How to find the Best Property Manager to Rent My House, Apartment or Unit
You have just purchased an investment property, it has settled, and now you are looking to rent it as soon as possible. Nothing worries a landlord more than to have their property vacant and producing no income. This is even more so if the property is negatively geared.
The question is , who is the best property manager to rent my property ? Is there a difference between renting a house as opposed to an apartment or unit. Is the property management arrangement different between states?
I want tenants that will treat my property well and pay the highest rent possible.
This article with 9 important tips will help answer these and many other questions.
Firstly though, it always best to start with being as informed as you can be about the rental rates in your surrounding area for similar properties. Get this Free on line property rental guide before arranging an onsite rental appraisal from our property management specialist http://homevaluationguide.net.au/
1. Does the property manager have staff dedicated to leasing properties?
Managing a rental property is very different to selling property. Many real estate agencies focus more on property sales than they do with property rentals. The best property managers will not delegate important tasks to real estate office receptionists or admin assistants. It is important that you work with a rental agency that specializes in property management.
2. Is the principal of the agency involved in the everyday running of the property management team?
Management means just that. You want to be signed up with an agency where the principal or owner is involved with the day to day processes and plays an active role with the property management group. The culture of an office starts at the top and the best property managers usually have a good team leader or owner working with the individual property managers ensuring greater professionalism.
3. How much experience and local knowledge does the property managing agent have?
Experience really counts when assessing different property managers. When you are looking at different managers proposals , don’t just take into account the % monthly rental fee. Look at just what experience they have in renting similar properties in a similar price range. Local knowledge and understanding the type of tenant you want to attract is an important skill set. Knowing from experience who you don’t want to rent your property can often be more important than the rent received. Local knowledge is important in getting trouble free tenants into your house or unit.
4. If we have a problem with the tenants , what happens ?
Generally, most properties are rented for long periods of time and there are few problems encountered. Things can run smoothly for years and then there is a change of tenant. Things go pear shape and the rent stops being paid or the neighbors are complaining. At this point you will learn a lot about just how professional the property manager is. You need a manager that can get these things sorted out quickly, efficiently, and knows how to protect your legal rights as a landlord. Should this happen your will find out whether you have the best property managers or you don’t. Navigating your way through the ins and outs and complexity of tenancy laws takes commitment and experience. You want to be signed with the right property managers who can do the complex legal work on your behalf, and get achieve your desired outcome quickly with the least amount of cost and loss of rent.
5. Is the property management service localised to cover your area?
For an investor with a growing property portfolio you may have invested in multiple properties in different locations. You cannot know the rental market well in all the locations. You probably are diversified in different states and cities. So you will need to rely on a local property agent with the local expertise and knowledge of areas that you may not be familiar with. Distance from your rental property makes the task of finding the best property manager even more important as you will not be able to just drive over and sort issues out. Some investors have properties in many locations and choose a national real estate network to manage all their properties. Most likely the best option is to do your research and find a property manager that is on the ground in the area surrounding your property and knows what the rental rates are because they are there focused on that region. Larger rental agencies can often not be familiar with some of the local issues.
6. Onsite inspections – does the property agents do inspections of your property with applying tenants?
When of the things that is very important in finding the right tenant is for the property managers to do the onsite open for inspection of the rental property and also meet any prospective tenants and new tenant applicants.
Even if this is your own home that you are renting out as you may be relocating, make sure the managing agent staff take the time to be there on each and every occasion and not just get you or an inexperienced person to do this. A good property manager will be able to size up and assess any people attending the open inspection and make a pretty good judgement about their suitability as a tenant. Most of the problems as a landlord come from the tenant selection process and having active property managers that get there and check the applicants out personally is very important.
7. How do I get my property rented for the highest rental rate?
There is no doubt that the one thing that every landlord is focused is getting the highest rent possible for their property. No owner wants to leave rental income on the table that could boost their returns. Getting the highest rent for your is really a function of the competition from other similar properties, presentation, features and location. If you have selected the right property manager they will shoot for a higher rent and guide you as to what you may need to do in regards to improvements and adding or fixing parts of the property. If the property is special or has a unique outlook or position that is going to make a difference in the rent received. How to achieve the highest rental rate possible can also take some extra time that when you look at the annual return it may have net made no difference to setting your sights a little lower. The best property managers know what the sweet spot is with this question.
8. Does the Letting Agent routinely check the applicant tenants’ financial position?
The last thing you want as a landlord is to have finally secured a new tenant for your house or apartment after a few anxious weeks of open inspections and no income only to find the tenant is not in a financial to keep paying the rent. It is vital that the property management process includes a full financial assessment and check of the tenants financial position and capacity to keep paying the rent and each period and on time. Getting up to date income statements and reports from credit agencies regarding the tenants financial position Before they have moved into the property is just so important. Take the time to check with the Letting Agent that they do this thoroughly and save yourself the pain of trying to get rid of a nonpaying tenant. The best letting agent service will do this on each and every occasion.
9. Does the letting agency use an efficient rental system and what actions taken if rent is in arrears?
It would be unusual today for a property management agency to not have one of the latest computerized software systems to manage, record and maintain their rent roll. But don’t assume this is so particularly in regional and small holiday locations. There system should be able to accept direct debit rents, make electronic funds transfers update immediately rents paid and rents in arrears so they take immediate action should payments become past due.
Good rental systems mean that when rent payments are overdue, the letting agents can follow up with tenants immediately using email, telephone calls, text messaging or written letters. The letting agent should have a specific process in place to deal with and rent in arrears situation. This needs to be in place and activated the moment the computer system flags that the rent is overdue and the tenant is contacted immediately. Often it is an oversight but the sooner this is addressed the better.
The Home Valuation guide business has researched and partnered with property letting managers throughout Australia. We offer a free service to help you rent your property for more in the fastest time. In particular, we can help connect you with the Best Property Manager in Adelaide, Brisbane, Canberra, Darwin, Gold Coast, Geelong, Hobart, Newcastle, Melbourne, Perth, Sydney, Townsville.