Choosing a Property Management “Guru”
If you'd pay good money for the services of a plumber, a lawyer or an accountant, would you trust someone you don’t know from a bar of soap to manage your property?
Believe it or not, the biggest billboards or the loudest print ads may not equate to the best agent – certainly for your requirements, anyway.
When you select a property management department, the situation should be viewed as though you’re performing a rigorous job interview. After all, you’re selecting someone to perform a job – for you! When it comes to managing what for most people is their biggest asset, your expectations should be demanding.
Perhaps surprisingly, most of us do not select managing agents on the basis of recommendations from friends or colleagues. It is the advertising ability of an agent or agency that usually draws us in. You might have experienced a good agent at an open home you’ve attended, or you might be pulled in by those advertisements; these days, the internet is a major search tool when it comes to locating agents.
At the very least, Asset Managers should portray a high degree of professionalism and dedication for their work. Does the agent you’re investigating appear interested in your property – or is it just another one in a line of many they’re hoping to nab as ‘a listing’?
So what attributes should you be looking for in an managing agent? Some of the qualities should include:
• Recognising what your actual requirements are.
• We live in a marketing directed world where serving the customer, not oneself, is the directing force.
• Professional designation and membership of the local Real Estate Institute.
• An ability to meet with your requirements, not those of other parties.
• Always remember, the agent managing your property works for you, not the tenant.
• References from previous clients.
• Knowledge of the area in which you’re your property is located.
• A realistic familiarity of the price range in which your property will rent for.
When selecting an agent, formulate a list of the questions you will need to ask your shortlist of prospective interviewees.
• What is your experience as a managing agent?
• How long have you worked this particular location?
• How many prospective tenants approach you?
• What do you think our property is worth in the current market and how did you arrive at that figure?
Remember, your chosen agent should provide you with:
• Access to recent market data in your area.
• Advice on how best to market and present your home.
OUR PROMISE TO YOU
To Rent the Property to the “Best Possible Tenant”
at the “Highest Possible Rent”
within the “Quickest Possible Time”)
The Letting Process/Strategy
The letting process ensures the securing and placement of a new tenant for your rental property. The letting fee amount is based on the amount of rent received for the property and is only charged on new tenancies, when a new tenant is secured.
The letting process- what we do:
• Placing a clear description of the main features of the premises on the front office property information sheet
• Arranging and taking of marketing photographs of the property
• Creating a marketing script with the property details
• Uploading of the property marketing script, with various photos to property search websites.
• Showing properties via private and open inspections with prospective tenants.
• Answering tenant enquiries and issuing application forms.
• Careful checking tenant rental references and confirming employment details.
• Collection and checking of tenant identification for 100 points of value.
• Checking the application against the tenant internet default database.
• Landlord communication for the final decision on the applicant
• Tenant liaison and confirmation of a successful/unsuccessful application
• Preparation of the new tenant agreement, bond lodgement forms ready for tenancy (incl. Form 18 General Tenancy Agreement, Form 2 Bond Lodgement Form, Pet Agreement (if applicable), Tenancy Quick Reference Guide, Arrears Policy, Body Corporate By-laws (if applicable), Tenants Acknowledgement)
• New tenant induction/interview completed to sign issue and explain fully the main tenant obligations, tenancy agreement, bond form, property condition report, compulsory legal information booklet and the photocopy recording and issuing of keys.
• Lodging the bond with the state bond administrator.)