apartment management job – 10 Questions To Ask Your Property Managment Agency
10 Questions To Ask Your Property Managment Agency
While most property investors spend a huge amount of effort and energy finding the right property to purchase, they rarely spend the time looking for a good property manager. This is asking for trouble! A good property manager is like an insurance policy on your investment. The main criteria most landlords use to select their managing agency is price alone. This is very short sighted. As the old saying goes ‘you get what you pay for’. A cheap rental real estate agency will typically be operated by over worked staff trying to manage hundred of properties, constantly chasing their tail to keep up with the basics. A dedicated property management agency will ensure that your investment property is thoroughly managed. Your property should receive a higher level of service; more time spent on tenant selection, market research and scheduled inspections. This will ensure that your property is looked after, leased to the most appropriate tenants and achieved the highest rental yield possible.
Some property owners even try to manage their property themselves assuming that property management is simply collecting rent. Property manager’s job is much more than this. A good property manager should:
- Understand the current local real estate market, market forces and how to market your property effectively.
- Price the rent on your property at the right level to quickly rent out investment.
- Perform thorough tenant checks and background checks.
- Write up a comprehensive lease to protect the landlord.
- Lodge a bond on behalf of the landlord, to the authorities.
- Handle all repairs on the property, using only qualified tradesmen.
- Pay insurances, council rates and outgoing on behalf of the property owner.
- Keep up to date on complex and constantly changing legal issues.
Below is a list of 10 questions you should ask your property management agency before signing up for their services.
1. Is the real estate agency a specialised property management firm? Many real estate agencies offer property management as an after thought to the sales team. Property managers are seen as unimportant and are often overworked, looking after much too many properties badly instead of a smaller number effectively.
2. Does th
1000
e agency have local real estate knowledge and experience? Local rental market knowledge is critical in achieving the lowest vacancy rates and achieving the maximum rental price.
3. Will I receive regular updates on my property? A good property management agency should keep the landlord well informed about their investment at all stages of the leasing process.
4. Will I be assigned one dedicated property manager to deal with? Make sure that you are assigned only one property manager to deal with so that you can achieve an open and communicative relationship.
5. Will my property manager attend court on my behalf? Your rental property manager should manage all aspects of your rental property, including attending court on your behalf if need be.
6. How many properties do your property managers manage? Some mainstream agencies assign up to 300 properties to their property managers. This is much too many for an effective job to be done. Regular inspections, negotiating the best rent, keeping up to date with the property market all take a lot of time and energy. At most we suggest that 100 is the maximum properties a rental agent can effectively manage.
7. Does your agency make regular rental increases on your property? A good property manager should be informed about the rental market and understand what the optimum rent achievable is for your house, unit or apartment.
8. Is the managing director/rental agency owner involved in the property management agency on a day-to-day basis? A well-run rental real estate agency should have the director highly involved in the day to day running of the business.
9. Do you do thorough checks on potential tenants to avoid my house/unit being rented out to bad tenants? All investment property owners should be informed about all lease applicants and their background before deciding on who are the best tenants to lease their property too.
10. Is your agency up to date with the latest Internet advertising media? With all sort of social media around now days, it wpould be waste not to take advantage of these advertising avenues. Make sure your agent is maximising your properties exposure, therefore minimising your vacancy rates.
Just Rent Sydney would answer yes to all of the above!
Just Rent Sydney can handle the transfer of your rental property from your current real estate agency over to us without you having to be involved, making the transition seamless and easy.
Make the smart move.
By: Just Rent Sydney Real Estate Agency
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Just Rent Sydney are Property Management specialsits Sydney.
www.justrentsydney.com.au
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Hey Readers! I've been comin across some crazy stuff the past few days from a few different blogs around the web which I just had to share with you. Check em out below...
Where to Find Good Apartment Management Personnel
This allows employees to understand what career opportunities exist in the management company, even if they are not currently available. These and other ideas can help find great new apartment management personnel for any modern company ...
Job position for Property Management Professionals with Dorothy Long Search.
Connectivity is key. With the Internet comes the ability to pursue work opportunities that span the globe. Ben Thompson is owner of Hollywood-based Studiofluid, located in the 750-square-foot apartment he shares with his wife. ... Some of the frequently cited ones include Basecamp (project management), Skype (video conferencing), Writeboard and Jumpchart (collaboration), Highrise (content relation management), and Google (email, scheduling, and document sharing). ...
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