It takes a tremendous amount of effort to ensure rental properties are consistently fully tenanted, not to mention the day-to-day responsibilities of maintenance and tenant supervision. This is why savvy owners and investors opt to hire highly qualified and experienced property managers to deal with all of this and more.
Hiring a good property manager is not as easy as you think. If you aren’t aware of the pitfalls and just hire the first person you find, he or she may bring you and your property a lot more harm than help.
Read on for four mistakes to avoid when hiring a manager for your rental property:
Mistake #1: Depending On Referrals
Recommendations and referrals from your acquaintances and business associates can help you build a shortlist of property managers. Still, you should do your due diligence before you make any final decisions.
You need to ensure that their services match your needs and that they have a good reputation in the industry. If you spot any red flags, you can put them out of contention or ask them about it when you reach out for inquiries.
Mistake #2: Not Asking Enough Questions
Your prospective property manager should be able to answer all your questions when it comes to their management record and their communication habits. How do they deal with problematic tenants? What if you are out of reach for an extended period? How will they make management decisions?
A property manager should also communicate specific, clear strategies if they are to be hired on. How will they market the property and ensure maximum occupancy rates? What do they know about your location, and how will they leverage that knowledge to their advantage?
Your property manager has all the keys to your investment, so you need to trust them and be comfortable with consistent communication. You need to put in the time and effort to look for the best manager for you!
Mistake #3: Settling For Cheap Service
Property managers offering the cheapest rates may be very tempting, but you shouldn’t settle for cheap, subpar service. If a property management company asks for much lower fees than the rest of the industry, they are likely not even worth considering.
A discounted price means discounted service, which will not do. You and your property need a highly experienced and trustworthy manager that will help you with all your needs. A good manager is a worthy investment, and it is not an aspect of your real estate journey that you should save money on.
Mistake #4: Not Reading the Fine Print
Before signing a contract with your chosen property management company, you should read all the fine print that comes with it. Nail down all the contract details with your manager—it’s better to ask too many questions than too few. Make sure you can get out of the contract without complications if you experience subpar service.
Real estate property management is a complicated field, so you need a highly qualified manager to help you deal with tenants and maximise your income. From marketing services to day-to-day maintenance, your property manager should be highly experienced and trustworthy. If you avoid the four hiring mistakes listed here, you’ll be able to find the best property manager for you!
Own Better is the best rental property management company in Sydney. We simplify the management of multiple properties and provide you with security of income. We help our clients earn the best return for their asset while alleviating the strain of day-to-day management. Contact us today to learn more! ful