Are You Using the Best Property Manager?
Here are 7 of the 22 Questions you should ask your Property Manager
When you have at least one investment property. The next step is to engage a property manager that you can trust that will look after your valuable asset(s).
While many investors spend a large amount of time and effort carefully researching the property markets. Then finding the top investment they often ignore the role that an experienced property manager can play in preserving their property’s capital value. They can also maximise the income from the investment property.
Too many landlords choose their property manager on fees alone. Others think they don’t need a property manager at all. They actually believe they can do it themselves. This is possible because they don’t understand that property management is so much more than just collecting rents.
Below are some questions that an astute investor will ask of their property manager.
1. How long have you been in the real estate business?
We recommend hiring a business that has been in business for at least five years. This allows a long enough track record to call references prior to hiring.
Paul Hill the owner of Paul Hill Realty has been a Real Estate Agent since 1991. He owned LJ Hooker Paradise Point before starting Paul Hill Realty. This business is respected and experienced in both Residential Property Sales and Residential Property Management.
2. Is a director/owner of the agency involved in the day-to-day management of the property management department?
Most owners of real estate agencies work in the sales areas where the bulk of their income is generated.
The owner who takes a hands-on approach to property management should indicate to any prospective investor that you will get a more personalized engagement from their Property Management department.
3. What value does the real estate company place on their property management department?
Most agencies concentrate on their sales departments as this area generates the most income.
Sometimes a quick look over a website or a visit to the offices of the property management area will generate either a positive or negative image. Trust your instincts when researching for a reputable company.
4. What is the experience of the property management department?
Ask how long the property managers have been in the real estate industry with particular emphasis on the Senior Property Manager. As property management is becoming a more complex area of expertise as rules and legislation are constantly changing.
5. What is the turnover of the staff in the property management department?
High turnover of staff likely implies that the running of the property management department is not a high priority and isn’t cared for by management.
On the off chance, the team of property managers are not satisfied or happy with the work culture, this uncertainty may be reflected in their day-to-day communications with both owners and tenants.
6. What is the size of the property management department?
A business with a huge portfolio of properties is generally evidence (not always) that the department is well run, is growing and has expertise with all aspects of property management.
7. What is the geographical area does the property management department cover?
The expectation that you might buy more properties in a particular city and have the ability to engage the same property manager is certainly a consideration. The expertise of a larger geographical area can also be a useful resource for future purchases.
Paul Hill Reality covers the geographical area of the Northern Gold Coast. We specialist in areas from Burleigh Heads to South Brisbane. Also we know the complete South Eastern Qld area well so can list any property in South East Qld.
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Paul Hill Realty has built up a reputation of giving exceptional service as well as going above and beyond the normal expectations that a property investor can expect.
Paul Hill Realty are Specialists in Residential Property Management on the Northern Gold Coast from Southport to Ormeau and west to Wongawallan. However, know the complete South Eastern Qld area well so can list any property in South East Qld.
For those who are looking to engage an experienced property manager so they can save time, money and headaches, contact the Realestate Property Management Professionals at Paul Hill Realty today!
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