It can be tempting to go it alone when renting out an investment property. But when things go wrong, it’s easy to see why enlisting the services of a property manager pays dividends! If you’re in the process of choosing a property manager – or you’re still debating whether to hire a property manager to take care of your rental property, here are 5 important qualities to look out for in a property manager.
1. An expert in their field
As a landlord, it can be tricky navigating and understanding the many laws and legislations that protect both tenants and landlords when renting out a property. Any breaches in these laws come with harsh penalties, which is why it’s helpful to have someone on your side who understands the rules and regulations. A knowledgeable property manager is an expert in their field, helping ensure you don’t breach any rules and providing you with peace of mind.
2. Provides advice in a changing market
Constant shifts in the rental market means it’s important to price your rental property at the correct level. Pricing your rental too low means you miss out on potential revenue. Charging too much and you could struggle to find tenants to fill your rental property. Property managers who manage several properties will have a finger on the pulse of the local market. After appraising your property and comparing it to similar rental properties in the area, they’ll help you determine the highest achievable rent, so you optimize your return on investment.
3. Clear and consistent communication
Dealing with conflict and issues that arise with tenants is often a struggle for some landlords. Chasing up late rental payments, dealing with damage to property or noise complaints can be uncomfortable situations to manage. Having a property manager, who is experienced at handling and mediating conflicting issues, is a huge advantage. The property manager is also the tenant’s first point of contact and is responsible for managing that relationship with open and honest communication.
4. Better tenants, better retention
Having good tenants who pay their rent on time and stay for longer plays a big part in getting the most return out of your rental property. Property managers help with tenant selection, managing the screening and vetting process, to ensure you get the right people in your rental. They’re also on hand at any time should the tenant require assistance, helping fix problems as they arise, and handling any conflicting situations before they deteriorate further.
5. Maximising your return
A good property manager will be able to point out features that are most appealing to tenants, and can usually put you in touch with contacts in the industry who can help with renovations or repairs as needed. Things like a heat pump, a modern kitchen or bathroom, or onsite parking or a garage are generally sought after by many tenants. These improvements may help you maximise your investment or even mean you’re able to charge a premium rent.
An essential part of your investment
Working with an expert property manager can help you get the best return on your rental property investment. But it’s important you find a property manager that you trust and who you feel comfortable with.
If you are considering adding a rental property to your property portfolio, or you already own a rental property, consider working with a Harcourts’ Property Manager. As Mortgage Express’ sister company, Harcourts has a team of experienced and knowledgeable property managers throughout New Zealand, ready to assist you in managing your investment property. Start by booking a free rental appraisal.