7 Questions You Should Ask Before Choosing a Property Manager on Sydney's Northern Beaches
If you're considering investing in the idyllic Northern Beaches of Sydney, one of the most important decisions you'll make is who will manage your property. When you purchase an investment property in Manly, Narrabeen, Dee Why or the surrounding suburbs, it's tempting to ask the selling agent's company to manage it for you, but are their property managers the right fit for you?
You may not be aware, but the property sales team usually operates independently from the property management team – even if they share the same office space. So just because you had a good experience with a sales agent doesn't mean their property management team will be your best option.
When it comes to property management, it's essential to select your manager with care. After all, buying an investment property is often a long-term investment. You've spent a great deal of time and effort finding the right property. Shouldn't you invest a bit more time in finding the right property manager?
Here are the top 7 questions we at Wilproperty think you should ask when choosing your property manager in Sydney's Northern Beaches.
- How long have you been a property manager? While it's great to give people a chance, your investment property is a very valuable asset, and it's important an experienced property manager manages it. It's even more essential when the rental market is a little uncertain.
- How long have you been working with this agency? It's an unfortunate trend that property managers tend to stay with an agency for a couple of years at most. While large agencies will have other staff to fill the void, the reality is that with regular staff turnover, no one knows your property or understands your tenant. That includes your tenant's history and the condition of your property at the commencement of the lease. There are better ways to manage such an essential asset than that.
- How many properties do you look after? In property management circles, there is an optimum number of properties that an individual should manage. When a property manager has too many properties in their portfolio, they can't attend to tenancy issues or maintenance problems promptly. They may also struggle to identify who you are and what property they are managing for you. You're more than just a number!
- How do you vet potential tenants? Tenant selection is critically important. You want someone who will treat your investment property with care and possibly rent your home for a few years. You also want tenants who can afford the rent, won't sub-lease to others and will pay their rent on time.
- Do you have happy landlords? Good property managers have delighted landlords. It's that simple. Once you have refined your potential property manager options to just one or two candidates, ask for testimonials from their landlords, and if possible, ask if they can provide references from other landlords.
- Do you have happy tenants? Good property managers also look after tenants. They are responsive to tenant enquiries, and they work with them to ensure they are happy because content tenants stay longer in your rental property and grow to trust you as a landlord and your property management team. Happy tenants are also more likely to renew their lease and take care of your investment. A good property manager can effectively mediate between landlords and tenants, ensuring that issues are resolved quickly and to everyone's satisfaction.
- What is your knowledge of the local Northern Beaches market? The Northern Beaches of Sydney is a unique market with its own dynamics and often different to the rest of the Sydney Metro rental market. A property manager who understands the local market, from Manly to Palm Beach, will be better equipped to advise you on rental prices, demand, and local needs.
Choosing the right property manager is crucial to the success of your investment. Mitchell Wilson from Wilproperty has looked after landlords and tenants for nearly 20 years. He prides himself on his local knowledge, experience, and commitment to landlords and tenants. Ready to discuss your property management needs? Contact us today to see how we can help manage your property investment on Sydney's Northern Beaches.