In an industry where all companies promise to “take the stress out” of property investment and offer a free lunch for your business it is increasingly difficult to choose the right property management company.
Unfortunately this decision has been made even harder since the law was amended in 2010 which opened the door for management companies to be created without the requirement of qualifications or basic training, resulting in many landlords falling victim to inexperienced managers and poor business management.
So, how to choose? Questions to ask your prospective Property Manager include:
... and so on. Something else to ask about is the contract. Very few firms use anything other than the standard residential tenancy agreement, but this can leave the landlord woefully unprotected in many circumstances. One firm that does specialise in the legal side of things is Tenancy Solutions. Well worth a call. (They also offer a Tenant Finding Service, which is not so common).
Here are a couple of good resources, which contain a bunch of other questions:
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Accounting for your rental residential investment property; specialised property tax advice. Buy me a coffee!