Things to consider when choosing a property manager
Things to consider when choosing a property manager…
Many of us believe that a large rent roll equates to good property management – not entirely true. One of the questions we should be asking a potential property manager is “How many properties do you manage?” Why? Because knowing how many properties are managed by that one person can help you determine the amount of time and energy that will – or won’t – be devoted to managing your property astutely.
Here are just a few key questions to ask when you’re in the market for a new property manager:
- What is your arrears policy and how do you enforce it? – How many tenants are currently in arrears?
- What is your vacancy rate – and the strategy you use to minimise loss of rent for me?
- On average how long are tenants staying in your rentals?
- How do you set the rent and how will I know if I’m getting the best possible return?
- How often do you evict tenants and/or go to tribunal?
Though there’s a long list of questions to ask, these few will help you to identify the competences and expertise of any property manager you consider.