Before You Hire a Property Manager

Hiring a property manager is a smart decision if you want someone to help you screen and secure tenants for your property. Doing so frees up more of your time, especially if you have several properties to take care of. However, don't just hire anyone who offers you their services. Always take the time to screen the person if he or she is indeed capable of the work that you expect them to perform. Otherwise, you might end up with a property that loses money. Here are some things you need to ask your potential candidate before your hire him:

  1. What are his qualifications? When you're hiring a property manager, you want someone who really knows what he's doing. A good gauge of this would be to ask him for his qualifications for the job. This is important, as some areas in the country do not require property managers to be formally qualified for the job.
  2. How many years has he been working as a property manager? Experience is also an important consideration you need to make. The longer the person has been in the business, the better indication it is that he knows how to get the job done and that he can produce results.
  3. How many properties does he manage? A typical property manager handles anywhere from 50-150 properties at one time. This could present some serious challenges to the person, especially if he doesn't get any support from his principal. A possible consequence would be that you might hire someone who cannot give your property the full attention that it needs to attract tenants.
  4. How does his screening process work? When hiring a property manager, you don't just want someone who could get a tenant into your property. You also want somebody who could attract reliable tenants and ensures that their needs are met while they are renting the property.

By taking the steps we have outlined above, you can ensure that you hire a property manager who really gets the job done. This covers the entire range of services that you expect him to provide, including sourcing, screening, and servicing the tenants in your property.

For more of your mortgage and property-related concerns, contact our qualified advisors at Rate Detective today. They can provide you with a comparison of deals from the top lenders in Australia, so you can get the best deal that's right for you.

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Published on October 10-th, 2012 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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