- What do they charge? Make sure it is clear what charges and fees are involved when signing an Agency Agreement. The Management Fee can range from 5.5% or lower up to and over 8%. Be clear on what service they provide for this fee and all other costs associated with managing the property.
- Inspections on the property. Enquire as to how many inspections they perform on a rental property in a calendar year. The maximum number is 4 in accordance with the Act however, it could easily slip the to do list and not be performed at all. These inspections are integral in keeping an eye on the condition of your investment.
- How long until you return my call? Ask what their policy is on returning your calls. Ideally a phone call or email should be returned within a 24 hour period to either the Landlord or the Tenant. Any urgent repairs need to be attended to as soon as possible along with any other important issues that you want to discuss as Landlord.
- Don't be restricted by Suburb. You do not need to appoint a Property Manager in the same suburb as your investment property. Feel free to look outside of the boundary and talk to a few different agencies. Within a reasonable range, a good Property Manager will be happy to travel and can attend to a majority of tasks from the office.
Like most things, a recommendation from a friend or work colleague can always help when selecting a Property Manager. There are plenty of choices out there, knock on the door of a few agencies and start talking. After the initial meeting you should start to get a feel for how the Property Manager performs.
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