As a property investor, your goal is usually to achieve the maximum return on your investment and one of the key people in your team to help you achieve that goal will be your property manager. So you have to make sure they’re great at their job.
What makes a great property manager?
- Clear, concise information – you want to know what’s going on with your property and your tenant.
- Effective tenant management – they need to be able to effectively screen applicants so you get a great tenant and then they need to manage that relationship, finding a balance between keeping the tenant happy and you happy, so they stay and care for your investment as if it was their own.
- Managing the property itself – arranging maintenance, periodic property inspections and generally keeping the property in great condition.
- Managing the money – making sure rent is paid on time, keeping track of income and expenditure and reporting on it, lodging the bond correctly and making sure I have everything I need at tax time.
- Managing the legalities – they need to understand tenancy laws and be able to effectively and efficiently manage any disputes that arise.
You can always manage the property yourself, but in my experience, that can be a shortcut to disaster.
Who has time for that?
As an investment, the property management fees are tax deductible and the attributes of a great property manager are priceless.
So find a good one and make your property work well for you.
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