We are new to IP and have just purchased a property in Brunswick. We are not impressed with the agent we dealt with when we purchased so will be looking for a Property Manager. Any recommendations would be welcome. This is all new to us so need help.
Thanks in anticipation.There should be few agents (e.g., L J Hooke; Professionals etc) your area that can help you with managing your property. Try contacting three different agents, ask for their property managers.
Hiring property manager to manage your IP is like hiring an employee: Ask for the following questions:
How many properties in your books that are vacant (e.g. 2 % vacancy rate is good)
How many properties per PM handles (e.g under 100 properties per PM is good metric, above 100 is probably the PM is overworked)
How many years of experience the PM been in his or her role (e.g., 5 yrs experienced is a good metric)
Qualification
Backup PM if he/or she is on holiday etcAgain, asking the right questions are critical when hiring your PM.
I recommend you buy the below book by Rachel Barnes & Geoff Doidge. Excellent book on how to manage your IP.
Managing Your Investment Property
Goodluck
Thank you for steering me in the right direction. I have heard a few horror stories regarding lazy PM's and didn't really know how to go about weeding the good from the bad. I'll check out that book too. Thanks for the tips.
Glad I can help….you can easily sort out the good one from the not so good one through regorious interview. Take your time…… just as you would take your time hiring an employee in your business.,………….. and good luck selecting the right one
You must be logged in to reply to this topic. If you don't have an account, you can register here.
