What questions should you really be asking when shopping for a property manager? 

What are your fees? 
 
This is important. When making decisions about your largest asset and financial future, you need to make sure you are getting a good deal balanced with quality service. Cheaper fees may seem more attractive at first but can cost you a great deal in the long run.  

How many properties are you looking after at once? 

Your average property manager can handle a maximum of 120 properties at one time. Property management companies who offer the cheapest fees must manage more properties just to break even. You do not want critical issues left unattended, a bad tenant in your house or constantly unanswered phone calls because your property manager is under- resourced and over worked.  

What happens when your property manager isn’t available?  

The world of property management never takes a break. If your property manager is sick or goes on leave, you need to consider who is going to look after your property. Another property manager in the agency often will be allocated to help, meaning they are managing 240-plus properties. Things can, and will, go wrong. 

Do they know their stuff?  

Property managers are required to be licensed. Did you know that a property manager needs to know over 2793 pages of legislation, just to do their job? Add that to ever-changing market information, property maintenance tricks and investment hacks and you want to ensure you select a well-informed agency that prioritises professional development and regular training. It may be the difference between your insurance claim being valid or your SACAT hearing being successful. It could cost you thousands. 

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Do they have more than one property manager? 

Some property management agencies have stand-alone property managers who work under a land agent. This means if things go wrong there is no escalation, and no backup for sick leave or holidays. 
 
Are you a specialised property management company or an add-on to a sales department? 
 
The major of property managers are add-ons to a real estate sales department. This is worth considering, as the service you experience may be an afterthought and not a priority.  

A dedicated property management department means they have training and tech development. It also means your property manager is supported, ensuring they can offer the service you deserve and look after your property with an elevated level of attention to detail, care and respect. 

Selecting a property management company is a major decision and one that needs to be carefully considered. You are trusting them with your biggest investment and financial future.  

Toop&Toop