How To Find The Best Property Manager

Real estate investors in Australia search the market for the most lucrative properties to buy and rent for profit. When the deals close and the deeds change hands, the now investor/owner will dole the responsibility of running the new investment to a property manager. 

Over half of rental properties in Australia have the advantage of property manager experts overseeing daily operations per Australia’s “Real Estate Institute.”  

These professionals are integral to a real estate investor’s property success. In constantly handling business deals, investors have minimal time for managing rental units.  

Finding a trusted, reliable management team with exceptional experience to “wear many hats” and interact well with the tenants and the investor is critical.  

How will you know when you’ve found exemplary service for your critical needs? Consider these suggestions for finding someone who specialises in the business.  

Ideas For Finding The Property Manager For Your Investments 

When the deed changes hands, a property management team takes over the reins with an investment rental. The owner/investor is typically working on business deals consuming their days, leaving no time for managing the properties they buy. 

The experts in property management are integral to the entrepreneur’s success with their ventures. Multi-tasking is an understatement, with the managers virtually holding multiple roles, having extensive knowledge, and offering many talents. 

How do you choose among the valuable teams on the market? Go here for guidance on selecting the right property manager.  

  • A property manager will know your market 

An adequate candidate will be well-versed in the local and real estate markets in their entirety. Ideally, you want to reach someone who specialises in your particular community or neighbourhood, and if so, find out the number of properties they run in your district that are comparable to yours.  

You can learn a lot by talking with someone familiar, including how long the properties sit empty and the time on the market. The representative should be bold and confident with their responses.  

In addition, you should become informed on legislation and the basic rental requirements not just locally but statewide. That pertains to your rights and responsibilities as the landlord as well as the tenants and how the tribunal will handle disputes. 

When arranging for a tenant to sign the lease agreement, the manager will know how to organize the document and receive the bond payment. 

  • The fees are reasonable 

The fees charged for the management services will be based on the property type and size. It’s a percentage of the rental price varying from one state to another at roughly “4 percent to 7.7 percent.”  

That means a single space on the outside perimeter of the city would be less costly to manage than a premium business suite in the town or a luxury city apartment. You can get an idea of previous or current fees by requesting references from their portfolio. 

If the individual specialises in opulent rentals, the fees will be much higher, but that also speaks to the fact that the manager is of quality, and you will receive premium services. 

Sometimes, the advertising and ultimate letting process are an added fee of roughly two weeks’ rent. Sometimes you can negotiate to get a better deal, especially regarding reletting to a tenant who decides to stay. 

  • Someone diverse with their portfolio is best 

You want someone to work with you who has a diverse property portfolio instead of being centred in one primary location. 

While you want an individual to be knowledgeable and experienced in your area, well-versed, finding someone working in other sites outside that “suburb, city, council district, or even state” away from your initial investment property is also essential. 

You can then use this person as you grow and expand with other properties in other locations. 

Before building on your portfolio, as the management team what the growth capacity is and if there are potential discounts when bringing them with you as you add more properties to your repertoire and theirs. 

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  • Advertising is top quality, and open inspections draw attention 

The best management team will advertise on and offline to attract prospective tenants. You can check online to see how they have advertised previous listings to gauge the quality and professionalism of the photos and if the content was aggressive and descriptive to entice people to view the property. 

Open inspections should be planned on varied days at different times for substantial time to allow questions and stir interest. The manager must have good communication skills, be bold and confident, and show a strong presence that will appeal to the guests. 

  • The manager “wears a number of hats” 

When tenants decide to move, the property manager will have the resources to bring in new quickly. When viewing the rental lease agreement, you can assess thoroughness and quality.  

When there are complaints, concerns, or enquiries, the management team will at once assess these issues to resolve the situation. The manager must be assertive in following up for late rent or turning out eviction notices.  

There will also need to be inspections routinely along with maintenance to prevent significant and expensive problems in the long run. 

Final Thought 

The agency’s size does not determine whether the property management team will be effective with your rental investments. You can find the qualities you look for with a small intimate agency or a large organization with a vast presence. 

The differences can be that of a personalised service with a specialist’s knowledge or a multitude of properties that can be challenging to sort through. That isn’t to say big companies don’t pay attention to their properties, but some rentals might not always get the full attention they deserve. 

The priority for you as an investor is to research precisely what you need and desire in an agency and ask questions about your investment, location, and budget.

Look at the agency, the manager, and the background, including how they practice business, their reputation, and most importantly, their reputation and experience. Check with previous and current clients. With these details finding the property manager on your wavelength should be a snap.

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