Choosing The Right Property Manager

Choosing the Right Property Manager

When purchasing a profitable investment property, it is extremely important to understand the basics of property management. It is not recommended to self-manage your investment as the work involved can far outweigh the expense of hiring a professional management team.  A professional and experienced Property Manager is definitely worth their weight in gold when there is a tenancy or property issue, as they have the experience and knowledge to mitigate an owners’ losses and finalise the issue as quickly as possible.

Investment properties should be run as a business and not emotionally driven. There are many factors to consider when choosing a reliable property manager. One of the most important elements is to ensure that your property manager is relationship-based. Building relationships with the different parties and tenants is the basis of successful property management. Collection of rent, payment of invoices, owner disbursement of funds are the mechanics.

When choosing a property manager, it is important to have a sound understanding of the different types of property management services that are available in the current market. The 3 main options are residential property managers, on-site managers and investment property managers. If you are looking to grow an investment portfolio and are serious about having your investment property provide you with good returns and long term capital growth, then your best option is to work with an investment property manager. For the work that is involved in managing an investment property properly, the fees involved are relatively inexpensive. If you choose your agent based upon the cheapest fees, you will be getting an agent who will not work very hard for you as there is no incentive to do so.

Below are some examples of the different types of investment property managers, the jobs they are expected to manage and the average industry commissions.