How to Rate Your Property Manager
When it comes to the Investment property you own, you need to feel confident in your Property Managers — knowing that they are acting in your best interests.
The other day, I set down for you a few thoughts on just what you should be expecting from your Property Manager.
Anyway, here are 17 probing questions to help you gauge whether or not your Property Managers are well organized, competent and providing you with the level of service you need … as a serious Property Investor.
Your Property Manager’s Mindset
- What do your Property Managers consider as the underlying precepts, which determine a top-class Property Manager? (There are four).
- Can they list for you the six Key Principles a competent Property Manager should operate by?
- What are the three Cs, which will ensure a lasting relationship between you and your Property Manager?
Your Best Safeguard is …
An astute Property Manager’s self interest!
- Ask your Property Managers the two main reasons why a properly-structured property management portfolio should be viewed as the life-blood of their business.
Step Behind the Scenes
Ask your Property Managers:
- Exactly what it is they do for you?
- Can they give you specific Standards by which they measure their performance?
- How do they ensure that these Standards are actually met?
- What is their System for controlling late payers?
Find out how much they know!
What is the extent of your Property Manager’s knowledge
in the areas of :
- The Market and the marketplace?
- Taxation (especially GST & Capital Gains Tax)?
- The Laws governing Ownership & Leasing of Property?
- Trust Accounting?
- Various Legislative requirements?
- Building and Construction?
Essential Services Regulations
You need to protect yourself
- When was the last Essential Services Inspection carried out?
- Did they provide you with a copy of that inspection report?
- Have any identified breaches been rectified?
You need to understand that these regulations are probably your greatest area of exposure, as a Property Owner in Australia. Essential Services issues simply must be addressed!
You’re probably now starting to appreciate, just how important it is to ensure that your Property Managers view their role as more than … merely collecting your rental, and undertaking a few minor repairs.
Let me know if you’re interested in finding out the answers to these questions … and I’ll make them available to you.
