February 21, 2017
What makes a great property manager?
How to select the right property manager and get the most from your investment
As most landlords will attest, the decision to purchase an investment property is never taken lightly. Once the settlement process is complete, selecting who will act as the face of your investment is a pivotal decision. Recent media coverage related to the relationship between landlords and tenants confirms the crucial role your property manager plays in the overall success of your investment.
With more than 27 years' experience in property management, General Manager of Jellis Craig Boroondara's property management division, Sophie Lyon, shares her insider tips on what qualities to look out for when engaging a property manager.
Find someone genuine
"This can be tough to quantify," admits Sophie. "It's important to remember a property manager is your representative and you should feel that you are able to trust him or her."
Over the years of managing a single property, a property manager will have to navigate a broad range of circumstances on your behalf. These include possible conflicts that may arise with tenants, the process of re-letting an investment at the end of a lease and any maintenance required for the upkeep the property.
"You need to feel totally comfortable that your property manager will act professionally and with your best interests in mind when handling these issues."
Look for a great communicator
"Email does not equate to communication," says Sophie. "Everything has its place but nothing can replace an old fashioned phone call. Email is for confirmation, not communication."
"Talking to someone on the phone can help to consolidate working relationships and avoid misunderstandings. Of course a follow up email is always appreciated and serves as a record of a situation and confirmation of any proposed course of action."
They understand your long term goals
"A great property manager will take the time to understand the long term goals you are working toward with an investment property," explains Sophie.
Each investor envisions a different outcome for their property. This may be to hold the property long term, turn it over within a short time frame, renovate, demolish or eventually reside in the property.
They are bold enough to have tough conversations
The ongoing management of an investment is not always smooth sailing and there can be some tough conversations along the way. It is essential to pick a representative who is unafraid to have these conversations with either yourself or your tenant.
"A property manger should be honest and frank," says Sophie.
"They should be willing and able to discuss touchy issues such as property maintenance, with a view to helping provide you with a maximum return on your investment".
They love what they do
Someone who loves what they do is always willing to put in the time and effort to get it done right.
"If your property manager shows a particular interest in an aspect of your property it is a great sign that they love what they do and will be willing to put in the work required to help secure and maintain your investment," says Sophie.
If you’re looking for a first-class property manager for your new or existing investment property, please contact the property management division at Jellis Craig Boroondara.