What I’ve learnt after decades in property management is that while the day-to-day tasks of managing a rental property may be similar, the way those tasks are carried out can vary enormously.
Your property can be adversely affected by an inexperienced property manager, a lack of support, a large portfolio or simply someone who is stretched too thin.
Choosing a property manager isn’t just about finding someone who can collect the rent and organise repairs. It’s about finding someone who will take responsibility for your property, stay on top of the details and care about the outcome.With decades of experience behind me, these are the things I believe every property owner should consider before handing over the keys.
1. Don’t choose on management fees alone
If the first question you ask is “What is your management fee?”, you may be looking at the wrong part of the equation.
Of course fees matter. Nobody wants to pay more than they need to.
But I’ve always believed that apples aren’t always apples when it comes to property management.
Two agencies can quote different fees and provide very different levels of service, experience, communication and accountability.
You’re not simply paying someone to collect the rent. You’re paying for the knowledge and experience behind the decisions being made about your property and the person who is going to notice when something isn’t right and do something about it.
So don’t just compare what you pay. Ask what you are getting for what you pay. The cheapest property manager isn’t necessarily the one that costs you the least.
2. Ask who will actually manage your property
This is one I would definitely ask before signing anything.
There are many different ways agencies structure their property management. Some have one property manager looking after the property from end to end, while others divide the work between different people – one for inspections, another for maintenance, someone else for tenancy matters and so on.
There’s nothing inherently wrong with either model. What matters is knowing what you are actually signing up for.
The person who sits across from you, talks about how much they care about your property and wins your business may not be the person you ever deal with again.
So ask.
Who will actually manage my property? Who will I speak to? And who is accountable when something needs attention?
3. Ask how they communicate
For me, good communication is one of the simplest ways to tell whether your property is genuinely being looked after.
You shouldn’t have to wonder what is happening with your investment or chase your property manager for an update.
Ask how often they communicate, what they communicate about and how you will be contacted.
Will you hear from them after an inspection? If your tenant reports an issue? If rent falls into arrears? If something unexpected happens?
And remember, good communication isn’t about sending you an email every time someone sneezes. It’s about knowing when something matters and making sure you hear about it.
I’d much rather an owner receive one useful phone call followed by one email, than five emails that tell them nothing.
A good property manager should also be proactive. If something needs attention, you shouldn’t have to be the one asking, “Has this been followed up yet?”
You have entrusted someone with your investment. You should feel confident that they are paying attention to it.
4. Find Out How Many Properties Your Property Manager Personally Manages
This is one of the questions I would definitely ask.
And make sure you ask how many properties the person who will actually manage your property is responsible for, rather than how many properties the agency manages as a whole.
There is only so much time in a day.
If one property manager is responsible for a very large portfolio, ask yourself how much time they realistically have to know your property, communicate with you, follow up maintenance and notice the little things.
Property management can become very reactive when someone is constantly dealing with the next problem, the next phone call and the next email.
I’ve always believed that you manage property properly by paying attention to it.
That’s one of the reasons I deliberately keep my portfolio at a level where I can remain involved and know the properties I manage.
I don’t want your property to become just another number on a spreadsheet.
I want to know the property, know the tenancy and know what is happening.
5. Ask What Happens When Something Goes Wrong
This is where I think experience really counts.
Ask a property manager what happens when things don’t go according to plan.
What happens if the tenant stops paying rent? If there is a significant maintenance issue? If a tenant isn’t looking after the property? If something happens that isn’t covered by the usual process?
Anyone can manage a property when everything is going smoothly.
The real test is what happens when it isn’t.
You want someone who understands the legislation, knows the process, communicates with you and, importantly, doesn’t bury their head in the sand when something becomes difficult.
After decades in property management, I’ve dealt with plenty of situations that didn’t go according to plan.
You learn that problems rarely improve by themselves.
Identify them early, communicate clearly and deal with them properly.
That experience can make a significant difference when something unexpected happens with your property.
6. Make Sure Your Personalities and Expectations Fit
This one might sound a little unusual in a property management article, but I think it’s important.
You’re going to have an ongoing relationship with your property manager. You need to be comfortable with the person you are trusting with your investment.
Are you someone who likes to know everything that is happening? Or do you prefer your property manager to take care of things and contact you when something requires your attention?
Do you prefer phone calls or emails? Do you want to approve maintenance? How involved do you want to be?
And just as importantly, does your property manager understand that?
There is no single “right” way to be a property owner. Some owners want to be heavily involved; others want to hand over the keys and know that everything is being taken care of.
What matters is that your expectations are understood from the beginning.
I also think personality matters more than people sometimes realise.
You need to feel that you can ask questions, raise concerns and have an honest conversation when you need to. And you need to have the confidence that your tenant will also have that same relationship to ensure a smooth tenancy experience.
After all, this isn’t a one-off transaction.
It’s a relationship and the right property manager should feel like someone you can trust to have your back when protecting your investment.