Choosing the right property manager (PM) is crucial for ensuring your investment is well taken care of. While it might be tempting to make a decision based on fees alone, the old adage "you get what you pay for" usually holds true. Here's how to determine if your PM will do a good job, beyond just looking at the price tag.
1. Speak to Multiple Property Managers
Start by speaking to at least three different property managers. This will give you a broader perspective on what different managers offer and how they operate. However, it's important to keep in mind that often you’ll initially speak to a Business Development Manager (BDM) rather than the PM who will handle your property. BDMs are skilled in sales and might promise you the world, but the actual service you receive may be delivered by a much more junior PM.
2. Evaluate Their Policies and Procedures
When you speak to potential PMs, dig deeper into their policies and procedures. Here are some key questions to ask:
Communication Times: How quickly do they respond to calls and emails? What are their policies on keeping you updated about your property?
Maintenance Handling: How do they handle maintenance requests? Do they have a network of reputable tradespeople, and how do they ensure costs are kept reasonable?
Tenant Selection: What is their process for selecting tenants? Do they conduct thorough background checks and references?
3. Assess Compatibility
After you've spoken to different PMs and gathered information on their policies, take a moment to assess which person resonated with you the most. Pretend that all the fees are the same and focus on who you felt most comfortable with. Trust your instincts—choosing someone you trust and feel confident in can make a significant difference in your experience.
4. Beyond the Fees
Ultimately, while fees are important, they should not be the sole deciding factor. A lower fee might save you money upfront, but if the service is subpar, it could cost you much more in the long run in terms of tenant issues, property damage, and lost rental income.
By following these steps, you can ensure that you choose a property manager who will provide the best care for your investment, giving you peace of mind and a better return on your investment. Remember, a good property manager is worth their weight in gold. They will not only protect your property but also enhance its value over time.
For personalised and comprehensive property management services, feel free to reach out to Resident Property. We prioritise your investment's success by offering tailored services and consistent communication, ensuring your property is in the best hands.
