Appointing a property manager will be the most important decision you will make following the purchase of your investment property. A profitable, stress free investment will ultimately depend on the competencies of your property manager, the fees that they charge and the conditions included in their contract. Finding a competent property manager is an extremely important task and needs to be taken seriously. All too often property investors become complacent once they have successfully purchased their investment property, only to be brought undone by a poorly performing property manager.

Below are five easy to follow steps to ensure you appoint a competent custodian for your hard earned property investments:

STEP 1 - WRITE DOWN EXACTLY WHAT YOU REQUIRE OF YOUR PROPERTY MANAGER
Appointing a property manager should be treated just like any other business transaction, so it is important that you are clear in your own mind exactly what it is that you require before you begin to negotiate a contract.

STEP 2 - DEVELOP A LIST OF POTENTIAL PROPERTY MANAGERS
Do your research and develop a list of prominent property managers who operate within the vicinity of your investment property.

STEP 3 - INTERVIEW POTENTIAL PROPERTY MANAGERS
Once you have a list of potential property managers organise to speak with the specific property manager who will be dealing directly with your tenants. By all means interview the owner/manager of the agency as well but your priority should be assessing the competencies of the property manager who will be dealing directly with your investment.

STEP 4 - CONDUCT A LICENSE CHECK
Once you have a preferred property manager in mind ensure that they are appropriately licensed.

STEP 5 - NEGOTIATE THE WRITTEN AUTHORITY/CONTRACT
To avoid any misunderstandings later on, make sure all agreements between you and your property manager are clearly worded in the Written Authority. If they are not clearly worded in the Written Authority then the property manager is under no obligation to carry them out.