Buying an investment property is a big decision and one that you will want to make sure that you get right. However, while this is a big moment, the truth is that it is also when the work really begins. Purchasing a property is only the very beginning as moving forward you will need to take the time to look after your property, carry out maintenance and repairs, tend to the needs of your tenants, and everything else that comes with owning your own investment property.
Whether you are new to the property game, or you are still busy expanding your portfolio, it’s important that you put the right measures in place to ensure you get the best possible return on your property. In Australia, many property owners hire a property manager to look after their property or their portfolio of properties so that they have more time and energy for other things in their life. Of course, there are property management fees and charges to be considered, however, even with these costs, there is a lot to be gained from having someone else do the heavy lifting on your behalf. The key is to select the right property management company to work with.
Let’s take a look at a few things you need to consider when you’re hiring a property management company.
Understand Your Needs
Before you start looking for the right property manager to look after your investment, you need to understand your needs. Some property owners want to hand over full responsibility for their property to someone else, while others want to be involved. There are investors who like a tech approach and those that take a more old school approach. Understanding what it is that you want from your property management company and how much input you want to have personally in your properties will be key in finding the right partnership.
Interview Different Candidates
Once you have determined what kind of property manager you are looking for and what exactly you want them to do for you, it’s time to make a shortlist of prospective candidates. Go online, read some reviews, speak to friends, family and colleagues who have used a property manager in the past and ask for recommendations. With a shortlist drawn up, you will need to meet with each property manager and interview them to find out more about the services they provide, their approach and their ability to manage risks and get you the results you want from your investment.
Keep A Close Eye
After you have hired a property manager, you will need to follow up with them regularly to ensure that you have made the right choice. Treat the first three months as a probationary period where you take the time to analyse their performance and assess their abilities to look after your property moving forward. If you are receiving regular calls from your tenants, you find that communications with your newly appointed property manager are slow, or you are always chasing them up for things, you might need to reconsider your selection.
Take The Time To Find A Reputable Property Manager You Can Trust
Finding the right property manager is a process and it can take a little time to find the best solution. Choosing the right property manager is crucial, as you want to ensure that your investment and your tenants are being properly looked after. Take the time to find the right property manager for your needs, your property and your budget. Once you have the right person or company in place, your life will be much easier moving forward and you can enjoy more peace of mind knowing that your investment property is in safe hands.