Don’t lose money through poor property management!
Selecting your property manager
You should treat your relationship with your property manager as an ongoing business partnership. Do not choose on fees alone.
To manage your property to minimise vacancies and maximise your returns requires:
* A skilled a communicator and negotiator who is well organised
* Skills and knowledge on marketing your property effectively to attract the great tenants
* Setting the rent to ensure quick leasing to a good tenant while maximising returns.
* Reference checking tenants
* Preparation of fair and legal lease.
* Prompt bond lodgement.
* Promptly assessing and dealing with maintenance issues with skilled licensed trade’s people.
* Managing insurances and outgoings on behalf of the landlords as directed.
* Remaining on top of ever changing tenancy legislation.
Selecting your Property Manager
The following questions will help you identify the property manager for you:
1. Is there a dedicated property management department and how many staff will be looking after my property?
Look for an agency that has a dedicated property management team that has the capacity to manage your property when staff are on leave or unwell.
2. Who is running the property management department?
Who is really managing the business, is there any input from senior staff? You want to know that your property will be managed in a professional manner and not just left to the office junior.
3. How many years has the property manager been working in real estate?
This relates to the property manager and not the agency. Look for individuals who chose property management as a career
4. How many years has the property manager been with the agency?
Stability in your property manager is essential. They need time to learn your property inside and out. It is so much easier if you can speak to the same person who knows your property when you need to discuss your property. Staff turnover can be an issue in a poorly run operation.
5. Do they prepare a written proposal?
If they make the effort to present their services professionally to you, it is likely they will look after your property professionally also.
6. What geographic area does the property management service cover?
You will want a property manager with expert local knowledge.
7. Does the Property Manager hand out keys or do they attend property inspections with prospective tenants?
Don’t accept an agency that just hands out keys to prospective tenants. The security of your property will be compromised.
Your property manager should attend your property with a prospective tenant to promote the property, and provides a chance to get to know the tenant a little better.
8. How many properties does the manager look after?
An individual property manager handling over 200 properties will be struggling to give your property enough attention when required. It may cost a little more to deal with an agency that operates on a lower ratio but you should expect a better service in return.
9. Can they show your property to prospective tenants six days a week?
Your perfect tenant may not be available Monday to Friday; will they show tenants through on the weekend and after business hours?
10. How do they check tenants with regard to credit worthiness, past rental history and their current employment?
Your property manager should subscribe to a major tenancy database and check all tenants references carefully.
11. Can they successfully represent you at tribunal?
Occasionally you may need to argue a case at the tenancy tribunal to protect your rights. Then you need an experienced property manager who can successfully represent you.
Finally be sure on the parameters of what they will deliver and what you expect, they need to be the same. Ensure you are satisfied that the communication is easy and open between you.