Selecting the right property manager to look after your property investments can make or break the experience of being a landlord, and long term whether you then wish to continue to invest and grow your portfolio.
From the experiences I have had and seen over the past 6-7 years the cheapest is almost always never the most professional and or best agent to look after your greatest asset/s. It is important to ask questions when looking to select a Property Management Team to manage and grow your investment/s.
How will they source the best tenants for your property?
Many landlords will see most agencies as offering similar marketing packages and service levels which is not always the case. At this point in time the most prominent real estate websites are realestate.com and domain.com, it is important to check your agent will be advertising on both of these sites as some will only choose one to reduce costs.
– Do they offer National Tenancy Database Checks?
– Do they have a tenant database for all tenants who call the office or pop in looking for a particular rental type?
– Do they offer a weekly email out to tenants looking with new listings and open home times?
– Do they work with re-location agencies?
– Do they have a network of offices within your area that can refer tenants to properties?
What is the tenant selection process?
It is always a good idea to obtain a copy of the agent’s application form to see the types of information they will gather and process. At Ray White Mornington we don’t just look at income alone, we consider bills and living expenses and whether all of these items considered would allow the tenant/s to comfortably afford the rent.
– Checking professional references
– Calling references to confirm current living history (renting, own a home and selling, living with family/friends, coming from overseas, staying on campus etc)
– Completing National Tenancy Database Check
When calling references we are concerned with their ability to suffice rent payments, but also to keep and maintain the property in good condition. Often if they are selling or coming from another rental property we can obtain photos or reports to show potential landlords proof of how they live, we also seek a copy of their current ledger to confirm accurate and timely payments.
What percentage of their properties are in arrears?
We monitor our arrears on a daily basis and our arrears are regularly under 5%, and of that small percentage most of these are tenants who have only paid a few dollars short and are quickly followed up to amend. This is due to the thorough nature of the selection process where we cross reference all references to ensure we believe we are selecting suitable tenants to occupy our properties. A professional Property Management Team will know this information off the top of their head as it is very important to them.
What are their average days vacant over the last 6 months?
Our average days vacant sits consistently at 15.4 days whilst the average for other agents is 19.3 (please ask for statistics report if required). All of our landlords receive updates after every open for inspection and a weekly report to show all enquiry and feedback. This allows our Ray White Mornington landlords to be fully aware of what potential tenants are saying about their property. If any adjustments need to be made this can be done quickly to ensure the best possible result and maximum annual income. Its very important that your Property Management Team monitors this information so they can always be looking for ways to improve and reduce vacancy.
If you would like any further information on our Property Management Team and Processes we would love to help. Please call me on 5977 1877 or email firstname.lastname@example.org. I would be happy to answer any questions you may have.