You’ve done the hard work to find and buy an investment property, the next step is to find a good property manager, one who you can partner with to ensure you are maximising the success of your property investment.
A property manager plays several key roles to help lock in your investment success. They play a pivotal role in ensuring you are maximising your rental yield, minimising vacancies and ensuring your property is well-maintained.
A good property manager will become an extension of your investment team - a trusted professional who treats your property investment with the respect it deserves.
To help you find a high performing property manager, look for the following attributes.
Is a great communicator
Finding a property manager who is a skilled communicator is important. Whether it’s returning calls, providing a progress report for a maintenance request, checking in after an open home inspection or being proactive about instigating a rent increase, a good property manager will find the right method and the right tools to keep in touch.
If your property manager is doing their job well, you can expect:
- Thorough routine inspection reports with clear instructions on any work required
- Updates throughout a changeover of tenancy including information on all new tenant applications
- Timely advice on when to raise or lower the rent
- Efficient communication and handling of maintenance requests
Is an expert on landlord and tenant legislation
Legislation for landlords and tenants can be complicated and is always subject to change so it’s important for your property manager to stay on top of this information.
From smoke alarm obligations and water usage charges to mandatory break fees and condition reports, there are many pieces to the puzzle of residential tenancy laws. A good property manager will not only keep up to date with changes but will also let you know about changes if they impact your responsibilities as a landlord.
For more information on property investing download our Property investing in NSW eBook here.
Is a local expert in property management
If you want to maximise your rental yield your property manager needs to know what makes your local neighbourhood special, who chooses to live there, the types of property available for rent and how much rent the different types of properties attract.
Armed with this knowledge, they can help you present your property in the best possible light with details on proximity to essential services, lifestyle offerings and work hubs.
They will know how your property compares to the competition, which aids in setting the rent and advertising the property on its merits.
If you’re planning to upgrade the property, they will know which features potential tenants value the most.
For property managers who work alongside a sales team, there’s also an opportunity to get the sales team’s advice on which improvements provide the best return on investment for creating equity or to maximise the future sale price.
Has a manageable workload and a team to support the property manager
You want to find an agency that has made the connection between happy landlords and happy tenants who can become the buyers and sellers of the future.
At these agencies, the property management staff are valued. Good property managers are drawn to these kinds of agencies where the directors strive for excellence in both the sales and property management departments.
The agency will view their property managers as assets to their business that bring in consistent income and future sales leads, allowing the agency to flourish. They invest in their property managers and provide systems and processes that allow a property manager to achieve work-life balance.
A property manager who has a manageable workload or what we call a head count by property, and is supported by a leasing and administrative team, means the property manager can concentrate on where they can add the most value to the relationship by protecting a return for the landlord.
Embraces technology for efficiency
Technology offers a host of new options, from sophisticated customer relationship management systems to cutting-edge apps to streamline communication and task allocation.
While technology shouldn’t replace regular person-to-person connection, it can provide flexibility, efficiency, transparency and accountability.
The best property-centric technology provides a platform for all interactions so that information can be retrieved almost instantly and from anywhere, allowing a property manager to work remotely and a landlord to access reports, messages and lease agreements on demand. The DiJones landlord portal incorporates the latest technologies to ensure our landlords are always informed about their property.
Knows how to provide a high level of service to tenants
Happy tenants who pay their rent on time and look after a property are incredibly valuable to a landlord.
We know of tenants who have stayed happily in one home for up to 20 years thanks to the exceptional skills of a property management team who knew how to balance the needs of the tenant and the landlord.
Skilled property managers know how to work with tenants to address any issues and maintenance concerns, how to introduce reasonable rent increases and how to respectfully conduct routine inspections.
It makes sense that a tenant who feels well-looked-after will take better care of your home, which translates to fewer bills and fewer headaches all round.
A final comment
A good property manager gives a landlord peace of mind and a tenant the security everyone seeks in their home. If you spend the time up front to find the right manager for your investment, it will pay dividends for many years to come.
To find to your local DiJones property manager click here.