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Property Management

Choosing a Property Management Company

When it comes to selecting a Property Management company to manage your investment property, there are a number of factors that should be considered before a final decision is made on who manages your real estate. One of the most important factors is the calibre of the staff dedicated to the property managment department. Professionally trained property management staff will make your investing experience smoother sailing. Staff should have a good knowledge of property managment law as outlined in the property act for their state. It is also important that the staff attend regular training and are up to date on the current property managment issues, as the property industry is one of constant change and failing act on regulated changes can result in financial implications for the investor.

Another factor that is important when choosing a property management business to manage your investment is the office systems and proceedures. Naturally it shouldn't be something you have to enquire about - but the reality is that being armed with this knowledge up front, you are better prepared for what to expect. These systems and proceedures should include details on the process of breaches, rental arrears, tenant selection requirements, rent increase negotiations, property maintenance and repairs, inspection intervals and rental payment methods. This will help you gauge the structure of the property management business and whether or not they suit your requirements as an investor.

Finally you should enquire about tenant selection. The best property management companies in Australia have a strict tenant selection criteria. Dream tenants are not hard to find, it is simply a case of screening applicants and allocating a tenant that best suits the property and your requirements as an investor. Unfortunately many property managment offices will place a tenant without correctly screening and performing reference checks. This puts you as the investor in a position of vulnerablility and should be avoided at all cost.

In summary, it is crucial to take a little time to research the different property management companies before making a conclusive decision on who will manage your investment property.