Once you have decided on purchasing an investment property, you should also start to think about who is going to manage your property. Whilst you can do it yourself, it is wise to employ a professional who knows the ins and outs of NSW legislation, landlord and tenant rights and who can act as a middle man to avoid problems between the landlord and tenant directly.
Many people think that all property management professionals are the same, barring some variation in fees between agencies. However, taking the time to find out the subtle (or obvious) differences in their services can mean the difference between getting a quality tenant or not, having regular inspections or not, having attention paid to minor details or not.
In our experience, it is best to choose a professional property management team based on their merits, service and reputation rather than their fee. There should be particular attention paid to your specific needs and wants as a landlord and you should feel comfortable with the people managing your property.
When choosing between agencies, this is an example of the process in which you could follow:
1) Contact your preferred 3 or 4 property management agencies (of which we hope Professionals Mudgee would be one – click on the link to read more about our professional management services).
2) Explain your needs and circumstances (when you’ll take possession of the investment property, its location etc) and ask for a proposal to be sent to you with the management services and applicable fees.
3) Compare proposals and weigh up the benefits of each. Take into consideration how personable the property manager is and whether you feel they are trustworthy and reputable.
4) Ask to meet with the property manager before signing anything and ask any questions you have about the services and agreement. Note – no question is a stupid question!
5) Based on your discussions, choose the most appropriate manager for your investment property!
Whether you’re a first time investor or a seasoned expert, it is important to always stay informed with what’s happening in the investment and rental market. Take the advice of trusted professionals in the industry.