Finding a good property manager?

Steve asks:
(updated on Tuesday, July 02nd 2013)

I have an investment property and was wondering if it's normal practice for the property manager to list the property for rent online before notifying me that the tenant is moving out. Do you have any tips on choosing a good property manager? Do you consider a property manager being local to the property to be important? My investment property is Orewa and the property management company is in Auckland.

Our Experts Answer:

You haven’t said what arrangements you have with your property manager. You may have standard “riding instructions” in your management agreement that if the property becomes vacant they are to re let it. You may have given the manager the authority to approve tenants. In these circumstances it may be quite proper for the property manager to minimise the property’s vacancy time by getting the marketing underway as soon as possible. On the other hand, it is pointless for your agent to advertise for a new tenant is you don’t want to re let. The answer to your question lies in the agreement and the relationship you have of the property manager. Do you want to be consulted before any advertising occurs? Or do you just want the manager to get on with their job? You have to have confidence that your property manager will act in your interests at all times, as your agent. There should be no conflict of interest. Also, I suggest, that communication and reporting are essential. You will have confidence in your property manager if you are in communication with each other and if that they are doing all the things they have agreed to do. It helps to have a local property manager (at least within driving distance for inspections), and more importantly they must be able to carry out the job you have asked them to do. That will require knowledge of the local rental market, ability to arrange maintenance as required, and a regular inspection regime that addresses your requirements. You will know when you have the right property manager! You will be able to relax and get on with your life, knowing that they have things under control with your property.

Select Home Loans 4.29
TSB Special 4.34
ICBC 4.39
HSBC Premier 4.39
Heartland Bank - Online 4.40
China Construction Bank Special 4.45
SBS Bank Special 4.55
Kainga Ora 4.57
Co-operative Bank - First Home Special 4.75
Kiwibank Special 4.85
AIA 4.85
Select Home Loans 4.86
Heartland Bank - Online 4.90
TSB Special 4.99
ICBC 5.09
HSBC Premier 5.15
SBS Bank Special 5.19
China Construction Bank Special 5.19
Kiwibank Special 5.19
AIA 5.35
Co-operative Bank - Owner Occ 5.35
First Credit Union Special 5.45
Select Home Loans 5.20
TSB Special 5.75
Kiwibank Special 5.79
HSBC Premier 5.89
ICBC 5.89
SBS Bank Special 5.95
BNZ - Classic 6.19
Resimac 6.33
China Construction Bank Special 6.35
Westpac Special 6.39
Kainga Ora 6.43
Select Home Loans 4.09
Heartland Bank - Online 4.10
Pepper Money 4.49
TSB Special 4.79
Liberty 4.84
Kiwibank Special 5.00
ICBC 5.25
Kainga Ora 5.43
China Construction Bank 5.50
Kiwibank 5.50
Kiwibank - Offset 5.50