Selecting a great property manager

Lilli Murphy

September 2024

Choosing the right property manager for your investment is a crucial decision that should never be taken lightly. In today's market, a property manager's role is more important than ever to ensure clear communication between you and your renters, and to safeguard the success of your asset. In this article, we explore what to look for in a property manager and how to find the perfect fit for your needs.

Jellis Craig Branding May 2023 simonshiffsays 0 4 — **Trust and communication**
The first step is to find someone you trust, feel at ease with, and who understands your needs as a rental provider. A great property manager must also be an excellent communicator. A common frustraition from tenants is that they feel they are not being heard by their property manager, which can lead to a negative experience for everyone involved. Clear communication is key to ensuring your property manager can resolve any points of contention before they escalate.
**Understanding your needs**
Your long-term goals should be as important to your property manager as they are to you. Communicate your goals clearly, as they differ from person to person, and your property manager will provide personalised advice based on your unique needs as an investor. Whether you are planning for the short term or have a 10-year strategy in mind, they should work with you to achieve these goals.

Finding the right tenant

Having a property manager who can help you find the right tenant is one of the most critical decisions that will shape your investment journey and keep you on track to meet your goals. Your property manager should be skilled at selecting the most suitable renter for your property. Whether it is for a short-term stay, a family home, or managing applications with pets, a great property manager will know which renter fits best with your investment goals.

Legislation and problem-solving

Over the years of managing your investment, your property manager will likely need to handle a variety of situations on your behalf. They must have a solid understanding of current legislation so they can effectively manage any issues that come up during the tenancy. This includes giving advice on maintenance, addressing rent arrears, and handling the process of reletting at the end of the tenancy.

How to find a great property manager

30 Lambeth Avenue Armadale 022 20 MP — **Rating and reviews**
When creating a shortlist of potential property managers, it's worth researching their online reputation. Review platforms often provide honest feedback from all clients, not just those who have had positive experiences.

**Word of mouth**
Ask around in your peer group or among colleagues for recommendations. Word-of-mouth referrals offer unbiased opinions from people in similar situations who have had genuine experiences with their property managers. Every great property manager should strive to be referred to potential clients by their current clientele, as this demonstrates confidence in their abilities and skills.

Referral from your sales agent

If you are still unsure about what to look for in a property manager or how to select one, a referral from your sales agent is a great place to start - especially if you've had a positive experience with the agency. They can recommend a property manager who suits your needs, your property, and the local area.

The recipe for success

Maximising your returns is about more than just capital growth; it also involves smart cost management. Now that you have found the right property manager, another way to boost your investment return and minimise risk is to consolidate your rental properties under one management portfolio.

This approach helps build a stronger relationship with your property manager, as good communication is key to successful portfolio management. They can better understand which tenants meet your criteria and streamline the process, making end-of-year financial management smoother and less stressful.