So you've found the perfect residential investment property: Clean, tidy and in a good area. All you need to do now is sit back, pour yourself a drink and capital growth will take care of the rest, right? Wrong! There's so much more to buying an investment property than just that.
What about tenants, maintenance and setting the all-important rent price? Getting these things spot on can take a bit more than a good attitude. This is where a property manager comes in. They'll do all these things for you, and more.
But what should you look for when choosing a manager to look after your rental? Let me give you some ideas.
Don't be afraid to ask questions when you're scouting for talent. How long have they been in business? With so many New Zealanders taking an investment on board, real estate agents are jumping on the property management bandwagon in spades, but they might not have all the expertise of a specialised management service.
You want a company that won't just be looking after your rental as a little thing on the side – you want a clued-up team with an eye for these kind of things. That way, you can be sure they'll give your needs all the attention they deserve.
Don't forget about costs!
You can be swept away by a great pitch, but don't neglect to ask about how much the property managers' services will cost you in the long-run. What will the ongoing fee be to have the company manage your rental? And of course, there's advertising to fill the vacant rooms – will that drum up a fair charge?
It's all about the context, too. Sure, the company might talk the talk, but how will they actually go about maintaining your home and choosing the right tenants? Get a couple of testimonials and do your own investigation into other properties they manage. You'll be amazed at the stuff you can dig up!
At the end of the day, you want to leave your investment property in the hands of an expert. Picking your manager isn't a decision to take lightly – after all, we're talking about your financial future, here!
Here's to your financial independence!
Authorised Financial Adviser / Investment Property Expert
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