Choosing a Property Management Company
Using a property management company to supervise your rental homes can be an very beneficial to you, and may provide peace of mind, knowing your property is being handled professionally. The good news is there are plenty of reliable options waiting for you out there.
Prior to selecting a property manager, take note of the following:
Property Management Concentration
First of all, you should hire a company that actually specializes in property management. Stay away from companies that treat property management as a supplemental part of their business. It's pretty simple to tell just by looking at their websites and seeing what the focus of their homepage is. Is it representing buyers or listing properties? If so, the company is obviously not so concerned about leasing and managing your home, and you may have longer vacancies and inadequate attention to repairs and other tenant concerns. Of course, that's not what you want.
Volume of Current Leases
A successful property management firm is actively pursuing business and has a lot of of inventory in their local area and surrounding cities too. Surely, some companies are bigger than the others, meaning lease inventories are going to vary. But the general rule is, fewer than 30 rental homes for lease at any single stage in their portfolio means you will have to go and look for another prospective management firm. A company that has no inventory is either so small and unlikely to stay in the market for long; or their operations may simply be focused on things other than Airbnb management sydney.
One-man vs. Team Management
If the person selling you on the property management services is the same one handling leasing, accounting, collections and customer service, be cautious. Don't be surprised if your calls, SMS or emails aren't returned on time, or if issues affecting your investment home aren't taken care of. This person may actually have good intentions, but a whole team of people with varying areas of expertise to management an investment property portfolio with success.
Real estate companies that aren't property management specialists usually don't bother to advertise in places that actually count or invest in superior quality advertising programs. They would rather concentrate on that aspect of operations that is actually their area of focus. Watch https://www.youtube.com/watch?v=gUs0oA37CH0 to understand more about property management.
A reputable property management Sydney will have a clean and straightforward contract and will gladly explain every line to you, including each part of the fine print. Lastly, be careful with companies that use generic contracts. This is a clear sign of their lack of seriousness in running their company, and automatically a clearer indication that they will lack seriousness in managing your investment property as well.