A lot of the research on a property manager can now be done without talking to them. Check their reviews, check their online profiles and check what properties they manage and what areas they operate in. When you meet them, do your best to get a feel for whether you can do business and regularly contact this person. Then ask them these three questions.
Who will be managing my property?
The person you meet is unlikely to be the person who manages your property. Sometimes smaller businesses will have the property manager meet you.
Even if you meet the property manager, the way most companies are set up, multiple people deal with your property. This creates efficiencies for the business but can often mean the left-hand doesn’t talk to the right.
The leasing consultant, the person managing maintenance, managing rent, doing routine inspections and dealing with the owner can all be different.
The average expectancy for a new property manager in Australia is 9 months. So behind the person you meet is an ever-changing array of staff. Quite like musical chairs.
If you can directly connect with the property manager then you have the opportunity to interview them and ask them direct questions you can otherwise only hope and pray the person you meet knows the way they would answer.
How much do you charge?
Get straight to the punch line. There should be nothing to hide. There’s nothing wrong with an agency charging fees for managing a million-dollar asset but there is something wrong when they are unable to be upfront about what those charges are.
Can you provide a rental appraisal and let me know if compliance is met?
Why not find out what a property manager thinks your property is worth? It’ll certainly be good to know and allow you to get a feel for what your property is worth.
Also, ask about compliance, this will give you an idea of the level of knowledge and professionalism the company has. You can see if they get back to you, how long it takes and the level of effort and professionalism in their responses. The way someone does one thing is the way they do everything.
