New investor? Here's 5 things to look for in a property manager
If you're new to property investing on the Central Coast, you may be looking for a property manager to help you to lease out your property quickly and maintain it in the long-term. However, with a growing number of agents with different specialities and approaches, you should take time to do your research and select carefully. Because, who you choose to represent you will ultimately reflect the quality of your tenants, and how well your investment property is looked after. Not sure where to start? Read on to learn about what to look for to make your choice easier.
1. Aligned values
Partnering with a property management team should be a long-term relationship built on trust and aligned values. After all, they’re going to have the keys to one, if not the, biggest asset you own. You’re also going to need to communicate with them from time to time, so you need to get along well and feel confident that they work with the same ethics, values and mission that you do. You can find evidence of their values in the way that they communicate on their website and on their social media pages. Ask yourself: Are they good people? Do they talk about their values? Have they explained how they work? Do they seem invested in my success?
2. Local experience with your property type
There are many types of real estate agents that specialise in different property types, for example residential and commercial. And, even within those categories, you have sales agents and property managers, working on everything from houses on acreage right through to high-rise apartments. For a start, it’s important to ensure that you find an agency that specialises in leasing. Otherwise you might find that the agency diverts its attention to sales, leaving your property last on the priority list. Local knowledge and connections are also important, as your property manager will be able to lease your home faster by identifying the right type of tenant from its pool. An experienced property manager will also identify value-add opportunities and help increase your rental return due to their benchmarking knowledge for your kind of property.
3. Community minded
The Central Coast is known for its close communities and ties to local groups, sporting clubs, and volunteer organisations. So, when you’re looking to invest in property management, it’s a good idea to see how the agency fits in with the community, and where their profits are going. Ask yourself: Do they support any charities? Do they give back to people in need? Does the community embrace them? Independent real estate agencies often score more highly in this area, as they tend to be family run or purpose-driven. Additionally, community minded realtors will often have less properties on their books and form closer connections with tenants. This is a win-win for an investor, as you know that your property is being looked at more closely, more often.
4. Tenant screening process
As an investor, you want to be sure that you attract and retain high-quality tenants who will care for your property and promptly raise any maintenance issues. And this comes down to a thorough tenant screening process. The best property managers are reputable and well-established with professional processes in place to vet all applications. This includes conducting background, credit and reference checks. When selecting a property manager, ask them to explain their process. You may also wish to ask for a reference from another investor for peace of mind.
5. Good reviews from investors
One of the easiest ways to understand how an agency's service levels stack up and if your values align is to review recent reviews on Google. However, instead of looking at the average rating (which includes ratings from tenants), it’s important to read the reviews from the property owners — since that will be the most accurate indication of the service you’ll receive. While it’s wonderful to see happy tenant reviews too, keep in mind that your property management team is there to act in your best interests first.
Contact a property management specialist
Key2 Realty are Central Coast property management specialists who are dedicated to looking after your investment property. We are also a social enterprise business that gives back all profits to support a non for profit housing organisation. Call us today on (02) 4326 5566 to experience our unique approach.