How to select a property manager, with Hayley Mitchell – Ep. 55

For the latest episode of this bonus series of the property investing journey, Mike is joined once again by pre-eminent Property Management guru and Director of Mitchell PT, Hayley Mitchell, to talk about what to look for when selecting a Property Manager for your investment property.

With over 20 years’ experience in Real Estate and Property Management, Hayley is well placed to advise on what makes a good Property Manager (PM). She is passionate about property and providing quality training and consulting to others specialising in Property Management.

In this conversation, Hayley talks to the significance of the size of portfolio that an individual PM might have under their control and the variables that go into determining what that number really means. Hayley also drills into the impact that COVID has had on the sector and why high staff turnover in recent years is not always indicative of a bigger problem.

Mike explores the types of questions that you might want to ask a prospective PM, and together Mike and Hayley delve into some of the more detailed tasks that you might want to ensure your PM will be carrying out. Hayley emphasises why lines of communication are important and how a successful PM will deal with trickier issues such as rent reviews and arrears.

Wrapping up the conversation, Mike seeks to highlight the difference between the Business Development Manager that you might meet upfront, and the ongoing Property Manager that you will likely be dealing with on a more regular basis, and Hayley explains why ensuring a good transition is so important. Lastly they consider the all-important fee structure and Hayley provides her top tips for landing the right PM for your property.

If you’re in the market for a PM, or wondering if you’ve got the right people on your team, you won’t want to miss this highly practical episode that will have all your questions answered.

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Mike is joined once again by pre-eminent Property Management guru and Director of Mitchell PT, Hayley Mitchell, to talk about what to look for when selecting a Property Manager for your investment property. Hayley is well placed to advise on what makes a good Property Manager (PM). She is passionate about property and providing quality training and consulting to others specialising in Property Management.

• The ideal number of properties in a property management (PM) portfolio
• Focusing on the local area
• The issue of staff turnover
• The questions you want to be asking a prospective property manager
• How a good PM sets the tone for the duration of the tenancy
• The difference between the Business Development Manager and the PM
• Understanding property management fees
• Hayley’s top tips

“You want to try and get someone who, if they’ve got to travel, if they’ve got a big spread of properties in their portfolio, that they’ve got a smaller number that they look after, and also be aware that they’re not always going to be sitting at their desk as much as someone who has more of a local portfolio” Hayley 5:17

“What I’d more look at is what is the way that department is structured, do they have a head of department who has been in that seat for a long period of time” Hayley 7:44

“You want to find out what their level of communication is going to be with you so that you can ensure that they’re actually doing the job that they need to do in order to keep your investment at the highest possible level that it can be” Hayley 9:25

“I’ve always thought the best property managers get good feedback from the landlords and tenants” Mike 13:02

“There has to be a really good hand over from the BDM to the property manager” Hayley 15:25

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