If you own property in Australia, hiring a reliable property management company could make a big difference. A good manager helps protect your property and make the most money from it by screening tenants, collecting rent, and scheduling maintenance. But how do you know which one is right for you when there are so many?

This guide has all the information you need to choose the best property management firm. This will help you make an informed choice that will help you realise your long-term property goals.

Find out what a property manager does

You’ve identified the property you want to invest in. You’ve looked through the fix and flip loans available to you, and chosen the right one. You’ve undertaken the work to get the property into livable condition. Now’s the time to start looking at hiring a property manager. You should know what a property management company does before you start shopping for one. Their major task is to get people to rent your home and market it.

• Looking over tenant applications
• Getting the rent and finding late payments
• Keeping up with repairs and maintenance
• Checking things out on a regular basis
• Managing lease agreements and renewals

Following the rules for renting

If you appoint a good and proactive manager, you may relax knowing that these tasks will be done professionally. This will save you time and make you feel better. Look for someone who knows a lot about the area and has worked there before.

Experience is very crucial in real estate. Look for a property management company that has worked in your area for a long time. A local agency will know a lot about the rental market, such as how prices are changing, what tenants want, and what the rules are in your area.

For instance, running a unit in the heart of Brisbane is considerably different from running a family home in a little town in Queensland. A good manager should be able to change their services to fit the specific needs of your property and area.

Check their licences and qualifications.

Property managers in Australia must have a licence from the state or territory where they work. Check to see if the company you’re thinking about:

Has a real estate licence that is still good

Is registered with the right state agency, like Fair Trading in Queensland or Fair Trading in New South Wales.

Has trained workers who know the Residential Tenancies Act that applies to your area

Being a member of a professional organisation, like the Real Estate Institute of Australia (REIA) or your state’s equivalent, is another solid evidence that someone is trustworthy and committed to doing things the right way.

Ask About Their Fees, But Don’t Pick Only Looking at Price

Depending on where you live and how good the service is, property management fees usually range from 5% to 10% of the weekly rent. Lower fees may seem appealing, but they frequently mean fewer services or less attention to detail.

Request a comprehensive breakdown of:

• Fees for management
• Fees for locating new renters (letting fees)
• Costs of advertising
• Fees for renewing a lease
• Fees for statements or administration

Costs for tribunal representation

The top property management businesses are honest about their prices and don’t add any extra fees. It’s worth it to pay a little more for a company that will take good care of your money.

Look into how they screen tenants

Having good tenants is important for an investment that is stress-free. A good property manager should have a rigors screening process that involves checking the rental history.

• Verification of employment and income
• Checking references
• Searches of the national tenancy database

Find out how the organisation chooses tenants and what they do to lower the risk. It’s also crucial to know how they handle late rent payments and disagreements amongst tenants.

Check how well they communicate and how quickly they respond

Landlords often say that bad communication is one of their major problems. A good property management business should offer:

• Regular reports and updates on inspections
• Online portals or statements that are easy to get to
• Quick replies to phone calls and emails

A full-time property manager for consistency

Call or contact them with questions before you sign a contract to see how quickly they respond. If you can’t get in touch with them now, it won’t get any easier when you sign up.

Read reviews and ask for recommendations

Recommendations from friends and online reviews are quite helpful. Check for:

• Reviews on Google
• Feedback on Facebook
• There are reviews on their website
• Referrals from other investors or landlords in your network

If you can, ask current or former clients for direct recommendations.

Final Thoughts

Keep in mind that a professional property manager doesn’t cost you money; they help you make more money by keeping your property in great shape, lowering your risk, and keeping your vacancies to a minimum.