8 Expert Qualities That Make a Good Rental Property Manager
March 1st, 2016 by Geoff Baldwin
When selecting an agency to look after your property there are 8 expert qualities that make a good rental property manager that a landlord should focus on before making a
decision according to long standing property investment expert and managing director of RE/MAX WA, Geoff Baldwin.
“So often owners of investment properties, particularly first time investors, will choose their property manager on what they charge rather than looking more closely and considering their results, service and record.
Following are the 8 most important considerations:
Like any profession property management cannot be learned in a month. Your chosen property manager should have at least 2 years’ experience.
Longevity in the position
There is nothing more frustrating than to
endure a procession of property managers so it is very important that you choose one who is happy in the job and who is unlikely to leave.
Check what percentage of the properties under management are vacant as this is a very reliable indication of the abilities and commitment of the property manager. Anything more than 3 percent is a concern.
Number of properties under management
The ideal amount is around 80 per PM which allows around 28 minutes per week per property which is the minimum needed to do the job properly.
If the Property Manager or the agency is advertising discount rates to attract business this should sound loud alarm bells. Quality Property Managers are sought after and in demand and although their fees will usually be competitive, they will never need to advertise discounts.
A property manager who is confident in the abilities and service levels will not hesitate to provide you with the names and numbers of 4 or 5 current clients for you to ring.
The best property managers are totally systemised in their approach to the job. Before making a decision ask the PM to show you how they approach the job from your sign up, inspections, records, reports, communications and everything else that affects your property. A quality PM will relish the opportunity to share this information.
The best PMs are respected by both their owners and the tenants they place in each property. Choose one whose is respectful and pleasant but who is also in control and diligent. Follow your intuition.
These are what I consider to be the 8 expert qualities that make a good rental property manager and property owners are encouraged take them into account rather than falling into the discount trap where a possible fee saving of a few dollars a week can cost hundreds if not thousands of dollars in lost rent or damage through negligence.