Think you can manage your investment property yourself? Here are some valuable reasons property managers are worth the money. However, all property managers aren’t equal. In this article, we show you how to choose the right property manager for your inner-Sydney investment property.
How to choose a property manager for your investment property
- Local market knowledge
Local knowledge is paramount in the real estate industry, so you want a property manager who understands the market, including rental rates and how to attract tenants, and who has reputable local businesses on standby.
- Experience, services and testimonials
While you can research local property managers on Google and platforms like realestate.com.au, also rely on word of mouth. Focus on factors like their experience, what services they offer and testimonials to find a reputable property manager who meets your needs.
- Fees and services
When choosing an investment property manager, don’t just focus on the overall fee. Look into cost effectiveness and the transparency of extra costs like maintenance, too.
- Communications
You want an attentive and responsive property manager, so pay attention to how easily you can reach and communicate with prospective property managers.
Questions to ask when choosing an investment property manager
Here are some helpful questions to ask your prospective investment property manager:
- What are your qualifications?
Ideally, you want a property manager with extensive local real estate experience, as they’ll excel at managing your investment property.
- How many properties do you and your company manage?
A reputable property manager like Vogue Property will discuss how they successfully manage their portfolio, no matter the number of properties.
- What is your fee structure?
Ask for a detailed breakdown of property management fees, including extras.
- What differentiates you from your competition?
Their answer should include important information like marketing techniques and how they select and vet tenants.
How do you handle repairs and maintenance? Your property manager should inform you before they begin any work, or you and your property manager can set a maximum cost for discretionary repairs for which they don’t need to get your permission first.
- Will you keep in touch regularly about my property?
The ideal is an investment property manager who isn’t in constant contact, but someone who updates you periodically, so you’re assured your investment property is in safe hands.
- Will you be managing my property?
You might find the person you’re meeting won’t be responsible for your property’s day-to-day management. In this instance, ask to speak to the person who will deal with your tenants.
Why use an investment property manager?
- When you’re looking for an investment property, a property manager can help you choose a property that tenants want to rent versus what you might like to live in. They can also advise you on associated costs, and the expected capital growth and yield for inner-Sydney investment properties, which is invaluable.
- Property managers have unparalleled rental market knowledge and can advise you on market movements to maximise your profit.
- Legally, you must attend to emergencies immediately, so how would you handle this situation if you didn’t live near your investment property? Your property manager should have a team of tradies on call to attend to any emergencies.
- Property managers know how to market your property and choose the right tenants for your investment to decrease turnover.
Can Vogue Property help you with an Inner-Sydney investment property?
Vogue Property has the team with the local knowledge and experience to manage your investment property. Our aim is for you to enjoy the return on your investment with minimum stress.
Your investment property is too valuable an asset for DIY property management.
At Vogue Property, we’re well versed in all the legal aspects of rental properties, including landlord and tenant rights and obligations, and tenancy disputes. We ensure the rent is paid on time and handle any repairs and maintenance. Last but not least, we’re here for you and your tenants should things go wrong.
Most of our property investors have chosen us through word-of-mouth referrals. We’d love to help you, too.
Free Property Management Advice, talk to an expert now!
Are you a landlord looking for advice? Do you have questions about these uncertain times? Changes to the rental market or anything specific to Property Management? Book a one-on-one, obligation-free, consultation with Jaime Pratt, Head of Property Management at Vogue Property Managers.
Book your session now:
https://vogueproperty.com.au/team/jaime-pratt
With over 20 years of property management experience, Jaime will openly provide advice on improving rental return, enhancing your property, attracting quality tenants, and finding ways to alleviate your expenses.
