Yet while most investors regularly compare home loans for the best rate, and shop around for good deals on insurance and maintenance, they don’t apply the same scrutiny to the day-to-day management of their property.
The Property Mentors CEO Luke Harris said ensuring your property manager stacked up could be the difference between success and failure in the competitive Australian rental market.
“Too many investors become disillusioned with property due to poor experiences they have had with bad property managers,” he said.
So, here’s why shopping around for the best property management should be a regular part of your investment strategy.
Not all property managers are the same
About 41,000 people work in property management in Australia, according to the 2020 IBISworld report. But not all of them are created equal.
A good property manager is more than a rent collector. From minimising stress and risk to boosting your returns, there are plenty of reasons why you need an expert property manager on your side.
A high-performing property manager is a skilled professional that will help you navigate the complex and evolving rental legislation, find and keep the best renters, offer on-the-money market advice and increase the value of your rental property.
That’s why a top-performing property manager should be an integral part of your investment team, Mr Harris said.
“Most property management rates are actually quite affordable when you take into account the time, what they have to do, and the skills and experience they need, to manage what is after all often your largest asset,” he said.
What to look for:
Communication: as the first point of contact for the rental provider and renter, a property manager must be a great communicator who responds quickly and can build solid relationships.
Teamwork: look for a property manager surrounded by a diverse and experienced team that can provide expert advice on every aspect of your investment journey and keep you on track to achieve your overall financial goals.
Expertise: high-performing property managers have expert knowledge of the legislation, industry and market trends.
Knowledge: a great property manager understands your local market and can position your property to appeal to the best renters, maximise your rental return and advise you on the most effective property improvements for your location.
How The Property Mentors Can Help
At The Property Mentors, our dedicated and experienced property managers are part of a talented team of investment-focused professionals, such as mortgage lenders and brokers, accountants, financial planners, solicitors, and financial advisors, who will help you achieve your overall financial goals.
Our premium service is designed to lay down solid foundations, protect your property portfolio and ensure your long-term financial security.
