The right Melbourne property management company is invaluable in maintaining your assets’ long term rental yields and capital growth. Failing to invest in a professional property management company can cost you more in the long run. So what do you look for when seeking out a property management company? Who will act on your behalf in a professional and ethical manner, whilst ensuring your investment performs at its peak? Below is a list of factors to consider in finding the right property manager:
1. Professionalism And Experience
Ensure your potential property management company has a wealth of quality and well trained staff, with systems and checks in balance to ensure a smooth process from listing your property for lease, securing leasing your property, the ongoing management and the eventual vacating of your property.
2. Knowledge On The Area
Your potential property management company should know the area; they should be able to offer information on local services and infrastructure, including shopping, facilities, schools, parks and public transport, right down to where to get the best cup of coffee!
3. Expert Advice
Look for a property management team who will be able to assess your investment property to determine how it should be marketed to prospective tenants. If you charge too much for the property, you stand the risk of extended vacancies, but if you charge too little, you are not making the most of your yields.
4. Passionate Property Management
The right property management team has a passion for property management. They should conduct regular rent reviews to ensure your tenants are being charged the correct market rental and your yields are maximized. Ask how often they conduct routine inspections. Make sure your property is of high importance to them
5. Large Database of Tenants
Property management companies should have a database of prospective tenants whose requirements can be matched to your particular property, and can advise you on the suitability of applicants. Ask how many days per week they operate in order to find and secure you a tenant whilst minimizing the vacancy period.
Asking the right questions when seeking the right property manager, will put you in a great position to finding the right Melbourne property management team.