Finding a Good Property Manager
How to Take the Work Out of Owning an Investment Property.
Have you ever felt like owning an investment property is another full-time job?
If you’re a landlord nodding along in agreement, you’re not alone.
As owners, we cherish the benefits of our investment property, but the workload? Not so much.
There's maintenance, tracking finances, handling tenants and ensuring rent is paid on time.
Not to mention keeping up with ever-changing legal obligations.
And remember, that’s after you've spent hours (hopefully) finding a reliable tenant.
It's a lot.
But what if managing your property didn't have to be this exhausting?
There is a secret: professional property management.
However, choosing the right property manager for your investment can be challenging.
You need someone who's not just competent, but also complements and enhances your property investment.
In the real estate world, this means finding a Property Manager who brings the most value to your investment property.
So how do you find a good property manager?
Let’s find out.
First things first - do I even need a Property Manager?
When you first jump into property investing, you might ask yourself ‘do I even need a property manager?’
But the hustle and bustle of life can make managing an investment property seem overwhelming.
So don’t worry - there’s good news.
Hiring an experienced property manager can actually free up more precious hours in your day than you ever thought possible.
For a relatively minor fee, they’ll take on all the time-consuming hassles, allowing you to get on with your day (and spend it doing something far more enjoyable).
So the next question is: how will you know a good property manager when you see one?
Experience is key
Experience isn’t just a buzzword; it’s critical.
An experienced property manager has likely seen it all; the good, the bad, and the ugly of property management.
They know how to handle challenging situations, from tricky tenants to maintenance nightmares
It's about finding a Property Manager who knows the Adelaide property market.
Look for hands-on leaders
You might find a real estate agency with a property management department, but here’s an important tip: check if the leader or owner is actively involved in the Property Management department, or whether it’s simply a side-gig to the main sales show.
Agencies where the management is actively involved in the property management arm often signals a commitment to maintaining high standards and staying updated with the latest trends and advice.
It's like having a captain who's also a star player! They set the tone and lead by example.
Location, location… but not necessarily location
It's a common misconception that your property manager needs an office right in your suburb.
What’s more important is that they service properties in your area and understand the local market.
They should be familiar with local tenant demands, rental rates and area-specific issues.
This knowledge helps in effectively managing your property and ensuring it appeals to the local market.
ROI over management fee
Prioritising the Return on Investment (ROI) of your property over the management fee or commission is a smart move.
Some property investors get caught up in finding a Property Manager with the lowest fee. But remember, cheap can be expensive in the long run.
Agencies like ours, We Connect Property, might charge a bit more, but we deliver better ROI for our clients.
It’s about value, not the cost. Think of it as investing a bit more in quality that’ll help you achieve higher returns.
So what will a good Property Manager actually do?
If, after all this, you’ve been wondering what it is that a property manager really does, wonder no more.
An experienced (and competent) property manager will:
- Update you on market trends and offer timely advice, ensuring you achieve the highest possible returns and the best value for your property.
- Market your asset to the right audience, ensuring your property attracts ideal tenants.
- Handle rental applications and tenants screening meticulously, because good tenants mean fewer issues. More than a simple background check, they’ll ensure compatibility and reliability, and help you avoid potential problems down the track.
- Manage all rental documentation, from applications and contracts to bonds and ledgers, on your behalf. The endless legalities and paperwork landlords need to consider can be daunting. A good property manager will handle the myriad documents that rentals require, and also be able to advise on things like landlord insurace.
- Conduct regular (and comprehensive) property inspections, provide detailed photographic and written reports, and make sure outgoing checks are thorough when tenants leave
- Handle tenant calls. A property manager will address all requests and complaints directly, saving you plenty of time (and possible headaches).
- Efficiently resolve maintenance issues in a timely manner using skilled professionals - be it a leaky tap or broken appliance.
- Offer you a simple, consolidated management service for multiple properties, saving both time and money.
- Last, but not least, they’ll ensure timely rent collection. And if there's a hiccup? They’ll do their best to resolve it without bothering you.
If any potential property manager you consult with (or end up engaging) misses the mark on any of these things – run (fast).
It's a big red flag that you’ve not yet found your perfect property manager.
Will I save time and money using a property manager?
Absolutely!
While these tasks may seem basic, they really are crucial when it comes to maximising your investment property, achieving good returns and simplifying your life.
After all, isn’t that what it’s about?
And finding a good property manager is a super important piece of the profitable property investment puzzle.
What does We Connect Property bring to the table?
While we are not the cheapest property management agency in Adelaide, our slightly higher fees are justified by the superior ROI we deliver
We do this by always striving to secure excellent rental rates, reduce vacancy periods and effectively and competently managing expenses; all of which contribute to a healthier bottom line for you.
Key Takeaways for picking the right Property Manager:
- Experience matters: Look for a Property Manager with a solid track record in the Adelaide property market.
- Leadership involvement: Choose an agency where the leaders are hands-on in the Property Management department.
- Local knowledge: Your Property Manager doesn’t need to be in the same suburb but must be knowledgeable about your area.
- Focus on ROI: Opt for a Property Manager that may charge more but delivers better overall returns.
- Consider experienced Property Managers like We Connect Property: Choose agencies that exemplify professional service and offer superior ROI.
Owning a rental is more than just bricks and mortar. It’s a big investment. And quite possibly the most valuable asset you own.
And picking the right property manager for your Adelaide investment property is a very important decision that can significantly impact your investment’s success.
Just like you'd be protective of your cash, you should be with your property too.
So it pays to look beyond just the fees and consider experience, leadership involvement, local market knowledge and focus on ROI.
Remember, when it comes to property investment, the right property manager is your best ally. So choose wisely!
But if you're feeling overwhelmed, don't worry.
Talk to us at We Connect Property.
With over two decades of combined industry experience in the property management arena, we’ve seen what can happen when an agent gets it wrong, or an inexperienced landlord tries to go it alone.
That’s why we’re here to help.
With our team of dedicated property managers, you can be sure that your investment property is in safe hands.
So, don’t wait. Connect with us today.
Your property deserves the best, and that’s exactly what you’ll get with We Connect Property.
-------
As property management experts with over 21+ years combined experience in buying, selling and managing property in Adelaide, We Connect Property are ready and waiting to offer expert guidance and support when you need it most, and answer all your questions about property investing.
Check out all our 5 star Google reviews to find out what our happy clients think!
And if you’re just getting started, or looking for valuable property investment, buying or selling tips, tricks and advice?
Check out these other handy articles on our blog:
× Frequently Asked Questions About Property Investment
× Do You Really Need Landlord Insurance?
Give us a call on 0403 799 983 today, or drop a line to sales@weconnectproperty.com.au - we can’t wait to chat!
To stay connected with everything real estate, follow us! Facebook | Instagram | TikTok | LinkedIn | YouTube
Or connect with us today for more information: Connect Now
We Connect Property - your Adelaide real estate & property management specialists.
DISCLAIMER: All recommendations made by We Connect Property are general in nature and not to be relied upon as legal or financial advice. To ensure accuracy, we always strongly recommend seeking independent, professional advice tailored to your specific situation before making any investment or financial decisions.