Everyday Property Investing

EPI155 | Selecting a Property Manager

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Selecting a property manager

Selecting a Property manager to interview
  • Ask for referrals – BA, other investors
  • Google reviews 
  • Look at the website – is it modern, updated, review staff profiles
    • Interviewing
    • How many rentals does the agency manage
    • how many staff and their experience
    • How many rentals per manager – around 100 – 120 per staff member
    • How involved is the principal in the property management
    • Do you have an assistant or do you handle everything from start to finish
    • How long have you been a property manager?
    • How long have you been working for that office? 
    • Processes:
        • Rental arrears:
          • Process on rental arrears
          • % of current tenants in arrears on rent and invoicing
          • Process around routines, are they done in-house or outsourced
          • Process around maintenance
          • Give them some scenarios – if a tenant is 8 days behind what do you do?  Will you contact me? 
            • Fees and charges
                • Investment property earning $650pw rent
                  • 8% fee – $52 ($7.50 difference)
                  • 7% fee – $45.50 ($6.50 difference)
                  • 6% fee – $39
                  • Go with your gut – if you don’t have a good feeling on the phone
                  • Judge them on their communication and responsiveness during the ‘courtship’ phase
                  • A word on self management

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                      Everyday Property InvestingBy Kaz Young | Property Investing and Real estate investment education and advice