Property managers - it makes you wonder

From: GoAnna !


One of my tenants called me yesterday and asked for my help. He said that his father has recently arrived from China and that although he has plenty of money no-one would give him a house. He asked if i could provide a reference for his father. I said that I certainly could confirm that the son has been a perfect tenant.

The call from the agent came through while I was out.
The agent asked "Is Mr Z## a good tenant?."
"He is great replied my husband, having no idea that he was talking about the father not the son.
"Thanks" said agent and hung up.

I couldn't believe it! Not only did they not confirm that they were speaking of the same person but they asked no details such as did he always pay on time, when did he rent from you, what level of rent was he paying, how well did he care for property etc.

How much do we pay agents to provide this level of "professional" service. Too much!

GoAnna !
(aka Anna before she got real)
 
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Reply: 1
From: Apprentice Millionaire


I understand that there is a difference between property managers who focus on that task (i.e. it's their line of business) and RE agents who have a rental list but who focus on selling RE.

Is that correct?

Cheers
Apprentice Millionaire
(aka Jacques in the old forum)
 
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Sim

Administrator
Reply: 1.1
From: Sim' Hampel


In general, it seems that this is true. But my own experiences show this is not always the case :(

 
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Reply: 1.1.1
From: Apprentice Millionaire


Now that I have an IP, I will need a property manager. What questions should I ask to weed out the poor performers?

Cheers
Apprentice Millionaire
(aka Jacques in the old forum)
 
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Reply: 1.1.1.1
From: GoAnna !


AM

I think you have half answered your own question. (you are cleverer than you think) You need an agent that takes rentals seriously.

Ask lots of questions. How do they advertise? Do they just hand out keys or are they more active? Have a look at their applications forms. What checks do they do? Get them to tell you about the problems tenants? Perhaps with a question along the lines of "Does this agency have a lot of experience in dealing with problems through the tribunal?" What is the normal vacancy period for your type of property?

Maybe ring up as if you are a prospective tenant for a property similar to your own and see how they perform. Surprising what you can learn that way!

Good luck : )

GoAnna !
(aka Anna before she got real)
 
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Reply: 1.1.1.1.1
From: Jude H


Come for coffee (and chocolates!). I'll fill you in, I am very happy with mine.

Jude
 
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W

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Guest
Reply: 1.1.1.1.1.1
From: Donna Larcos


I recently went through this exercise with
a new unit. I initially was going to use one
of the agents who was involved in selling
the complex and was just around the
corner. Every time I rang to speak to the
property manager she was out!. Building
was very flash, luxury chairs, glossy
brochures etc. My gut feeling was that
there was something fishy - lot of
meringue, no lemon underneath. I visited
3 agents in 30 minutes in the local area. I
basically asked questions like "What
sort of tenant profile do you have in this
area and who will be attracted to my
property?" You should know this before
you bought but a good agent should be
able to give you a really good breakdown
on the area. "What are your processes for
dealing with rent defaulters etc" "How
often do you do inspections?" "How do
you market the property to potential
tenants?" The first two were nice enough
but rather lacklustre. The third one was in
a very ordinary looking agency but blew
me away with information about the area,
dealing with problem tenants, showed
me he understood the problems of being
a landlord and the need for flexibility with
tenants and that they were not all out
there trying to rip you off etc. Anyway, I
chose him. I subsequently learned he
had won an award for being the third best
property manager in his agency group for
NSW. (I'm looking for numbers 1 and 2).
Interestingly, the "meringue" agency is
apparently now in receivership and I know
why!!! Interestingly, one of their number
has recently taken over the agency who
was managing my other property who
had done a superb job for six years.
Within weeks, all the staff had left and the
property manager was on her way out the
door saying "these new guys are never
here. I do all the work and they're off
having "strategy meetings and lunches".
Guess who'll be looking for a new agent
there shortly.
 
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