While many investors will spend a lot of time researching real estate markets and investigating prospective properties, many overlook a crucial ingredient that can have a direct impact on their investment’s ROI: their property manager.
A property manager is responsible for many tasks that can affect a property’s value and income, including vetting tenants, taking care of rental payments, performing maintenance checks and ensuring a property is legally compliant. As such, it’s important that landlords take the time to find a good property manager that meets their needs.
Not sure what to look for in a property manager? Our Hibiscus Coast property management and North Shore property management teams have got you covered. We’ve rounded up five questions every landlord should consider when selecting a property manager.
1. Where are they located?
It’s no secret that real estate is all about location, location, location – and the same rings true when it comes to your property manager.
Local property managers have inside knowledge of the local property landscape. They understand what tenants in the area are looking for, the best way to advertise your property and how to set rental prices that deliver maximum ROI.
Local independent property management agencies usually have strong relationships with reputable tradespeople in the area, which can be very useful when it comes to maintenance and repairs. And, of course, having someone close by ensures enquiries and emergencies can be responded to quickly.
2. Do they have experience?
An investment property is one of your most valuable assets. With this in mind it’s important to consider if your prospective property manager has the experience and specialist expertise needed to look after your investment.
A good property manager’s capabilities extend far beyond simple rent collection and property maintenance. They’ll have in-depth knowledge of the risks associated with rental properties, and know how to be proactive when it comes to mitigating rent loss and property damage. They’ll also know exactly what to do in worst-case scenarios, and should have a network of legal experts who can assist in cases that go to the Tenancy Tribunal.
3. How big is their portfolio?
Another thing to consider when selecting a property manager is the size of their portfolio. While many landlords believe that larger agencies offer the best services, the reality is that some of the property managers at these enterprises have enormous portfolios and simply don’t have the time to give your property the care and attention it deserves. A smaller portfolio allows for higher quality care.
Independent property management agencies are also often more efficient. Whereas large companies may require you to talk to multiple people working across different departments, local property managers usually provide you with a single point of contact who you can talk to for all of your enquiries.
4. How do they communicate?
Whether it’s notifying you of necessary repairs, discussing tenancy changes or simply checking in with you, a property manager must be able to communicate quickly and effectively at all times.
When talking to prospective property managers, ask about their communications processes and how frequently they’ll be in touch with you. Here at Vertigro, we pride ourselves on our communication skills and are committed to always going above and beyond to ensure our clients’ expectations are fully met.
5. How are they rated by their customers?
Before committing to a property manager, take a moment to look online and see what past customers have to say about their experiences with the company. A quick Google search will reveal the honest opinions of fellow investors, and help you get a better idea of what to expect from the company.
Contact Vertigro for all your property management needs
Here at Vertigro, we have more than 15 years of experience in property management and specialise exclusively in residential rentals around Whangaparaoa and Auckland’s North Shore, so you can rest assured your investment is in the very best of hands.
Our property management office is handily located in Red Beach, allowing us to efficiently serve residential properties from Birkenhead through to Hatfields Beach.
Contact us today on 09 473 5891 and find out how we can help you take the stress out of being a landlord.