What specific details do you look for in a manager?
- Thread starter iKwak
- Start date
There are some dreadful property managers around who feel it an intrusion to want communication with the client.
If you are hundreds or thousands of miles away then apart from sacking the manager there often is little you can do.
My experience has been that the owners of these businesses are top notch people but acquiring staff who are highly capable is the problem.
Staff turnover is also high and that init self is a problem.
I went with the reputations of large companies but have also thought the smaller owners give excellent service when you can find them.
Finding them without meeting them is not ideal
It is not really possible to know how well the staff do there job until a problem arises.
Up until then you pay your monthly fee and if the tenant has paid the rent then things usually go smoothly.
dont expect others to be as organised as yourself.
If they are being payed to manage then it shouldnt be up to the client to moniter the Manager under a microscope
If you are hundreds or thousands of miles away then apart from sacking the manager there often is little you can do.
My experience has been that the owners of these businesses are top notch people but acquiring staff who are highly capable is the problem.
Staff turnover is also high and that init self is a problem.
I went with the reputations of large companies but have also thought the smaller owners give excellent service when you can find them.
Finding them without meeting them is not ideal
It is not really possible to know how well the staff do there job until a problem arises.
Up until then you pay your monthly fee and if the tenant has paid the rent then things usually go smoothly.
dont expect others to be as organised as yourself.
If they are being payed to manage then it shouldnt be up to the client to moniter the Manager under a microscope
For us communication and reconmendation (not quite reputation which is longer term).
Communication is doubly important when remote, since I can't just pop around to check things out for myself. It takes time and dedication to respond to people when you say you will. In searching I found such variance in enquiry response time; a few hours to 2 months ... yes 2 months! Let's face it if they can't be prompt when there's new business on the line ... they never will later once you've signed up. It follows that they'll hopefully communicate well with the tenants too.
Reconmendation ... well I don't think this needs much said ... but I will anyway. I've been with the big names and my IP was just one of their many, the rep kept changing and generally the accounts clerk was more constant, friendly and helpful in almost all cases. Recently I prefer the smaller agencies, the one person show. I found a gem from reconmendation, then her business was bought out but she gave the name of another gem within the new Co. She then left and service went completely down the drain. I had kept in contact with my original gem who then must've passed on my frustration to the latter, who made contact and now we are back together in her own new one person show. She has IP too as does the first gem ... so they understand us well.
Tenants love her and so do we, she even pops around to my development to take pics whenever I ask ... always get the pics same day ... I can't believe it. When recently in Melb we had lunch with both the former and current gem ... they're just that nice. When you find a good one, keep them ... they are worth the cost and more.
There are bad ones, there are good ones, it's a shame we generally only hear about the former lot.
Communication is doubly important when remote, since I can't just pop around to check things out for myself. It takes time and dedication to respond to people when you say you will. In searching I found such variance in enquiry response time; a few hours to 2 months ... yes 2 months! Let's face it if they can't be prompt when there's new business on the line ... they never will later once you've signed up. It follows that they'll hopefully communicate well with the tenants too.
Reconmendation ... well I don't think this needs much said ... but I will anyway. I've been with the big names and my IP was just one of their many, the rep kept changing and generally the accounts clerk was more constant, friendly and helpful in almost all cases. Recently I prefer the smaller agencies, the one person show. I found a gem from reconmendation, then her business was bought out but she gave the name of another gem within the new Co. She then left and service went completely down the drain. I had kept in contact with my original gem who then must've passed on my frustration to the latter, who made contact and now we are back together in her own new one person show. She has IP too as does the first gem ... so they understand us well.
Tenants love her and so do we, she even pops around to my development to take pics whenever I ask ... always get the pics same day ... I can't believe it. When recently in Melb we had lunch with both the former and current gem ... they're just that nice. When you find a good one, keep them ... they are worth the cost and more.
There are bad ones, there are good ones, it's a shame we generally only hear about the former lot.
