One of the most crucial factors that will contribute to the ongoing success of your property portfolio is efficient and proactive management of your assets. Your property manager will be one of the most important members of your team throughout your investment journey.
Choosing an experienced manager to handle the day-to-day care of your properties will ensure peace of mind, allowing you to focus on the growth and prosperity of your investment, and if you develop a great relationship with your manager you can have them handle your entire portfolio – having all your property managed under one roof can be a real life saver!
Let’s take a look at some of the things your should consider when choosing a property manager.
Your property manager will be your eyes and ears when it comes to the day-to-day management of your assets. You worked hard alongside your property strategist to hunt down, choose and buy your property, the next step is ensuring a maximum return on investment, and it’s here that your property manager will play a central role.
Your property manager will administer a number of aspects regarding the tenancy of your properties and everything that goes with it: eye-catching photography to drive demand and attract high quality tenants, regular inspections of your property, the handling of any maintenance issues ensuring retention of tenants, as well as regular rental market reviews and professional market appraisals to help you build your assets and develop a top performing property portfolio.
Your properties should be seen as a business, and like any business asset, poor day-to-day management (even if that asset is a strong one) could have a devastating impact on the profitability of your investment. Your property manager should be working hard to ensure your assets are working hard for you.
Look Beyond Real Estate Agents
If you’re hunting around for an experienced and committed property manager, it is important to look beyond standard real estate agents, for the best options often lie beyond what is first presented to you.
Real estate agents garner the majority of their revenue from property sales, not the management of properties – this is more of an ‘add-on’ service that they provide. Boutique property managers are more more likely to give you bespoke, nimble management solutions that are focused and tailored to your needs.
They will know your property and your portfolio inside out and will be more driven towards maximising the return on your investment and building a prosperous property portfolio.
Do Your Due Diligence
Due diligence is a term that pokes its head up in many places across the spectrum of property investment, and ensuring you do your due diligence when choosing a property manager is very important.
Do your research and speak with multiple potential managers. Ask questions about how they operate, their experience and credentials. Research testimonials and speak with others who have worked with prospective property managers and ask their advice. The time you spend searching and investigating will not be spent in vain!
Look Into How They Work
So you found a manager that you would like to work with – what’s the next step? Looking into their systems and how they work is another crucial factor in choosing a property manager that you can put your faith in. Again, this means asking plenty of questions.
Transparency is very important when working with your property team, and none more so than your property manager. You need to know what kind of photography packages they offer, when and how often inspections will be taking place, how they handle maintenance issues, their process for spending and advising about expenses (this will usually be dictated by your portfolio: how many assets you have and how you prefer them to be managed), and how they navigate the tenancy application process in order to ensure the highest quality tenants are being selected.
Remember, your property manager should be working hard to make sure your property is working hard for you, and this means fostering a fruitful relationship between you and your tenants.
If you are looking for an experienced and dedicated property manager to look after your assets – whether it be one property or a portfolio of ten – look no further than Optimal Property Group.
Here at Optimal, we take a fresh approach to asset management, with industry leading service structures that give you a choice of service levels to suit your needs. Most of all we are dedicated to making sure that your investment properties are maximising returns.
Our approach is nimble and proactive, starting with stunning professional photography that will always attract the highest quality tenant, following through with thorough, regular inspections and ensuring speedy and professional maintenance where needed.
We also ensure regular rental market reviews and appraisals so that you have the market knowledge at your fingertips to build assets and develop a prosperous property portfolio geared towards long-term capital gains.