You need tremendous effort to ensure your rental Perth property is always fully occupied. The day to day burden of tenant supervision and maintenance is already too much to handle. This is why rental property owners decide to hire a property manager to deal with the responsibilities.
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What Is Property Management?
Property management is letting a property management company or a third party oversee your real estate. Generally, property managers handle the everyday operations of your real estate — from screening a tenant to repairs and maintenance. As the owner, you’ll either be paying a fee for property management services or give the property management company a percentage of the rent.
Despite the cost involved, hiring a manager for your Perth property can be well worth it. You can save time and effort chasing after a tenant and overall avoid headaches that come from leasing.
Mistakes To Avoid When You Hire a Property Manager
If you want to know how to find property managers in Perth, WA, it’s not as simple as you think. Hiring the wrong person can bring you and your property more harm than help.
Mistakes are a part of life, but it wouldn’t hurt to avoid making them, especially when they involve expensive repairs, or much worse, a lawsuit. Be sure to avoid these four mistakes when hiring a manager for your investment properties in Perth, WA.
1. Relying Solely on Referrals
Personal recommendations from acquaintances can indeed help you shortlist your candidates for property managers. But still, you should do your due diligence before making a final decision.
You have to ensure that the property management services they offer match your needs. Moreover, they must have a good reputation in Perth, WA, real estate industry. Verify any red flags you spot when you reach out for inquiries.
Don’t blindly accept everything a potential property manager tells you. Research the leading property management agencies you’re looking to hire and check honest, unbiased reviews of them.
2. Not Asking the Right Questions
You may already have a list of questions ready while looking to hire a manager for your Perth, WA property. But are you sure you’re asking the right questions? Remember, the one you hire will manage your important residential investments for the long term, so you must be able to trust them.
Below are three important questions you should be asking your prospective property managers.
- What’s your average response time to get back to clients and tenants?
Property managers act as a liaison between you (the owner) and tenants. They must be prompt in making a response. “Fast” isn’t necessarily a specific answer.
- What’s your lease renewal rate?
One of the biggest expenses for leasing owners’ is tenant turnover. So, you’d certainly want a manager who has high renewal rates on the Perth location.
- What’s your eviction rate?
Property management agencies with low eviction rates mean that they’re doing a good job screening tenants. But make sure that they also have a strong payment collection process to obtain rent from tenants promptly.
3. Settling for an Affordable Service
It’s quite tempting to pick one manager amongst those that offer affordable rates. Although not all, they’re most likely not worth considering and may give you a subpar service. Discounted prices can sometimes mean a discounted service, so try not to settle because they offer good prices.
You and your property need a dedicated and reliable property management agency to help with all your leasing needs. Having a good manager in the property market is a worthwhile investment and something you shouldn’t save money on.
Quality, transparency, and trust should be your main concerns when looking for property management agencies in Perth. Understand what you’re paying for and ensure that you get all the services you need.
4. Not Reading the Contract
Before signing the fine print with your chosen property management company, make sure to read everything that comes with it. It’s better to ask plenty of questions than too few and fall for a contract that isn’t beneficial to you. Check whether you can get out of the contract without any difficulties if you experience poor service.
It’s important that you know how to exit or cancel the service if ever you change your mind in the future. Take note that you may incur termination fees if you decide to leave the contract too soon. Your goal is to find a Perth property manager who’s confident in their abilities to help you earn won’t charge if ever you walk away.
The Bottomline
Rental property management isn’t an easy field, so you need a professional to help you manage, deal with tenants, and maximise income. If you take to heart the four tips listed above, you’ll be able to find the best property manager for your real estate.
Hiring someone to manage your properties takes trust. You’re handing the keys to probably big investments, so it’s important that you take the time to find the right person for the job. Someone who can help you earn the highest return on investment while alleviating the stress of day to day management.
I am Arjun Kumar. I am the owner and administrator of Finance Gradeup. I have completed my education in Arts & Technology. Arjun Kumar usually has interests in playing games, reading and writing. He was a brilliant student during his college days. He also works for many private companies, but the main interest of Arjun Kumar is digital marketing. He thinks that reading is a must before providing any quality information to his readers. You can find Arjun Kumar on much social media handles online, or you can learn more about him in about us page.