Choosing the right property manager for you might sound simple, but in many cases, it’s easier said than done – especially when you have a diverse portfolio of properties that need managing. However, assigning a property manager to manage your properties is surely a lot easier than managing them all yourself anyway, which is why many property owners use professional property managers. A good property management company will offer its knowledge and experience to your portfolio of properties and gives you the peace of mind to know that your investment is in good hands. So, here are a few tips on how to choose a property manager to manage a diverse portfolio.
Firstly, take a look at local property management companies that are located relatively close to your properties, so you won’t have to travel far should you need to visit their offices. They’ll also likely know much of the local area too, so will be able to provide details on the benefits of your property and the location it’s situated in to prospective renters. For example, if your properties are located in Sydney and you employ Melbourne property managers, then they’re unlikely to have the same level of knowledge as ones that are based in Sydney.
Secondly, when looking around for a property manager, one of the main things to look at is reputation. Take the time to research a selection of companies that you’re thinking of employing and read reviews, testimonials and brochures that will explain who they are and why you should trust them with managing your property. Compile a list of questions that you think are necessary to ask property managers to give you a better idea of whether you feel they’re suitable to manage your properties. Also, speak to friends or colleagues that you trust for recommendations, as it might make the process of searching a little less time-consuming. If you have a large number of different properties, then a larger property management company may be more suitable since there will be more employees which makes managing your properties light work. If you have only a few properties, then a smaller company may be more fitting as their rates are likely to be lower since they’ll generally be managed by one person.
The overall cost of hiring a property manager will depend on a number of things; how many properties you have, how much time is required to manage your properties, and how much money you will collect in rental fees to your tenants. Although some quotes you receive may sound a little high, you need to consider that you’ll be able to fully hand over property management duties to your chosen company. Managing a diverse portfolio of properties and tenants may prove to be time-consuming and sometimes stressful, so even though you may feel that the cost is high, you won’t have to handle or manage the property at all.
Peace of mind
Anyone that’s managed properties before may tell you that it can be challenging, depending on the kind of tenants you have. Choose a property management company that will generally look to accept tenants that are likely to offer minimal hassle during their tenancy and will look after the property. The peace of mind that comes with hiring a property manager is immeasurable when you consider that you won’t have to handle maintenance/repair issues, marketing your properties, collecting rent, completing paperwork or reacting to tenant’s grievances. There’s a lot more to property management than meets the eye, hence why many independent property owners often turn to property management companies to handle their properties.
Overall, you should aim to try and find the most reputable property management company that suits your budget, as they’ll handle everything so you can step away knowing its in good hands. This is especially important considering the level of investment that you will have tied up in your properties, as you’ll need to fully trust the company you’re employing. Try not to be put off over cost, but instead be specific about what you need your property management company to do so you know what to expect prior to moving forward with them.