
Property management can often been seen as the least appealing part of a property portfolio for both an investor and a managing agent. However a positive experience is something you should invest the time to find. It will help protect your investment and deliver higher returns. So, to ensure you experience is a positive one, use this simple guide to getting the most out of your property manager.