When you choose to put a property on the market for lease, you also have to make another important decision – Who should be my property manager?
Here are some tips on how to select a property manager.
- Are they licenced?
If you decide to use an agent to let and/or manage the tenancy on your behalf, check that they are properly licensed. All property managers must either hold a licence or have a certificate of registration and work under the supervision of a licensed agent. In a large block of units, the agent may be an on-site residential property manager. If you have any doubt that the agent you are interested in using is properly licensed, you can do a licence check on the NSW Fair Trading website.
- Selecting a property manager/agent.
Remember you don’t need to use the agent through whom you purchased the property. This person will be responsible for a very important and costly asset you need to select them carefully. Here are some questions you many want to ask:
- How long have they been a property manager?
- How many properties do they currently manage themselves?
- How long has the property manager been with that particular agency?
- How do they handle requests for repairs from tenants?
- Do they check repairs once they have been carried out?
- What systems are in place for locating and screening prospective tenants?
- What steps do they take if the tenant is late with the rent?
- How many times have they been to the Tribunal and what is their success rate?
- How much are the management fees and what is included and excluded?
