A great property manager will make or break your investment in real estate. Real estate can be a wonderful way to make wealth but it can also prove difficult when it comes building maintenance and tenant management.
This is Wayde Hildrew’s guest post on :Different Property Management about finding the right property manager. You can also check their blog for other great posts. And, of course, they are available to help you with property management. This company is currently located in Australia (Melbourne and Brisban with plans to expand in the future.
Real-Estate Expert’s Guide For Finding A Good Property Manager
Buying real estate is one of the largest investments you can make, so it comes as no surprise that it’s crucial you make a good choice for your property manager. It is important to find someone competent in managing rental properties and who will be there for your interests. A bad choice can result in losing valuable tenants , and making property investment more difficult than necessary .
Our property expert Wayde Hildrew outlines four steps to help you find the right property manager. Additionally, we have included questions that you can ask your property manager during an interview. We also provide valuable tips. You’ll have the knowledge and confidence to evaluate the options and select the best property manager for you.
Step 1: Set your criteria
When you think about finding a great property manager, consider yourself an employer. It makes sense, since you’re hiring somebody to work for you, at a cost.
This means you will need to establish some criteria. This is about having a clear idea of your requirements before you begin searching for potential candidates.
Wayde explains that there are three key factors that you should take into evaluation:
Price
Service level
Ability to manage risks and get results
A large number of property managers will offer trade-offs between these factors. A property manager may offer an all-inclusive service using cutting-edge technology but at a higher price. They might also be low-cost providers but they have standardised their operations across many areas. This gives them little expertise and experience in minimizing risks.
Wayde explains that investors who conduct their own research are not required to sacrifice one advantage for the other.
Step 2: Locate a pool of property mangers
How do you locate a great property manager? It’s always good to begin by asking friends and family. There are many resources available online that can assist you in vetting potential candidates as well as generating a list for prospective property managers. Wayde suggests that investors speak to others for advice and information about their experience with property managers.
Once you’ve compiled a short list of competent property managers, it is time to reach out to each one and schedule an interview. The first test is done when this happens.
Step 3: Interview property manager candidates
Now it’s time to get down to business and have a chat with the candidates directly. How do you ask property managers in interviews? How do you choose the right property manager?
You should be prepared with tough questions for the property manager to test their market knowledge, proactivity, and ability set you up to succeed. To help you navigate the interview process, we have compiled a list with 8 questions.
