Sourcing a good property manager can be a daunting task for even the most experienced landlord. A strong property management team requires a range of skills, from effective communication to a thorough understanding of property legislation. Finding the right fit for your needs can feel overwhelming, especially if you’ve encountered difficulties in the past or are just breaking into the property market. To help you navigate this complex task, we’ve set out below some of the key skills your property manager should possess…
1. The Whole Package
The best property managers have a broad skill set but, most importantly, a strong ability to communicate, negotiate and provide excellent customer service. Not only does the job require regular liaising with tenants, property owners, real estate agents, and more, it also entails hands-on duties, such as overseeing any maintenance or repair issues. The easiest preliminary way to assess the credentials of your potential property management company is to inspect their online presence or Linkedin profile.
It’s a given, but consistent and effective communication is essential when it comes to ensuring your peace of mind. Successful communication means you and your tenants are able to readily contact your agent. An online tenant portal is an easily accessible channel, which enables stress-free correspondence, provides key information and allows for the convenient payment of rent.
3. The Right Knowledge
The best property management teams have a good understanding of the relevant law and marketing principles. A highly organised and particular agent is key to ensuring that you are protected from any potential fines, taxes or lawsuits and that your property attracts the right tenants and is rented out quickly.
4. Strong Social Media Presence
Social media, and the internet in general, now play a huge role in our daily lives, so it stands to reason that the most successful property management companies are taking advantage of our contemporary reliance on the world wide web. If your chosen company isn’t online, or if their web presence is minimal, then they’re probably limiting their business opportunities – and yours too! Ideally, your team should capitalise on every available avenue in order to increase the chances of your property being rented quickly and your income being maximised.
5. Professional Attitude
A sloppy approach to property management can be disastrous for your investment dreams and potentially result in unpaid rent, badly documented property reports and poor customer service skills. First impressions are crucial here, so be sure to assess the neatness of the premises, the friendliness of the staff and the presentation of documents.
Your property is a huge financial investment and your manager should be completely trustworthy and transparent when it comes to ensuring what’s in your best interests. A good property manager is able to deliver information in a direct and professional manner and will ensure that your goals are realistic and attainable.
7. Positive Reputation
While a professional and friendly agency is a great start, it’s equally important that they’re well-established and boast a proven track record. Question how many properties the agency leases each month, and what the average income is for properties similar to your own. Not only does this provide you with a starting idea of their capabilities, but it also ensures that your expectations are analogous.
8. Happy Tenants, Happy Owners
Strong property management teams should have a large repertoire of satisfied tenants and owners. Testimonials really can be beneficial when it comes to scoping different companies, with positive reviews a great indicator of successful procedures, a high level of professionalism and proven results.
Need help getting started? iBuyNew will point you in the right direction! Whether you are looking for apartments, townhouses or house and land packages, working closely with an iBuyNew property consultant, who understands the market, will help you find something suitable that’s tailored to your needs and requirements. Get in touch with them on 1300 123 463.