How to Choose a Property Manager in Perth
If you are reading this, you’re probably in search of a property manager in Perth, Western Australia.
You may be an experienced investor — or starting out with your first property.
Either way, we hope our insights will help you find the right property manager for your needs!
How To Select the Right Property Manager
First, Consider What’s at Stake?
Your investment property is often your biggest investment after your own home — it may have even been your home until recently.
Therefore, both your financial and emotional capital investments in the property are at stake.
The rent you will earn may be your retirement income or means of repaying a loan — this can also be at stake.
Not to mention your peace of mind — owning a rental needn’t be stressful, but it can be if it isn’t well-managed!
The Costs of Property Management (Fees)
Many owners instinctively ask about pricing first. We recommend you focus on evaluating the service the agency offers at the same time — management fees usually reflect service levels, and poor service can cost you more in the long run.
Our popular blog post discussing property management fees in Perth explores this topic in great detail.
The Level of Service You Should Expect
Because of what’s at stake, most owners want certain non-negotiable basics from their property manager. For example, you should expect them to:
- be ethical
- put the owner’s interests first
- safeguard property value
- respond quickly to messages
- communicate effectively
- optimise rent
- reference-check applicants thoroughly
- let properties quickly
- collect / disburse rent promptly
- inspect the property regularly
- report on it’s condition
- arrange maintenance promptly
- keep accurate financial records
- comply with tenancy laws.
These are minimum standards table stakes for a professional property manager.
What Else Should I Look for in Property Managers for 2024?
The year 2024 has already brought challenges and innovations.
Extremely low vacancy rates have made properties more valuable than ever to renters. Yet with high costs of living, tenants sometimes end up unable to cover rent. Look for a property manager who knows how to balance optimising rent with finding tenants who can afford to pay. Avoid the stress and costs of frequent tenant turnover and the adverse impact on your cash flow.
People are also more time-poor than ever. If this is you, streamlined services using the latest digital technology may be important. Ask what the agency’s property management system offers you.
Life has more stress than most of us would like already, so look for someone who’s adept at resolving any disputes that arise without the hassle of involving you unnecessarily or in the worst case legal action!
Lastly, given the current shortage of experienced property managers, seek out agencies who retain experienced people — they are gold!
How Can I Tell What a Property Manager Will Be Like After I Sign on the Dotted Line?
Property managers are generally straightforward people, so ask directly about whatever’s important to you.
To ensure they aren’t just telling you what you want to hear, look for their answers to be backed up by:
- a written agreement
- the agency website
- testimonials
- Google reviews.
If your initial meeting is with the agent, insist on meeting the property manager as well.
Observe how well they communicate, and whether they seem calm and in control.
Useful things to ask about include:
- how long they’ve been in the agency / the industry
- how many properties they manage, and whether they manage them single-handed
- who you will deal with
- how quickly they respond to calls/emails
- expenditure authorisation processes
- routine inspection processes (outsourced vs in-house)
- statistics on disputes, vacancies, rent arrears.
At We Love Rentals, we cap portfolios at 80 properties so our property managers can deliver great service!
As well as asking questions, notice what they ask you. A good property manager will spend time finding out what’s important to you!
Red Flags that a Property Manager is Not the Right Fit
When checking online reviews, look for ‘red flags’, like past clients complaining of:
- missed inspections
- the agency being slow to respond to requests/messages
- property damage
- late payments
- overly long vacancies
- punitive termination clauses.
What’s My Next Move?
Why not give us a call?
The experienced property management team can walk you through our fees and charges and help you to work out what services you need. Our post on the 5 must haves in a property manager may be helpful, too.
Feel free to email us or call (08) 6254 6300 for friendly, professional advice.
Brendan Leahy
I am the licensee of We Love Rentals and provide support to the team whenever needed. I began my real estate career over two decades years ago. While I loved seeing people achieve their dream of a new home for their family, I kept thinking that there had to be a better way of doing real estate – one with respect for the long term benefit of the client and one that focuses on customer satisfaction.
