If you’ve made the wise decision to put your investment property in the hands of a property manager, you need to know that he or she is giving you the best value for money.
So whether you’ve chosen a property manager for your Inner West property or you still need to choose, ask yourself these questions.
Does your property manager vet potential tenants?
A good property manager will follow up by phone with all references. They’ll also check bank statements and confirm employer details and salary.
Does your property manager have a database of pre-qualified tenants?
When it comes time to rent out your investment property, it’s advantageous if your property manager has pre-qualified tenants on their books. These could be those who’ve rented through your property manager, whose lease is coming to an end, or others who’ve expressed interest in moving into the area. Pre-qualified tenants have been vetted, their financial status is known and they’ll have a reputation for being good tenants.
Is your property manager on board with your investment strategy?
If you think of your investment property as a small business, then your property manager is your business manager. It’s their job to get you the best yield on your property while ensuring that you have long-term happy tenants.
The less turnover you have, the less money you’ll lose in rent. So it’s important to set the rent at the right level for your area. That way, you’ll attract the right tenants. And if you have great tenants already, think twice about putting the rent up. A good property manager will recognise good tenants. They understand that when rents rise, those good tenants often leave. This could mean weeks without any rent at all. In addition, there’s more wear and tear on your property due to tenants moving out and in.
Does your Inner West property manager communicate well?
We all know communication is key to any relationship. For landlords and property managers, it’s now different. When do you need the reassurance of good communication? Here are a few instances:
– Your tenant has a maintenance problem: You want to know about the issue but also be confident your property manager has a plan, and a tradie on call. You also need the confidence that your property manager follows up to make sure the work is done to a high standard and the tenant is happy.
– Your tenant is late with the rent: This shouldn’t happen with a fully vetted tenant but things can (and do) go awry. You need to know quickly, and understand what how your property manager intends to handle the situation. What procedures is your property manager using to collect the rent? Will your property manager commence proceedings on your behalf should this be necessary?
– Landlord and tenant rights legislative changes: Your property manager should inform you immediately they’ve digested any new legislation. They should explain what (if anything) you need to do.
Does your property manager have the latest technology?
Technology helps us become more productive and efficient. Digital documents, for example, mean faster processing. But there are other considerations. Can your tenant pay the rent online? Does your property manager have a tenant maintenance app? Is your tenant subletting your property? There’s an app for that, too.
Ask us for advice on choosing a property manager
If you need guidance on property management in the Inner West, please call us. We’re here to help.