The measure of a good property manager

The importance of selecting a great property manager can’t be understated. We adopt a seven step process with our investor clients, and the interviewing, selection and matching of a great property manager is one of our seven steps. Our team even consists of a dedicated Post-Sales Advocate to fulfil this important selection and introduction.

Being investors ourselves, we each understand the fundamental difference that an outstanding property manager can make.

Over the years we’ve met a lot of good property managers and a handful of outstanding ones.

An outstanding property manager is one to cherish.

Our favourite Ballarat property manager has form for reaching out proactively to our past investor clients when she has an improvement idea to share with them, and she’s particularly strong when it comes to nurturing new investors through a process that can seem daunting. She knows her rental values within a split second of sighting an address and has a calm kind of intuition when it comes to selecting and recommending new tenants.

Another fabulous, (and more local) property manager is spot-on with her appraisals also, with a broad array of comparable rents on hand and a light-speed ability to send us a formal appraisal letter for the client’s loan requirements.

An amazing industry contact of ours not only understands the changing legislation inside-out, but she’s now established a business that teaches other PMs about the upcoming changes.

A friendly local property manager got snapped and featured on instagram whilst delivering Christmas presents by hand to his tenants. Little gestures like this demonstrate client care and a mutual appreciation of the two parties that make the relationship work.

A recent experience with a new firm to Melbourne was a pleasant surprise indeed. With a firm mantra about doing things differently, this impressive PM leased both of our client’s acquisitions in less than 24 hours amidst a looming settlement date with an owner still vacating. More impressively though, he recommended and selected the most obliging, gracious tenants.

Five months later, our client flew down from interstate to sight both of his properties for the first time, and in the 38 degree heat his tenants had lovingly presented their home with a kind note and a pitcher of iced tea for us all before they vacated to give us a chance to inspect their home.

They were more than OK with a random inspection on a Saturday, and the positive impression it made was touching for our client.

So what is it that makes a property manager outstanding?

After in excess of 20 years of property ownership, a multi-property portfolio myself and a lot of past client’s rental experiences to draw from, I’ve collated some of the key differences in this chart.

The selection of a property manager is one of the most critical post-sale tasks an investor can navigate. The interview should be conducted in the same manner that a new team member’s interview would be conducted. This person will become an essential team member for the investor.

The bare minimum isn’t enough. Outstanding does exist out there.