It is vitally important you feel totally confident in your Property Managers, knowing that they’re acting solely in your best interests.

Here are some questions that will help you determine whether your Property Managers are well organized, competent and delivering to you the level of service you need as a serious Property Investor.

Your Property Manager’s Mindset

1. What do your Property Managers consider as the underlying precepts, which determine a top-class Property Manager? (There are four).
2. Can they list for you the six Key Principles a competent Property Manager should operate by?
3. What are the three Cs, which will ensure a lasting relationship between you and your Property Manager?

Your Best Safeguard …

An astute Property Manager’s self interest

4. Ask your Property Manager 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:

5. Exactly what it is they do for you?
6. Can they give you specific Standards by which they measure their performance?
7. How do they ensure that these Standards are actually met?
8. 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 :

9. The Market and the marketplace?
10. Taxation (especially GST & Capital Gains Tax)?
11. The Laws governing Ownership & Leasing of Property?
12. Trust Accounting?
13. Various Legislative requirements?
14. Building and Construction?

You need to protect yourself

15. When was the last Essential Services Inspection carried out?
16. Did they provide you with a copy of that inspection report?
17. Have any identified breaches been rectified?

It’s vital to note that these regulations are probably your greatest area of exposure, as a Property Owner in Australia. Essential Services issues simply must be addressed!

By now, you will be appreciating, 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.

If you’d like to discuss any aspect of Property Management in more detail, just leave you details below … and I’d be more than happy to let you know the answers to these questions.