When you made your enquiry it sounds like you contacted the same people as I did.......except yours were in Melbiurne and mine were in Qld...........perhaps they were related 
My frustration at lack of communication was such that I insisted on a penalty clause if response time was too long
My frustration at lack of communication was such that I insisted on a penalty clause if response time was too long
Bottom line......monthly cost!!! Investing is primarily about making money, so how the criteria is set is (for me) set by the same standard. I opt for a competitive (but fair) price negotiated at a discounted rate for multiple listings. I don't necessarily believe in the "cheapest" price because that is not a guarantee of good service, but I ALWAYS negotiate a fee that is agreeable to all parties.
Sure you can go on the recommendation of others, but just because they are doing a good job with your mate's rental(s) doesn't mean they will perform equally so in looking after your interests. At the same time, I wouldn't discard the opinion of those I respect, I just wouldn't take their word as gospel because their needs may differ from my own. Keeping an open mind works well in this instance!!
As for the other factors, how the property manager dresses, speaks, conveys him/herself, or the impressive and copious amounts of money spent on advertising campaigns (ie. one company with a long history in RE that promotes the "red carpet treatment" does the complete opposite in my books) means jack once you have handed over the keys!!!
Nonetheless, irrespective of how you select your PMs (the yardstick you use to measure them by) at the end of the day, if they don't stack up, then take (back) your keys and your business to someone who does!!!
Do your homework....you researched prior to buying the property didn't you, so why stop now???
Sure you can go on the recommendation of others, but just because they are doing a good job with your mate's rental(s) doesn't mean they will perform equally so in looking after your interests. At the same time, I wouldn't discard the opinion of those I respect, I just wouldn't take their word as gospel because their needs may differ from my own. Keeping an open mind works well in this instance!!
As for the other factors, how the property manager dresses, speaks, conveys him/herself, or the impressive and copious amounts of money spent on advertising campaigns (ie. one company with a long history in RE that promotes the "red carpet treatment" does the complete opposite in my books) means jack once you have handed over the keys!!!
Nonetheless, irrespective of how you select your PMs (the yardstick you use to measure them by) at the end of the day, if they don't stack up, then take (back) your keys and your business to someone who does!!!
Do your homework....you researched prior to buying the property didn't you, so why stop now???
I look for personal referals mainly, and I ask how many properties do you manage, this is to gain an idea of what service I may get and how overworked the agency might be.
I also ask if they (the PM or Principal) if they have any IP's and if so how many. I also look at the when they deposit rents into my bank.
I also ask if they (the PM or Principal) if they have any IP's and if so how many. I also look at the when they deposit rents into my bank.
G'Day
Well, by now I guess I've notched up about 50 landlord years spread across a number of different property and a number of different property managers.
Most of these managers have been with the one Agency - but the managers keep changing! Burn out rate is high.
No: 1 Son has a serviced apartment with on-site managers and also has a different property manager for a local property.
We mainly look for communication.
Communication in this instance is not warm and fuzzy. It is letting us know what's going on, keeping us in the loop, and very importantly, making sure that the files are kept up to date and generally keeping the other managers au fait with the various properties.
Nothing irritates me more than ringing, going through the situation with PM#1, then getting a call from PM#2 raising the very same issue.
Intra-office communication! Letting the landlord (me) know what's going on! Making sure the tenant (them) knows what's going on! etc, etc Keeping the file active - if it's on the desk it's there for a reason!
I don't give a toss about fees, or diplomas on the wall. I just want them to talk to me, talk to the tenant, talk to each other and keep the situation moving.
If they haven't got much time, an email is fine. Just let me know what's going on. When it took five days to tell me my house had been damaged by fire, well, you get my drift.
Even just thinking about it requires a cup of tea, a Bex and a good lie down!
Cheers
Kristine
Well, by now I guess I've notched up about 50 landlord years spread across a number of different property and a number of different property managers.
Most of these managers have been with the one Agency - but the managers keep changing! Burn out rate is high.
