Its one of your most valuable assets, so take the time to research the best manager possible for your investment property. Here are some of our suggestions:
- If possible, word of mouth is an excellent means of establishing an agent’s property management services. Ask friends or relatives who are renting or leasing or ask the agent to refer you to existing customers. Note, don’t overlook tenant feedback on an agent – if your tenants feel they are being treated well they are more likely to renew, saving down time with re-leasing.
- Ask to meet the person who will be handling your account – do they have a good knowledge of the area, current market rents and vacancy rates. After you have met with a few agents, usually one stands out as having superior market knowledge and experience.
- Ask what the ratio of property managers to properties is. As a rule of thumb, one senior manager with two staff should be able to run a portfolio of 250 properties.
- Ask about the frequency of inspections – as a guide, there should be at least three inspections in the first year and most importantly, the first inspection after 4 weeks
- Ask about hidden fees – what does the agent charge for re-leasing once the sitting tenant vacates and so on