1. Selecting the agent who tells them the highest rental price. If the rent is above market rent, then you could be attracting the wrong type of tenants, and this creates more turnover of tenancies over time. This only enables the agent to make more letting fees.

2. Either not dealing with an experienced property manager or dealing with a property manager that is not supported by a director or senior property manager. It is OK to deal with a less experienced property manager, but they must be guided and supported by senior management.

3. Not dealing with a local agent or agent who has a very good understanding of the suburb in which your property is located.

4. Not meeting the property manager before going ahead & instead meeting with someone dedicated to dealing with new business. This is not the person you will be dealing with on a daily basis. They are either bringing new business or leasing the property. You need to see if you feel comfortable with the person who will be looking after your property.

5. Selecting the 1st property manager you meet. You should always get several agents to compare; not all agents are the same. It’s OK to contact three real estate agents and ask for their proposals but narrow it down after asking questions and reviewing their submission.

6. Giving in to the pushiest or last agent they meet because they are so exhausted by the process and it’s just easier to go ahead with them.

If you make the right choice, life will be less stressful for you and will likely make you more money in the long run.

# These property management pitfalls and tips, generously provided by our friend Michael Stavrianos Director of Local Agency Co in Paddington Sydney.