No: 1 Son has a serviced apartment with on-site managers and also has a different property manager for a local property.
We mainly look for communication.
Communication in this instance is not warm and fuzzy. It is letting us know what's going on, keeping us in the loop, and very importantly, making sure that the files are kept up to date and generally keeping the other managers au fait with the various properties.
Nothing irritates me more than ringing, going through the situation with PM#1, then getting a call from PM#2 raising the very same issue.
Intra-office communication! Letting the landlord (me) know what's going on! Making sure the tenant (them) knows what's going on! etc, etc Keeping the file active - if it's on the desk it's there for a reason!
I don't give a toss about fees, or diplomas on the wall. I just want them to talk to me, talk to the tenant, talk to each other and keep the situation moving.
If they haven't got much time, an email is fine. Just let me know what's going on. When it took five days to tell me my house had been damaged by fire, well, you get my drift.
Even just thinking about it requires a cup of tea, a Bex and a good lie down!
Cheers
Kristine
Kristine.. said:
Did that PM stay on?.......if so you must have eaten a lot of vegimite that particular day ...to get through the day
I picked other,
I look for .......
i. responsiveness to phonecalls
ii. responsiveness to emails
In addition to communicaiton skills etc...etc...
Last time I had to find a new property manager I conducted a series of "Job Interviews" I called about 6 local PM's, one that I had a referal for from a trused colleague. About 3 called me back the same day I left a message. I treated this as round one and these PM's got to the first interview.
Next I went around to the three with a questionaire and interviewed them. It was very clear to me which one I would go with after this process, in fact I had narrowed it down to two.
Finally I made a few follow up calls and made the descision. I am not paying the cheapest PM fee, however I do get great service and I am getting above market rent.
I'll attach the questionaire below. It's based on posts I've read on this very forum.
I look for .......
i. responsiveness to phonecalls
ii. responsiveness to emails
In addition to communicaiton skills etc...etc...
Last time I had to find a new property manager I conducted a series of "Job Interviews" I called about 6 local PM's, one that I had a referal for from a trused colleague. About 3 called me back the same day I left a message. I treated this as round one and these PM's got to the first interview.
Next I went around to the three with a questionaire and interviewed them. It was very clear to me which one I would go with after this process, in fact I had narrowed it down to two.
Finally I made a few follow up calls and made the descision. I am not paying the cheapest PM fee, however I do get great service and I am getting above market rent.
I'll attach the questionaire below. It's based on posts I've read on this very forum.
These are the things i'm looking at when I talk to a pm...
Agency Name
Location
Years in business
Number of people working in department
Number of properties on rental roll (The ideal ratio is 1:100, 1:125 is ok, 1:150 is max)
Letting fee
Management fee
Other fees per annum
Do the above include GST
Name of property manager
Number of years in property management
What is the PM's background
Number of years PM in this location
Number of tribunal attendances Success rate :
Communication skills (Judge from interview)
Money back garuantee?
(What condition)
Number of internal inspections per year
Do they perform drive-by inspections
Do they take photographic evidence
Do they have an information pack for tenants
Do they use any special clauses in tenant contract
Do they hand out keys to prospective tenants
Does the landlord receive ALL application documents
What tenant screening databases do they use
Agency Name
Location
Years in business
Number of people working in department
Number of properties on rental roll (The ideal ratio is 1:100, 1:125 is ok, 1:150 is max)
Letting fee
Management fee
Other fees per annum
Do the above include GST
Name of property manager
Number of years in property management
What is the PM's background
Number of years PM in this location
Number of tribunal attendances Success rate :
Communication skills (Judge from interview)
Money back garuantee?
(What condition)
Number of internal inspections per year
Do they perform drive-by inspections
Do they take photographic evidence
Do they have an information pack for tenants
Do they use any special clauses in tenant contract
Do they hand out keys to prospective tenants
Does the landlord receive ALL application documents
What tenant screening databases do they use
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