Managing your Property Manager

You have an investment property, that's great, you also have a property manager to manage your property that's even better (check out this article why that's a great idea), but do you know how to get the most out of both?

Well if you want the most out of your investment property, then you really need to work well with your Property Manager, and the only way to do that is to participate. 

You don't want to be under the feet of your property manager, otherwise your relationship will sour, but I'm not saying have a 'set-i-and-forget-it' attitude either.

What I'm talking about is being confident in your choice of property manager, but also don't just take their word for it. Make them work for their keep! (Me included.)

Here's a couple of ways to make sure your property manager is doing the best for your property.

Inspections

I wrote a little while ago about going with your property manager to house inspections read about why I suggest that here. 

Oh Really?

Ask why. When your property manager suggests something, for example increasing the rent by $10 a week or  installing new flooring. Ask why, and ask why that particular amount or that particular flooring. You want to see why they are making those decisions. It helps you understand your property and your property manager better.

Research

It's important to keep your hand in on the market. So it's a good idea to look at market conditions, vacancy rates, rents, rental yields etc. That way when your property manager suggests increasing the rent by $5 a week you will see if that's realistic option in the current market. Yes you want to get as much out of your investment property as possible, but that $5 may mean 1-2 months of no revenue at all.

Lots of Quotes

Your property manager will have their go-to crew when it comes to maintenance and repairs, but I would politely insist that they also invite at 1 or 2 outside sources to provide quotes. Quotes always vary, so knowing what the usual contractors would charge compared to others is a good idea. The property manager too may find a new contractor in the process.

Always keep in mind though, that your property manager is on YOUR team, they are YOUR employee and they want to do the best job for you. If they are NOT doing their job and balk at any of the above suggestions, you might want to consider switching. A great property manager is gold, pure and simple.