Investing in property can be a great financial move. The reality is, however, that managing an investment property can be time consuming and a lot of hard work.
You need to advertise the property for rent, screen potential tenants, monitor rental payments and perhaps deal with maintenance issues. Then there’s the matter of negotiating rent increases when the time comes and chasing late rent payments
This is where a property manager can help.
In this article, we’ll outline the qualities to consider when choosing a property manager, and share where to find the best in Wollongong.
What makes a great property manager?
Choosing a property manager can help you save time, money and stress with your investment properties. It can also make sure you’re meeting all legal requirements.
It can be helpful to keep the following in mind when choosing a property manager.
- Communication. You’ll want a property manager who is proactive in keeping you up-to-date on your investment in an open, honest and transparent way. This is a property manager who also communicates well with your tenants.
- Experience. The best property managers know the industry well, including all legal and reporting requirements. They have a lot of experience with all types of properties under their belt. Don’t hesitate to ask how many years of experience your property manager has, and with what types of properties.
- Responsiveness. The best property managers are highly responsive. They respond to emails quickly and return phone calls quickly. They arrange repairs and maintenance work without delay, stay on top of when leases need to be renewed, and complete other tasks on time.
- Professionalism. Look for a professional-looking agency to represent your property well. This includes one with a professional looking, organised and welcoming office.
- Local. Using a local property management company has advantages. One advantage is that your property manager is “on-the-ground” and more readily available if face-to-face communications
The best property managers in Wollongong
Region Illawarra’s editorial team has compiled a comprehensive list of the most recommended businesses according to you.
To be listed in our Best of Wollongong series, each business needs to have maintained a minimum average of 4/5 stars on Google and Facebook, and have plenty of positive reviews.
Covering Wollongong city, its surrounding suburbs and seaside districts right through to rural retreats and mountain escapes, McGrath Wollongong maintains a spread across the Illawarra like no other.
A good property manager is essential for any landlord.
Experienced agents at McGrath Wollongong make property management simple. They not only save you time and effort by taking on day to day responsibilities - their insights help you make smarter decisions and maximise return on investment.
Ianni & Co. Property has proudly maintained a reputation as the 'face of change' for property markets in Wollongong and surrounds throughout the agency's rich history in the Illawarra region.
The team believes positive communities are fuelled by successful businesses, and that real estate is the foundation on which waves of renewal are built. Client assets are treated as the team's own.
Ianni & Co. Property expertly handle residential, commercial, and new development sales, leasing and property management.
City Beach Properties is a forward-thinking, independent agency that offers a full suite of real estate services to clients in Wollongong and surrounding suburbs.
Team members use their reputation for leading market results to pass on detailed, research-driven insights to clients and help them make informed property decisions.
A progressive office committed to best practice, City Beach Properties deeply understands the suburbs under its care and gives back to local communities through sponsorships and promotion.
All Residential Real Estate understands the market is as much about people as it is about property.
This boutique agency uses a first class marketing program backed by innovative technology to connect residential properties with people.
The experienced team services clients from across the Wollongong region and throughout its extended surrounds.
Whether you're a buyer or tenant, or a property owner looking for either, you're guaranteed results with All Residential Real Estate.
Settled in the heart of Wollongong is boutique agency A-List Property Group.
A-List Property Group is one of the region's most successful small real estates, specialising in development acquisitions and off the plan sales, as well as residential sales, auctions, property management and project marketing.
Supporting buyers and sellers with equal measure, the talented team of five attracts rave reviews that celebrate great market knowledge, professionalism, consistency and a keen eye for detail.
If you’re looking for more information on property managers in Wollongong, you might also like our articles on the best real estate agents, best conveyancers, and best mortgage brokers Wollongong has to offer.
Your experience with property managers in Wollongong
Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.
Do you have experience with any of the Wollongong property managers listed above? If so, share your feedback in the comments below.
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Frequently Asked Questions
What does a property manager do?
A property manager takes care of property that real estate investors either do not live near or do not wish to personally manage. They maintain listings for properties, organise inspections for potential tenants, prepare tenancy agreements, liaise with tradespeople for maintenance and repairs, and manage and collect rental income.
What do property managers earn?
Property managers in Australia earn around $70,000 per year. However, this can vary significantly depending on factors such as the location, size of the company, and the individual's level of experience, education and skills.
How many properties does a property manager oversee?
Traditionally a single property manager would have anywhere between 100 to 150 properties in their portfolio and manage everything stat to finish. These days the ratio is generally lower thanks to technology advances, virtual assistants and task based specialty roles, but it really depends on the size of the management company.
What are the biggest challenges faced by property managers?
The biggest challenges faced by property managers include scaling revenue, tenant management, project costs, lack of time, admin work, keeping up with maintenance requests, and finding high quality staff.
How do I choose the best property manager?
You'll want to choose a property manager based on many factors. This includes their qualifications and experience. It will include the reputation of the property management company itself. It's best to select a property manager who has strong communications skills and will keep you well informed. Also check out client testimonials and references.