With more and more people choosing to invest in property, there is a growing need to involve professionals in the logistics, management, and running of these properties. Property managers today come with extensive training and expertise they can use to facilitate the success of an investment. Wondering where to start in choosing the right person for the job?
We’ve put together this helpful guide on what you should look for when engaging a property manager to help you with your investments.
For a relationship to thrive, there needs to be strong communication. A property manager’s role requires them to be the first port of call for tenants and landlords alike.
They need to be able to handle everyday issues with clarity, without emotion, and with a drive to address the issue at the heart of the situation. It’s also important your property manager addresses needs and issues quickly, without compromising the quality of their approach.
These qualities will give you the assurance your tenants will feel supported.
Property managers are also responsible for updating landlords about anything relating to the rental property, such as payments, maintenance, or any notice given by the tenant.
Any good property manager knows that if they want to stay ahead of their competitors, they need to keep learning about the market, the industry, and trends, and stay abreast of Landlord/Tenant Legislation changes.
If a property manager is able to cite regulations or advise of an upcoming rule change, you can have confidence in their quality and in their commitment to protecting you from expensive penalties in the event of non-compliance.
As each suburb is different, it’s important you choose a property manager who understands the features of your local market, including rent prices, demand, how to best connect with tenants, and what aspects tenants are ready to pay more for.
With the expert advice a property manager can provide, you’ll have valuable insights into the market which will guide your rent prices and help you advertise your property in the best possible way. Additionally, if you know what local renters are ready to invest more money into, you can tailor investment plans that may allow you to boost your rental return.
When you choose a property manager, you are entrusting them with one of your most valued assets. It’s therefore important you make sure your manager and their supporting team understand what’s involved and have a track record of success.
Consider whether your manager has overseen similar properties in the past, has dealt with difficult tenants, or has sourced tenants in a challenging market. The team behind a property manager is also important, and a good property manager will be backed by an experienced team who offers knowledge and support to all their staff.
Although your property manager isn’t required to be an expert in the industry, it’s important they come with an investment mindset. They should be able to understand the distinction between negative and positive gearing and the consequences of maximum rental yield.
They should also be committed to making the property as tax effective as possible, and to share ideas as to how you can boost its value.
Looking For A Property Manager? Choose Harcourts Kingsberry
If you’re interested in entrusting your Townsville property to an experienced, friendly property expert, look no further than Harcourts Kingsberry.
Our team is ready to consult, review, resolve disputes, and help with everything in between. You can trust in the reliability of our team and our commitment to generating great returns for our clients.