10 Important Questions To Ask Your Property Managers

With the tremendous growth in the Melbourne property market and no shortage of tenants, many homeowners fail to choose the right property managers for their property. Many think that they don’t need a property manager while some choose their property managers on fees alone. This is because they don’t understand that the property management is much more than just collecting rents from the tenants. They can play a pivotal role in preserving the property’s capital value and maximise its income.

Have you ever searched for good property managers in Melbourne? If yes, you know how difficult it can be to find the right one for your rental property, especially when there are several property managers out there in the market.

Choosing the Melbourne property managers can be a daunting task, especially if you’ve never rented a property before. But don’t worry; if you ask the right question while hiring property managers, you can surely find the best fit for your property.

1. What kind of properties have you managed?

Experience counts a lot when it comes to property management Melbourne services. It helps in classifying good ones from the rest. However, experience in this field is not just the number of years, but also the kind of properties they have managed. Depending on your property type, you can either select the one who specialises in managing your kind of properties or the one who has varied experience in managing different properties.

2. What’s the right rental price for my property?

It will help you assess how well a property management company knows the property market and what they can offer you. It will help you get a better idea of what your property is worth in the current market. Compare the rental price with different property managers to see what they offer. It will help you understand where your property stands in the market.

3. How do you screen potential tenants?

One of the most vital steps in managing property is screening potential tenants. Ask your property managers about their process for finding tenants and how they match tenants to your property. It will reflect their service level. This will give you a better idea of how the managers work and what lengths they’ll go to find the right match for your property.

4. How do you handle late payments by tenants?

Managing the tenants and collecting rent is one of the major aspects of property management service. Asking them the above question will display you their management style and their ability to handle such critical issues. See, if everything goes smoothly and aligns with your expectations from them and how you want your property to be managed.

5. How do you deal with the complaints?

This will allow you to measure how well potential Melbourne property managers can handle the landlord-tenant relationship. Always take into account that they will act as a mediator between you and your tenant. Thus, it is essential that you are comfortable with their process of dealing with any complaints or issues.

6. How often do you carry out property inspections?

As the part of any tenancy agreement, routine property inspections are essential. How often you managers carry out property inspections depends on the legislation for your state. Always ensure that your company is complying with the maximum allowed. It provides you with a better peace of mind. This question will help you evaluate how the property management company will look after your property even after the start of the tenancy. Many managers have a huge database of home improvement contractors and they can even put you in touch with them if your property require any trade like cleaning, electrical or renovation contractors.

7. What can I do to improve my property listing?

This won’t only reveal their expertise in property management but also aid you to put your property in the market’s best position. Take a note of their suggestions, evaluate how relevant they are and decide whether they can get your property where you want it to be.

8. What is your fee structure?

When it comes to finding a new property manager, this question can make or break the situation. Take into account that many companies are paid based on the property’s rental price. However, there might be additional service charges such as maintenance mark-ups, tenant finder’s fees, evictions, court costs, finding tenant’s charges and other charges. Ensure that the fee structure is clearly outlined by the property manager and is in writing in the contract.

9. How will you send reports? Can I have a look at the sample report?

The way a property management company reports financial data can affect their ability to truly understand the property. They should be able to explain everything in the reports in a clear and concise manner. Ensure to ask anything that is not clear. The company should also be able to provide you with a sample report to review before signing the agreement. This will give you a proper understanding of the generated report. Don’t forget to clarify about when and how the reports will be delivered.

10. What separates you from other property managers in the market?

This is where the prospective property managers will try to sell the services they offer and how well they stand apart in the market. It’s a phase where you will assess the intangibles in the working relationship. It gives you a better idea of how well they meet your expectations. Evaluate if they are able to provide what you’re looking for.

Conclusion

In this highly competitive era, finding the right Melbourne property managers can be difficult. But by doing the research beforehand and asking the right questions, will help you find that right manager. Once you find the right one, you’ll surely consider that is worth hiring the property managers for your property.