Don’t Make a Mistake: How to Choose the Right Property Manager
Kelly Smyth
Your expert in Property Management throughout the Hunter Region! Committed to creating genuine relationships with investors, by providing a transparent & detailed service. 0491 726 061.
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When it comes to choosing a property manager, it’s essential to make a decision that’s right for you and your investment property. Unfortunately, many landlords make the mistake of selecting a property manager based on the wrong factors, such as fees, location & more. In this blog post, we’ll take a closer look at how to avoid making the wrong decisions when choosing a property manager.
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Look past the low fees!
One of the most common mistakes landlords make is choosing a property manager based solely on their fees. While fees are an important factor to consider, they shouldn’t be the only factor. A low fee may seem like a good deal, but it could be an indicator of poor service or lack of experience. It’s crucial to look beyond the fees and consider the level of service and expertise that the property manager can provide.
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Low fees often mean low paid staff. When property management companies pay their staff low wages, they may struggle to attract and retain experienced and knowledgeable professionals. These staff members may feel undervalued and overworked, which can lead to high levels of stress and burnout. As a result, they may leave the company for better-paying positions, causing a turnover that can disrupt the continuity and quality of service for landlords and their properties.
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Low-paid staff may also lack motivation to provide excellent service to their clients, which can lead to poor communication, slow response times, and other service-related issues. In contrast, property management companies that invest in their staff by paying them fair wages and providing opportunities for professional development tend to have lower turnover rates, resulting in more stable and consistent service for their clients.
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Technology
Fees not only contribute to wages, but also for investing in technology in the property management industry. PropTech, which refers to the use of technology in property management, is advancing rapidly, and as our current software upgrades or new software is released, there are costs involved. It’s important for property management companies to stay up-to-date with the latest technological advancements in order to improve their procedures and provide better service to their clients.
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By investing in technology, property managers can save time and streamline their operations, allowing them to focus on improving their service to landlords and tenants. For example, property management software can automate routine tasks such as rent collection and maintenance requests, allowing property managers to spend more time on communication and building relationships with their clients.
In addition, technology can also improve the overall tenant experience. Online portals for rent payments and maintenance requests can provide tenants with convenient and efficient ways to interact with their property managers, resulting in higher tenant satisfaction and retention rates.
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Location
Another mistake that landlords make is selecting a property manager based on their location. While it may seem convenient to choose an agent that’s close to your property, proximity doesn’t necessarily equate to quality service. A property manager’s experience, expertise, and level of communication are far more important than their location.
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Relationships don’t mean a thing!
Lastly, many landlords make the mistake of choosing a property manager based on their previous business relationships with a real estate agency. Just because an agency sold you the property doesn’t mean they’ll provide the best property management service If a franchise, those agents are usually contractually bound to refer in house. Given this, opt for recommendations outside of the sales agents company, based off personal referral.
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It’s essential to evaluate each property manager individually based on their experience, expertise, and level of service.
At Hunter Property Management, we believe that the best way to choose a property manager is to do your research, ask for referrals, and evaluate each candidate based on their experience, expertise, and level of service.
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Don’t make the mistake of choosing a property manager based on the wrong factors. Contact us today to learn more about our property management services and how we can help you maximize your investment.
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0491 726 061