How to Choose the Right Property Manager for Your Investment Property
                     How to Choose the  
Right Property 
Manager  for Your 
Investment  Property?
After buying an investment property, the next step would be to make sure that it is managed 
properly.
And because there is an option of managing the property by yourself, many investors 
choose to seek the  services of a licensed and experienced property manager. The 
professional property manager will minimize  stress and boost profits.
Having a good property manager by your side can be an invaluable asset for your investment 
property. Besides  taking care of the day-to-day responsibilities that come with managing 
investment property, the property  managers also help in screening tenants, maximizing 
rental income and increasing the value of the rental  property.
An experienced and high-performing property manager will be knowledgeable and informed 
about the property  laws and tenancy. They have the potential to reduce your leg work and 
they take care of all the paperwork  needed in the process. The professionals maintain 
financial records and keep you on the keep you on the right  side of the law.
But how do you even choose the right 
property manager?
Here’s what you should 
look for.
Check Local Candidates
Before you look into the prospective property managers at other 
places, it will  be a good idea to check the local area professionals 
first. After all, you would  want someone who knows everything 
about the local area. The property  manager who stays up to date 
with the local information plays a crucial role in  the real estate 
market.
A local property manager can give you a massive advantage as 
they would  know the ins and outs of the local property markets. 
This will be important for  you if your investment property is in any 
other area than your residential area.  A local property manager 
will be able to attend emergencies when you are  unavailable. 
Moreover, they also have the necessary knowledge and  
connections with contractors, other real estate professionals and 
tradespeople.
Rely on Word of Mouth or Referrals
The best way to find the right property manager is also through 
word of mouth/  feedback, referrals, and testimonials. If you have a 
real estate agent, you can  even ask them about a good property 
manager. Since the genre is the same,  they might have contact 
with some property managers.
If not, you can even ask your colleagues and acquaintances 
who have  investments in the same area if they have any 
property managers in their  connection.
If another landlord refers you a prospective property manager, 
you can ask  them the following questions:
How long have you been working with the property 
manager?  Any issues faced with the property 
manager?
What are the best services offered by this property 
manager and which  agency so they work for?
Reasons for choosing them.
After how long do you get updates and progress reports?
Check Customer Reviews
If you can’t find one through word of mouth, then check online for 
the reviews  and testimonials of the property management company. By 
checking the reviews  of clients or of the property owners, you get 
an honest opinion of their track  record. You can even check 
through Google map reviews, real estate websites  like 
Realestate.com.au, and the social media sites of the property 
managers.
Make sure you stay vigilant and sort out the real reviews from the 
rest and then  take the final call.
Ask About Their Expertise
Even though you find a property management company or a 
property manager  spectacular on their website or brochure, you 
must ask a range of questions to  get past the glamor of their PR 
campaigns and advertising.
Also, make sure your property manager is licensed and certified. 
Besides, also  check their total experience in the field.
Ask About the Services of Property Manager
Every property manager will offer you different services. No 
property manager  will be the same. A good property manager 
should be upfront about the  services he offers. To know what 
exactly the property manager offers in terms  of services, ask 
them the following questions such as:
Prospective tenants screening.
Checking the tenant’s employment, references 
and income.  Security deposits and bonds.
Disputes with landlords or 
tenants  Emergencies
Repairs and maintenance  
Marketing/advertising your 
property
Check the Fee Structure
Fees of property managers can vary from states, territories and 
even suburbs.  Taking into account the total fees structure can 
benefit you in setting your  budget.
Also note that any expenses associated with an investment will 
always be an  important consideration and you must take this 
into account.
Communication
The property manager should act as a mediator between you and 
your tenants.  This is the reason it is important for a property 
manager to communicate  quickly and effectively.
The property manager should be able to get back to you and keep 
you updated.  Communication should be open, clear and 
transparent.
Whether it is to inform you about necessary repairs or simply 
check in to see if  there is anything more, the property managers 
will do that you.
Your property manager should know how to handle unpleasant 
experiences,  complaints and late payments. By being up to date 
with the property, you will  be able to build a good relationship 
with your tenants.
Check the Terms of The Contract
You will reach this step after finding the perfect property manager for yourself.
At this point, you will have to sign a property management contract first. The 
property management  agreement also called a real estate management agreement 
is a legally binding agreement between  the manager and the owner.
You can even think of it as the property manager’s employment agreement. It is 
important to note that  you are required to sign one such agreement by law if you 
decide to hire a property manager.
Make sure that the drawn-up agreement is valid, fair, and comprehensive. The 
contract should ensure  the rights and interests of the parties involved. Since there 
will be involvement of legalities, it is  suggested to consult a legal professional and 
negotiate the terms.
If you are looking for a good property manager, contact freedom realtors, the 
rental management  company Clyde North.
GET IN TOUCH
1 Raphael St, Hallam VIC 3803
047 637 2002
[email protected]
Content Resource:
https://medium.com/@freedomrealtorsau/how-to-choose-the-r
ight-property-  manag
er-for-your-investment-property-b88530e7aa1a