From: Joanna K
Hello All,
I thought I'd offer some of my opinions in choosing a property manager.
If you're not happy with your current property manager, sack them! But, being totally honest with you, if they do not own the business or have an equity share in the business that is doing the property management for you, it is unlikely that they will really give a hoot!
When looking for a property manager you need to look out for the following things (this is a long list!):
a) the number of years experience the property manager has (note that I said property manager and not the agency!)
Don't go to an agency just because they have a brand name....it doesn't mean their service is going to be any better. Just to expand on this even further...most agencies have a sales department and a rental department. Generally speaking the business owner has a sales background and not a rental background. Now, most business owners look after the sales department because a) high income, b) high turnover and don't look after their rental department as much because a) low income b) high maintenance c) too difficult.
Because the rental department is such a headache the owner will basically leave everything to his/her staff member, who is happy to collect his/her $600 per week. As they do not suffer or benefit directly from the services they provide or don't provide to their landlords, so why should they give a real damn? They are just basically doing a job.
b) Do they give a money back guarantee?
This is a big call in the real estate industry, so if you find someone who does offer a money back guarantee, you can feel safe that they will do as they say and say as they do.
c) How long has the property manager been in that particular agency?
You want stability. You want someone who will learn your property inside and out. You want to pick up the phone and talk to that person today, and in six months time you want to be able to talk to that same person. Due to the stresses involved in property management the staff turnover tends to be quite high.
d) Is the property manager licenced? Or do they have just a certificate of registration?
Anyone can get a certificate of registration and claim to be a property manager or real estate agent. Seek out a licenced agent. They have met all the educational requirements and they have had a minimum of 2 years on the job training. Also, try to choose a mature property manager, don't go for someone less than 25. I know this is discriminatory, but the way it is, is the way it is. I don't want to offend, but someone older than 25 will (hopefully) have a higher perception of people and more finely tuned people skills, which is imperative.
e) Does the property manager give you a written proposal?
If they just look at your property and say, OK we'll put it on our books...they are not going to service your needs. Look for someone who has put in the time and effort to present a professional image to you. If they have made that effort, they will make to extra effort when looking after your property.
f) Can they give you references?
Insist on this!! Very few property managers get references or letters of recommendation.
g) Ask the property manager what they think of tenants!!
This sounds dumb I know. But one of the biggest lessons I learned when doing my training is that to get a good tenant and to get them to do what you want need to treat them well, not like they're the scum of the earth!
h) Look for other services they offer
They should be able to offer ancillary services such as assistance with finance or depreciation schedules...things of this nature
i) Are they close to your property?
Anything with in a 30minute travelling distance is good. Anything further than that is not really in your best interests
j) Make sure they have a pro-active approach
Basically this means that they actively do tenant reference checks, they do thorough ingoing and outgoing inspection reports, they do regular periodic inspections, (6 monthly is good - 3 monthly is too much), they do regular drive by inspections, that sort of thing. Make sure they invite you to attend each and every inspection. And regardless of whether or not you attend, you should always receive a written report!
One last thing....ask them how regularly they keep in contact with you. The worst complaint anyone has about property managers is lack of contact! A good property manager should be in contact with you one way or another at least every 3 months or so. This is a big ask, so it doesn't happen that often. I'd personally settle for being contacted every four months.
Kind regards
THE RENTAL SPECIALISTS
Joanna Karavasilis
Principal
www.rentalspecialists.com.au
[email protected]
Hello All,
I thought I'd offer some of my opinions in choosing a property manager.
If you're not happy with your current property manager, sack them! But, being totally honest with you, if they do not own the business or have an equity share in the business that is doing the property management for you, it is unlikely that they will really give a hoot!
When looking for a property manager you need to look out for the following things (this is a long list!):
a) the number of years experience the property manager has (note that I said property manager and not the agency!)
Don't go to an agency just because they have a brand name....it doesn't mean their service is going to be any better. Just to expand on this even further...most agencies have a sales department and a rental department. Generally speaking the business owner has a sales background and not a rental background. Now, most business owners look after the sales department because a) high income, b) high turnover and don't look after their rental department as much because a) low income b) high maintenance c) too difficult.
Because the rental department is such a headache the owner will basically leave everything to his/her staff member, who is happy to collect his/her $600 per week. As they do not suffer or benefit directly from the services they provide or don't provide to their landlords, so why should they give a real damn? They are just basically doing a job.
b) Do they give a money back guarantee?
This is a big call in the real estate industry, so if you find someone who does offer a money back guarantee, you can feel safe that they will do as they say and say as they do.
c) How long has the property manager been in that particular agency?
You want stability. You want someone who will learn your property inside and out. You want to pick up the phone and talk to that person today, and in six months time you want to be able to talk to that same person. Due to the stresses involved in property management the staff turnover tends to be quite high.
d) Is the property manager licenced? Or do they have just a certificate of registration?
Anyone can get a certificate of registration and claim to be a property manager or real estate agent. Seek out a licenced agent. They have met all the educational requirements and they have had a minimum of 2 years on the job training. Also, try to choose a mature property manager, don't go for someone less than 25. I know this is discriminatory, but the way it is, is the way it is. I don't want to offend, but someone older than 25 will (hopefully) have a higher perception of people and more finely tuned people skills, which is imperative.
e) Does the property manager give you a written proposal?
If they just look at your property and say, OK we'll put it on our books...they are not going to service your needs. Look for someone who has put in the time and effort to present a professional image to you. If they have made that effort, they will make to extra effort when looking after your property.
f) Can they give you references?
Insist on this!! Very few property managers get references or letters of recommendation.
g) Ask the property manager what they think of tenants!!
This sounds dumb I know. But one of the biggest lessons I learned when doing my training is that to get a good tenant and to get them to do what you want need to treat them well, not like they're the scum of the earth!
h) Look for other services they offer
They should be able to offer ancillary services such as assistance with finance or depreciation schedules...things of this nature
i) Are they close to your property?
Anything with in a 30minute travelling distance is good. Anything further than that is not really in your best interests
j) Make sure they have a pro-active approach
Basically this means that they actively do tenant reference checks, they do thorough ingoing and outgoing inspection reports, they do regular periodic inspections, (6 monthly is good - 3 monthly is too much), they do regular drive by inspections, that sort of thing. Make sure they invite you to attend each and every inspection. And regardless of whether or not you attend, you should always receive a written report!
One last thing....ask them how regularly they keep in contact with you. The worst complaint anyone has about property managers is lack of contact! A good property manager should be in contact with you one way or another at least every 3 months or so. This is a big ask, so it doesn't happen that often. I'd personally settle for being contacted every four months.
Kind regards
THE RENTAL SPECIALISTS
Joanna Karavasilis
Principal
www.rentalspecialists.com.au
[email protected]
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