EPI155 | Selecting a Property Manager

Selecting a property manager

Selecting a Property manager to interview

• Ask for referrals – BA, other investors
• Google reviews 
• Look at the website – is it modern, updated, review staff profiles

Interviewing

• How many rentals does the agency manage
• how many staff and their experience
• How many rentals per manager – around 100 – 120 per staff member
• How involved is the principal in the property management
• Do you have an assistant or do you handle everything from start to finish
• How long have you been a property manager?
• How long have you been working for that office? 
• Processes:

• • Rental arrears:
    • Process on rental arrears
    • % of current tenants in arrears on rent and invoicing
  • Process around routines, are they done in-house or outsourced
  • Process around maintenance
  • Give them some scenarios – if a tenant is 8 days behind what do you do?  Will you contact me? 

• Fees and charges

• • Investment property earning $650pw rent
    • 8% fee – $52 ($7.50 difference)
    • 7% fee – $45.50 ($6.50 difference)
    • 6% fee – $39
• Go with your gut – if you don’t have a good feeling on the phone
• Judge them on their communication and responsiveness during the ‘courtship’ phase
• A word on self management