Hiring a good property manager can have a huge impact on the long-term capital gain of your property investment, so it is not a decision to be taken lightly.

A good property manager does more than collect rent and organise minor repairs on your property; they should also be interested in your property and supply you with expert services and advice that are relevant to you. Managing your own investment takes time and involves a lot of stress, far outweighing the small price you pay to have a professional manage it for you.

Here are a few questions to consider when selecting a property manager:

What are the property management company’sturnover rates like? 
It’s no secret that a property manager’s job can involve some stressful days. Enquiring about staff turnover can often be a reflection on how well the company operates on more than just an internal level. If their processes are easy, streamlined and reliable, it will make the individual property managers job much easier, meaning they’ll likely hang around longer. This allows them to become familiar with your property and your requirements to help manage it they way you want them to.

Does the property manager provide you with a written proposal?
Look for a company who puts in the time and effort to present a professional image and provide you with a well-written proposal for your investment. The chances are if they make the effort on presenting themselves professionally to clients then the same standards apply when dealing with your property.

What geographic area does the property management service cover?
This should be determined depending on where you plan to purchase properties. If you have invested in properties beyond the Melbourne area then you can look into property management companies that may cover those other geographical areas, however, you can greatly benefit from companies established locally due to their expert knowledge of the specific area.

Does the property manager have a good system to screen prospective tenants?
Not every tenant will be a great one, and this is a risk most landlords face on a consistent basis, however the benefit of hiring a professional property manager is their ability to subscribe to a major tenancy database that screens prospective tenants on their credit worthiness, past rental history and their current employment stability. So when selecting a property manager to take care of your property it is essential to ask what systems they have in place to ensure you’re getting the right tenants.

From: http://www.landlords.melbourne