The landlords guide to finding the best Tenant and Property Manager

The landlords guide to finding the best Tenant and Property Manager

As a landlord, you rely on your property manager to help guide you in picking the best tenant for your property.  

If you have ever been to an open home for rental properties, you will know that it is quite normal to see many prospective tenants browsing one property. 

It is also not unusual to receive multiple rental applications for each property. This is great news for landlords, but here’s where problems can arise: often, the real estate representative showing the rental property, is not the same person who processes the application the next morning. It’s so important that your Property Manager is across the application process and becomes familiar with the tenant to ensure they are the best fit for the property. Understand the Property Managers screening process and how they check such things as previous rental history, employment, and affordability. 

For the best possible chance of selecting a great tenant, ask your property manager one simple question: “If this was your property or your parent’s investment property, would you be happy to approve this application?” 

Here are some questions you should ask your property manager before engaging then to managing one of your greatest assets. 

10 questions to ask your property manager 

  1. Can you provide examples of your experience in our local rental market?
    Your property manager should have sufficient experience in the industry and with the agency to give you confidence, so ask how long they have been a property manager, and how long they have been at the agency. 
  2. Can you describe your understanding of the current laws and regulations effecting rental properties?
    There are numerous policies and laws that regulate the ownership and leasing of investment properties, and these are frequently evolving. Therefore, it is crucial for property managers to stay current and up to date. 
  3. How is your property management team structured, who will be involved in the management of my property?
    You need to look for a Property Manager who has a strong support team for all aspects of managing the property including administration, property inspections and maintenance. It is important to understand roles and responsibilities to ensure effective management and communication of your investment.
  4. What processes do you have in dealing with issues that may arise?
    It’s very important that, from the start of the working relationship, you fully discuss all aspects of the management process. For example, when will the property manager contact you if there is a maintenance request or if the tenant should have a problem paying their rent? Discuss these items fully, before a tenant is selected and management begins.
  5. Can you describe your communication practices, and how you keep landlords informed?
    Your property manager should be in regular communication through an agreed process, whether that’s monthly statements, property inspection reports, or email updates of general market information. It’s also necessary for your property manager to keep you informed on anything that happens with your investment property, such as maintenance issues, rent reviews, lease renewals and when a tenant is vacating.
  6. How will you help me attract the best tenant for my property?
    This is an important one because the last thing you want is for a property manager to just hand out your keys to prospective tenants. A good property manager will consider which demographic is attracted to your property and target the marketing accordingly, with an emphasis on advertising, including social media and other internet websites.  Your Property Manager should also have a database of quality tenants currently looking for property.
  7. Can you explain how you handle the rental money? How do I know things are paid?
    Your property manager should clearly explain how and when rents are collected, and when to expect your money in your bank account. You should also fully comprehend what the management fee you pay entails and any other fees that may be applicable. These items should be included in any management agreement before you sign the document.
  8. What process do you have in place to maximize my rental return?
    Choose a property manager who cares; it will increase your property’s return. Discuss your strategy to prepare the property for rent, how best to receive the maximum rental price.
    Discuss the process of rental reviews and how that works and when it should be considered. 
  9. How often will you inspect my property?
    How often a property manager can inspect your property is dictated by legislation, but you should make sure your property manager plans to conduct routine inspections according to that legislation.
  10. What can I stipulate in my agreement with you as property manager and in the tenancy agreement?
    This is your opportunity to discuss any special requests you have of tenants both inside and outside the home, and your expectation when it comes to matters like cleanliness and maintenance. However, we are bound by legislation in a range of items and cannot add any stipulations that fall outside of the legislative guidelines