Investors Ask: Picking a property manager
Q. I am looking to find a property manager for my new purchase, a two-bedroom inner city unit. I have interviewed three separate property managers, but am unsure who to choose. How do I ensure that the property manager I choose is suitable? What qualities should I be looking for?
A. Firstly, if the property is brand new i.e. purchased off the plan or at completion you should choose a property manager that has had experience with dealing with defects as most new properties will have some defects even if minor.
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These defects need to be registered with the builder and rectified within the defect period in your contract. Often this is missed due to inexperience and can cost you money later on when you could have had the builder fix the issues at their cost.
Secondly, do not always go for the cheapest as you get what you pay for and don’t be too hard when negotiating fees. Keep in mind that each percentage drop in fees for an agent on an average rent of $400pw is only $4pw or $200 per year. So question whether or not it is really worth the tension for that amount as choosing an agent on price can often cost you thousands of dollars when they make a poor decision.
Finally, choose the company and the property manager you feel most comfortable with.
Keep in mind that it is not hard to transfer your property to another company should you feel you are not getting the level of service that you were expecting.
Grant Simpson, Director, Key Asset Management
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