How to ensure your property is in the best hands
A property manager should be competent to look after all the day-to-day runnings of the property – from assisting the owner with tenant selection, to co-ordinating maintenance, making suggestions on property improvements and updates, paying the outgoings such as council, water and owner corporation accounts, and collecting the rent for the owner.
They should have a good understanding of what the owner expects of them, and they should be proactive and responsive with clients – without simply passing on the problem to the owner to make a decision. Owners pay for the services of a property manager for their advice, experience and to provide direction and recommendations when it comes to making the tough decisions.
When looking for a property manager, I recommend investors take a few minutes to speak to someone they are looking at employing. Don’t base your decision on fees alone, nor the location of the property manager.
Times have changed and a property manager no longer needs to be around the corner from the residence. If you don’t have time to call, send an email and review how long it takes to get a reply. This will give you an excellent indication of their communication and time-management skills. Both are extremely important for a good property manager.
A property manager needs to know a lot. They’re regularly asked for advice on legislation requirements, insurance policies, building requirements (especially with so many clients now buying new and off-the-plan properties), and often assist owners and tenants with budgeting. They’re also required to communicate with owners and tradespeople regarding maintenance or renovation issues affecting the property.
I don’t believe a certain number of years in the industry makes for a good property manager – some have been in the industry for 20 years and haven’t attended any training since 1990.
So, when it comes to appointing a property manager to look after your property, look for someone who has a passion for the industry, who regularly updates their skills and knowledge, and who isn’t afraid of technology or change.
Leah Calnan is the director of Metro Property Management in Victoria and is the chairwoman of the REIV Property Management Chapter.
