The Ultimate Guide to Using a Property Manager
Are you a landlord or property investor overwhelmed by the demands of managing your rental properties? Do you struggle to juggle multiple tasks such as screening tenants, handling maintenance requests, and staying up-to-date with legal requirements? If these challenges sound familiar, you're not alone.
Fortunately, there's a solution - hiring a property manager can alleviate many of these burdens and provide numerous benefits that can make a significant impact on your rental property's success.
In this comprehensive guide, we'll dive into everything you need to know about using a property manager. We'll explore their key roles and responsibilities, guide you through the process of selecting the perfect property manager, and highlight the advantages they bring to the table. We'll also provide tips and advice for working effectively with your property manager to ensure the best possible outcomes.
So, whether you're a new landlord looking to simplify property management or a seasoned investor seeking to optimise your portfolio, this guide is for you. Discover how a property manager can help you save time, money, and stress, and take your rental property business to the next level.
What Does a Property Manager Do?
While a property manager can make your property ownership hassle-free, it's crucial to understand what to expect from them before hiring one.
A property manager is a professional who can handle a wide range of tasks related to rental property management, from tenant management and screening to property maintenance and repairs, financial management, legal compliance, and marketing.
By hiring a property manager, you can ensure that your rental property is well-managed, and you can enjoy a stress-free rental experience.
Why Use a Property Manager?
Property managers are recommended for their experience and expertise in property management, making them capable of handling tenants who fall into rent arrears, conducting property inspections, and complying with relevant legislation.
From increased passive income to better tenant screening and retention, timely rent collection and financial management, property maintenance and repair management, time savings, and reduced stress, a property manager can help you manage your properties effectively and efficiently. If you're a landlord, consider hiring a property manager to help you get the most out of your investments.
When to Consider Hiring a Property Manager
Investing in rental properties can be lucrative, but it also requires significant time, effort, and knowledge which can be overwhelming. Hiring a property manager to oversee the day-to-day operations of rental properties can be a good solution for landlords who don't have the time, expertise, or desire to manage their rental properties themselves.
Signs that it's time to consider hiring a property manager include owning multiple properties, living far away, lacking time or expertise, wanting to maximise rental income, reducing stress, and moving/travelling overseas.
Regardless of your reasons, when hiring a property manager, it is important to do research and find a reputable professional who can help protect your investment.
How to Choose a Good Property Manager
The lack of regulation in the New Zealand property management industry has led to the existence of both good and bad property managers.
When looking for a good property manager for your rental property, choosing an experienced property manager who deals with properties similar to yours, with a manageable portfolio size, and who has positive online reviews and referrals, are some of the factors to consider.
Additionally, good property managers should have clear processes, be flexible and responsive, and offer a guarantee of their services. Landlords should also consider their desired level of involvement and check if the property manager is part of a recognised organisation.
Questions to Ask a Potential Property Manager
As a property owner, it's crucial to find an efficient and effective property manager who can handle all aspects of property management. To do so, you need to ask the right questions.
Here are 10 questions that will provide good insight into the calibre of a property manager:
- What's your on-time rent payment percentage?
- What's your occupancy rate?
- How much time will you spend looking after my properties?
- What are the reputation/credentials/experience of the property manager?
- What is the staff turnover rate/do they have skin in the game?
- What is the total cost of managing my property?
- How do you handle maintenance and repairs?
- How do you find and screen potential tenants?
- How do you handle rent increases and lease renewals?
- What kind of communication can I expect from you, and how often?
Researching and Comparing Property Management Companies
With so many options out there, it can be overwhelming trying to choose the right property management company. It's important to do your research and compare different companies to ensure you make an informed decision.
This can be done by defining your needs and expectations, asking for referrals, checking online reviews, checking credentials and experience, asking about services and fees, and comparing communication and responsiveness. By doing so, you can make an informed decision and find a reliable partner to help manage your properties.