High quality probing questions are essential when Choosing a Property Manager to ensure you reduce risk and maximise returns on your investment property.
You should treat selecting a Property Manager like interviewing candidates for a job. Remember that you are the interviewer not the interviewee. You need to keep control of the interview with detailed questions that will help identify who would best look after your property and your interests.
Keep interviewing more potential candidates until you have a shortlist of 3 top quality contenders and then dig deep with a series of detailed questions to identify the most suitable provider.
7 Questions To Ask When Interviewing Property Managers:
- Do you run credit checks, current employment and past rental payment checks on prospective tenants?
- How long have staff been with your rental department? (avoid companies with high staff turnover)
- What is your staff to property ratio? ( 125 – 150 properties per staff member should provide much better attention to your property than the busy agencies that have over 200 properties per staff member)
- Do you have a detailed understanding of the Residential Tenancies Act? (this document contains over 400 pages)
- Will you represent me at VCAT (Victorian Civil & Administrative Tribunal) should the need arise?
- Do you provide a written comparison report of rental values in the local market?
- Are you adept at utilising the internet, social media and traditional means to locate and secure quality tenants?
Download our Free 27 Questions To Ask Property Managers
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About Darryl Simms
Darryl Simms specialises in helping individuals invest in property for less than a latte a day, reduce their tax and create enjoyable lifestyles.
As the Founder of Latte Property, Darryl willingly shares his extensive knowledge built up over the last 25 years to help clients create wealth through property investment.
Latte Property has a large following of successful property investors who have enjoyed professional guidance in the purchase of quality new apartments, new townhouses and new homes.
Darryl is also the Author of “50 Must Know Property Investing Tips” and is currently busy writing his next Property Investment publication.
Darryl’s favourite quote is:
“Try not to become a man of success, but rather try to become a man of value” – Albert Einstein
Contact Darryl at www.latteproperty.com.au/ask-darryl
Written by Darryl Simms - First published on Linkedin Pulse