Choosing a property manager for your investment property is a significant decision that you will make and can have a large impact on the return you receive from your investment property. Following a few useful tips can make the decision clear and lead to a productive and lengthy professional relationship.
Contact and arrange to interview a number of property managers based in the area where your investment property is located. Ideally, the property manager you select will have experience with managing similar properties and a good understanding of the area and the local market. It is important to think of it as a job interview and that you are looking to find someone that shares your philosophy and expectations of the property.
It is important to discuss and agree on your expectations of the property manager’s role and the strategy you have for your investment property. Having a similar view on rent price is obvious, but also whether you’re willing to allow the property manager to advertise and select tenants, handle the repairs and maintenance to the property (such as hiring cleaners, plumbers, etc.) and do any inspections of the property. Alternately, you may wish to be consulted on all of these matters before the property manager proceeds. Having a clear understanding for both owner and manager will ensure a successful working relationship.
Silverhall is a research based property advisory business offering guidance and strategies for property investors via their comprehensive seminars, e-books and one-on-one consultations. To utilise specialist research and advice on where best to invest in properties in Sydney, contact them 1300 662 143 or visit their website.