Choosing a property manager?

[Steve111]

l have several IP s and have come across a prop manage company that offers a money back service guarantee and a no rent loss guarantee.
they offered some references which have contacted and it all seems to stack up.
Has anyone ever heard of these guarantees before?
any feedback would be appreciated as l have never heard of this before.
Generally l have had pretty ordinary prop managers over the years.

 

[Rixter]

I would be interested to know the company name?

 

[cgw]

2 of my pm guarantee their services. Now I use that as a standard contract. If they are good enough, they should not have a problem with it. I think times are changing and PMs are getting smarter, if they are good commnicators and highly organised they should make a good PM.

 

[luckyone]

2 of my pm guarantee their services. Now I use that as a standard contract. If they are good enough, they should not have a problem with it. I think times are changing and PMs are getting smarter, if they are good commnicators and highly organised they should make a good PM.

What do you mean by they guarantee their services?

 

[mja]

What do you mean by they guarantee their services?

Does it mean that they guarantee they'll do what you pay them to do? Isn't that kind of, well, THEIR JOB?

 

[empire]

When you interview for your new property manager make sure you have good communication with them and they know what you expect from them.

Ask them a few simple questions for example how do they handle communication do they guarantee same day call back when you wish to talk with them. What is there procedure to minimise vacany between tenancies to avoid unnecessary holding costs for you. Do they actively pursue rental increases inline with market trends to offset your holding costs. What is there office procedure with arrears? Do they have the latest software to alert your property manager quickly and efficiently

Do they hand out keys to prospective tenants. Our office
ensures all tenants are accompanied when viewing properties.
Aside from maximising the security and protection of your
property, this procedure enables us to more accurately gauge
the appropriateness of a tenant for the property investor with
constructive feedback.

Do they provide entry and exit condition reports with photo's to protect your asset. Do they conduct six month inspections?

And most importantly are they active property investors themselves rather than it is just a job for them.

I hope this might help when it comes to interviewing your property manager.

 

[s050399b]

One question that suddenly pop into my mind: have anyone of your thought that your PM might conquer up bogus repairs or claims?

example, PM said something needing repairs, but it doesn't exists, the tenant is not aware of it too.

 

[mja]

One question that suddenly pop into my mind: have anyone of your thought that your PM might conquer up bogus repairs or claims?

example, PM said something needing repairs, but it doesn't exists, the tenant is not aware of it too.

It happens. Put tradies that YOU know on the lease form instead of their preferred suppliers. Problem solved.

 

[SeaShell1]

One question that suddenly pop into my mind: have anyone of your thought that your PM might conquer up bogus repairs or claims?

example, PM said something needing repairs, but it doesn't exists, the tenant is not aware of it too.

I know of several Brisbane agents who use trades or services at very low prices then add on make a profit.

 

[urban cowboy]

I know of several Brisbane agents who use trades or services at very low prices then add on make a profit.

report them to the Office of Fair Trading.

 

[Xenia]

a service garantee is usually as per written procedure.

a no rent loss garantee comes from having the right insurance, we (and other agencies) cannot garantee the later if bank insurance brokers are using. Infact we can only provide that garantee if the landlord takes out a Terri Scheer insurance policy.

 

[neK]

So the rent loss guarantee is NOT referring to when a property is vacated and you cant find a tenant (assuming the property is tip top condition).

 

[lura]

Money back service guarantee - if they don't do as they say they will in your management agreement with them.

No rent loss - generally doesn't cover vacany periods.

I work for a company that sells properties with rent guarantees that cover vacancies - no charge to landlords. I have also worked for a company that sold properties with lease guarantees that landlords paid for over and above landlord insurance. Both systems are good.

If you have exisitng IPs, generally you may not get access to these deals - but there is nothing to stop you from asking for it - even if you get a shorter version of the agreement.

It's a pretty competitive market out there - look at the deals in it's entirety before making your final decision. Great deals are out there.