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What to think about when choosing a Property Manager

As a property management company, reputation is our number one advertising medium. Wellington is a village - and people talk.

We can advertise and market our business as much as we like but without a good reputation our business simply won’t flourish. More often than not when I go to a new client meeting I get asked for a reference from an existing client. And, we’re happy to provide one to enhance our marketplace credibility.

When you are considering choosing a property manager here are some things to consider:

Reputation: Have you heard good things about them?

• Does the company specialise in property management only? This is a good thing as their focus is solely on management and not a secondary wing to, for example, a sales agency.

• Does the company run their portfolio out of a trust account? This is necessary for auditing purposes and is non-interest bearing so they won’t be earning interest on your rent.

• Ask the agency what software they use Is it an up-to-date software package that will be able to provide the detailed reporting you would expect from your managing agency?

• How long have the staff worked at the company? This is an important question to ask. It will give you an insight into how the company is managed, how they treat their staff, and also give you the heads up that you aren’t going to be constantly having to deal with different property managers who don’t know your property’s history. When a property manager leaves the company they take that institutional knowledge with them.

• How many properties in the property manager’s portfolio? This is a key question so you can understand whether or not the individual concerned is at breaking point and able to focus effectively on your property. Poor management will cost you money.

• How often and how the company runs their inspection cycle: Again, this will give you an indication of how the property manager approaches their role and the likely quality of the reporting you will receive.

• Is the property manager affiliated with any professional body or organisation? You want to make sure the company is connected with an organisation that provides a framework for them to work with, has an code of ethical conduct for them to sign up to and is a body they can be held accountable to.

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