October 5

How do you know you’ve got the best investment property manager?

Questions to ask and answers to seek to identify great property management

You’re a property investor, with a successful portfolio. But you’ve come to realise you’re not cut out to be a landlord. You’re not a DIY demon. You don’t want the hassle of collecting rent, nor of dealing with a tenant from hell. You don’t have the time or inclination to stay on top of changing landlord laws, and the whole tenant finding and vetting process bring you out in a cold sweat.
Whether you’re looking for an investment property manager for the first time, or you’re not happy with your current arrangement, you need a strategy to find the best.
In this article, you’ll learn how to find an investment property manager to help you maximise your property portfolio’s profitability and manage your portfolio (and your tenants) healthily.

Do a background check and prepare your questions before you meet

Before you meet with a prospective investment property manager, do your background checks. Read their blog, and find out what help and information they impart to their landlords and tenants. Check their reviews to see what other landlords think of them.
When reviewing investment property manager reviews, learn how to spot fake reviews and how to come to an informed opinion from good and bad reviews.
Your checks should help you decide on the questions you want to ask. It is the answers to these questions, plus other factors, that will help you decide upon which investment property manager is the best fit for you and your properties.

Questions you must ask

There are some general questions you must ask when interviewing prospective investment property managers. Here are 10 questions you should ensure are answered to your satisfaction:

  1. How do you market my properties, and how do you vet tenants?
  2. Do you use standard tenancy agreements or customise them?
  3. What property inspection routines do you offer?
  4. How easy is it for tenants to report repairs, and do tenants receive emergency contact details?
  5. What are your maintenance capabilities?
  6. How do you source tradespeople?
  7. What contact do you have with me? When will you contact me, and how?
  8. Will I have a dedicated point of contact, or will I speak to an unknown person in the team?
  9. Can you manage my whole portfolio, wherever the individual properties are located?
  10. How much do you charge for your services?

Check on personality, too

The answers to those 10 questions will tell you much about their capability as an investment property manager. However, they might not tell you if you could have a close and profitable working relationship together. You must be happy with your property manager on a personal level, too. The investor/property manager relationship is one that is built on mutual trust and respect. If not, it’s unlikely that the working relationship will last the test of time.
Your property manager should be honest enough to offer advice when it is needed, even if it is not asked for. They should know their rental markets and be constantly assessing them on your behalf.
Finally, you’ve found out about the company’s experience, but what about your property manager’s experience? And what is their support mechanism like? Do they have access to the people that will make their job easier, and your portfolio more effectively managed?

Who’s the best investment property manager for you?

The secret is to find an investment property manager that ticks all the boxes you need ticked. They should treat you and your tenants with empathy and respect, and be willing to compromise when necessary and be tough when needed.
You’ll need to be comfortable that your investment property manager has the systems and strategies in place to find and vet tenants, keep on top of rent payments and ensure your property is well looked after.
Your tenant is the guardian of your buy-to-let investment. Your investment property manager should have the tools to make sure your tenant safeguards your property well, and to take corrective action if needed. They should have good, strong relationships with tradespeople and other professionals who will make a real difference to your property portfolio.
You should build rapport with your property manager, and they should do likewise with your tenant. When this happens, you know that the price you pay will be worth every penny.
Contact one of the Ezytrac team today on +44  01522  503  717, and discover how Ezytrac could help your property portfolio reach its maximum potential, while you live the lifestyle you desire.
Yours in effortless property management,
Brett Alegre-Wood MARLA MNAEA


buy-to-let landlords, remortgage

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