You’ve finally purchased an investment property. Congratulations! Welcome to the world of investing. Now you may ask yourself, ‘should I manage the property, or do I employ the services of an Adelaide Property Manager?’
Your investment property is often your biggest asset. You’ve dedicated plenty of time and money in finding the right house for you, so it’s understandable that you want it to be managed efficiently and effectively.
But maintaining your property yourself can be stressful and a burden on your time. This is especially true for those who have several investment properties in their portfolio. Sometimes it’s best to leave it to the professionals.
Finding the best Adelaide Property Manager for you isn’t as simple as choosing the first one you find on Google. You may have questions about your role as the landlord or their previous experience. So how do you know who is right for you?
Salvan Property Management are Adelaide property managers that specialise in tailoring solutions to help property investors achieve their financial goals with a stress-free, hands-on approach. If you’re new to property investment, you don’t have to endure bad experiences. We’re here to help you from start to finish.
So, where do you start? We’ve put together three things you need to look for in a Property Manager.
Why Do You Need An Adelaide Property Manager?
It may be tempting to save costs and manage your investment property yourself, but without the proper training, experience and knowledge, doing it alone can be a nightmare.
Laws And Legislations
Property Managers understand the laws and legislations that preserve the rights of both the tenants and property owners. There are harsh consequences for Adelaide landlords if they, even unknowingly, breach these rules. Your manager is there to help you avoid any lawsuits or fines.
Maintenance And Inspections
Many Adelaide landlords have full-time employment or busy family and social lives. They don’t have the time or expertise to repair and maintain their investment properties.
Your Property Manager organises all maintenance issues and inspections. Your tenants will call them first if anything goes wrong, and it’s the manager’s responsibility to ensure that the problem is resolved satisfactorily.
Managers also arrange and conduct regular routine inspections and give you a detailed report after they have been completed.
Are you having trouble finding tenants? You may be overcharging on the rent. Are you not attracting the right kind of tenant? Perhaps you’re not asking for enough rent or advertising on the right platforms.
A Property Manager can provide an independent assessment of rental appraisal on your property, find the highest achievable rent, and optimise your ROI. They also know how to effectively advertise your property, securing the right tenant for your property.
So what do you need to look for in a Property Manager?
Choose an Adelaide Property Manager who knows the suburb of your investment property like the back of their hand. If they live or work in the surrounding areas, that’s a bonus. This will mean that they will be up to speed with what is happening locally and what tenants are looking for.
Ask your potential manager about their current clients, their knowledge of the current rental market, and what they predict will happen in the future. Compare your investment property with any of the manager’s similar listings. How have they been managed? Are you happy with the maintenance of the home? Would you be satisfied if this was your property?
If you’re feeling brave, speak to some of the manager’s current clients. Are they happy with the level of service their manager provides? Most managers will do the legwork for you and give you testimonials upon request.
Communication And Responsiveness
When it comes to managing your biggest investment, communication and responsiveness are key. Often many people are involved in managing one property, and sometimes these people need to be spoken to all at once.
Find a Property Manager that communicates with you quickly and with honesty. Why? Because their ability to manage your property effectively will rely on their skillset of communicating openly, objectively and firmly.
For example, your manager will need to inform you as soon as possible of any repairs or maintenance that will need to be done. If repairs aren’t done in a timely and efficient manner, your tenants may become frustrated.
Ask the potential manager how many properties they are currently responsible for. Some Adelaide Property Managers can have up to 200 properties! This can affect the service they provide – after all, it’s harder to offer a high-quality service if you’re stretched too thin.
A manager with fewer properties may cost more but can be less stressful in the long run. They will have the time and energy to give your property the attention it deserves.
Potential Tenant Scouting
Thanks to Property Managers, you don’t need to scour the corners of the globe, looking for the perfect tenant. They will do that for you. So find a manager that you can trust to find the right tenant for your property.
A good manager will inspect your property alongside prospective tenants to allow more opportunity to promote it. This also gives them a chance to meet the potential tenants and screen them to see if they will be suitable.
Ask any potential managers how they plan to advertise your property. Are they going to speak to other tenants who are looking for a place? Or will they advertise online? You can also look at their current campaigns. You can also check out their website.
Why is this important? Because the majority of rentals are now advertised online. There are plenty of tenants out there – so understanding how best to reach them is crucial.
Natalie Salvati, Principal of Salvan Property Management, is a registered Real Estate Agent (RLA 276287) with over 20 years of experience in the property management market. She specialises in looking after metropolitan Adelaide landlords, or as we like to say, ‘property investors’. Request a free property appraisal with Natalie here.