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GET TO KNOW THEM
Have you ever heard the expression “If you think it’s expensive to hire an expert, wait until you hire an amateur”? This expression is incredibly relevant in the realm of Property Management. Apart from ensuring your Property Manager holds the relevant qualifications necessary, you need to be confident that they are experienced enough to tackle not only the day to day duties required of them, but also any tricky issues that they may be faced with. Start by looking for a Property Manager who is truly happy where they work. If the organisation has a high turnover of Property Management staff you should walk away, as this can be indicative of poor work life balance among employees, not enough support from upper management or a lack of training and development within the team. Look for someone who is happy working where they are, has been there for a reasonable amount of time and speaks highly of the Agency as well as themselves.
QUESTIONS TO ASK:
1. How many properties do you manage personally? Do you have an assistant to help out?
2. How long have you been employed with this company?
3. How long have you worked as a Property Manager?
4. Will you keep me informed of staff changes within the Agency?
5. How will my property be managed when you are away sick or on leave?
6. Are you licensed in New South Wales as well as Victoria?
AVERTISING AND MARKETING
Take time to scroll through domain.com or realestate.com.au and take note of the marketing that really stands out, then take note of the Property Manager who is advertising the property. Keep watch for which properties are leasing quickly and which ones are sitting on the market for too long, as this will give you an idea of the market value of your own investment property. Having professional photography is something the Rental Agents at sellbuyrent cannot recommend highly enough, as it definitely makes a difference to the time spent on market of our rental listings. The cost is a one off, and you can use these photos for the entire life of your investment and also when or if you decide to sell.
QUESTIONS TO ASK:
1. Does your standard marketing campaign include high quality digital photography? Can I choose professional photography instead?
2. Who writes the text for my property advertisement?
3. How will it be made to stand out from the crowd?
4. Can you provide examples of your recent advertising campaigns?
RENT COLLECTION AND DISBURSEMENT
While they have many other responsibilities, arguably a Property Managers' most important duty to the Landlord is the collection of rent from the tenant. The management of a Trust Account involves a high level of experience and an intimate knowledge of the relevant legislation and Acts. It’s important that you know who to speak to regarding your rental funds, so make sure that if your Property Manager doesn’t personally run the Trust Account, you know who does. If the tenant does fall behind in rent, then your Property Manager needs to be incredibly diligent in making sure they serve relevant notices on time and within the correct legislative guidelines. Failure to do so can land you in very hot water with the Courts, which may result in the overall process being considered void and necessary to start again. Ensure you understand what the Property Managers process is for dealing with tenants who fall into arrears and be sure that you are both clear on the expectations set out.
QUESTIONS TO ASK:
1. What is your process for dealing with late rental payments?
2. What options do I have when it comes to the frequency for disbursement of my rental funds?
3. What processes do you have in place for rental disbursements over holidays such as Christmas and Easter?
4. Do you manage the Trust Account or does someone else?
MAINTENANCE AND ROUTINE INSPECTIONS
Maintenance and Routine Inspections are such an important part of the overall nurturing and continued success of your investment property. In order for your property to perform well, it needs to be well cared for by your tenant, and also well maintained by the Landlord. It’s important to have a Property Manager who understands the importance of completing Routine Inspections on time, and being vigilant during the inspection to make sure that there is no damage or impending maintenance items lurking in the dark (such as leaking roofs or mould in the bathroom). An experienced property manager will know what to look for and where to look to keep pesky maintenance items in check (such as the pipes under the sink leaking or the guttering overflowing). Maintenance is something that needs to be actioned swiftly by a qualified and licensed trades-person in order to stop it from becoming a larger problem in future. Long term Property Managers will generally have a list of tradespeople that they work closely with, whom they trust to do a good job, so you can be sure you’re getting the best price, the highest quality workmanship and the best advice possible.
QUESTIONS TO ASK:
1. How often do you conduct routine inspections and will I be able to attend?
2. What is your process when a routine inspection shows the tenant is not maintaining the property to the standard required?
3. Are all of your tradespeople licensed and qualified? Can I use my own tradespeople?
THE MOST IMPORTANT POINT?
Make sure that whomever you choose, you feel comfortable talking to them and
feel confident in their ability to successfully manage your investment!
Article by Tracey Turner
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