Finding a property manager: Questions to ask before committing
When it comes to purchasing your own investment property in Surfers Paradise, you'll be making a great addition to your future. With the rising strength of the nation's real estate market and the expected population boom heading towards the country over the coming years, getting your foot in the door and beginning to establish a presence in the area will be a great way to take advantage of the rising need for accommodation in the future.
But remember that owning rentals in Surfers Paradise can be a difficult and stressful experience – especially if this is the first time you've undertaken this type of responsibility. There are a lot of different things to take to heart, especially when you start to get tenants into your homes. Taking care of the real estate and looking after your renters needs is a full-time job and can be hard to juggle if you aren't committed to your portfolio's growth.
However, there are experts you can speak to and enlist to help you with your investment portfolio. Property managers can be a brilliant aid when it comes to making your portfolio as profitable as possible. They assume control of your investments and tend to them, allowing you to get on with your life while your properties are looked after by a full-time expert. But before you hire someone to take on this responsibility, you'll want to make sure they're the right fit for your needs.
Here are some questions to consider asking before making your final decision.
How long have they been managing properties?
Right off the bat, you'll want to ensure they're experienced at what they do. Speaking with a potential property manager about their experiences in the industry – including specifically in your region – will be a good tell as to whether they're the right pick for you.
You'll want to find someone who has been at it for a while, simply because this means they have experience and insight into the local market. This is essential to ensure you set the right rent for the home and have a fighting chance at competing in the local rental market.
Furthermore, those who have been at it for a long time could have community ties and professional discounts at certain amenities across the area. This can have a trickle down for you, especially if they spend less on materials for home repairs and other expenses of the sort.
How familiar are they with tenancy law?
With the complexity of tenancy law in Australia, having someone in your court that has an intimate knowledge of both landlord and tenancy rights is always a bonus. Because of the sheer number of homes these property managers look after, they often have a good grasp on the various obligations of both parties – which will ensure that nobody is cheated of their legal rights.
And in the unfortunate circumstances that legal action is brought against you, having a property manager on your side to help your representation could be beneficial for your case. Having someone knowledgeable to go over the case with you and point out where the accusations are coming from, if you've done anything wrong and what the potential outcomes could be will be a great comfort to have throughout.
It could be worth asking them about their previous legal experiences as well. Have they been involved with many cases in the past? If so, what type of outcomes have they experienced? These are simple questions that can help you gauge their suitability for you and your investment needs.