It is common when searching for a management company for your property to be focused on fees, however we suggest it is wise to look at the overall situation and real estate company structure, ethos, and reputation before making a final decision.
Your property could be your own personal residence which could be the biggest investment in your life, or it could be an investment property.
What services are offered verses fees charged
It is often assumed that all management companies offer the same service along with fees. The reality is it is more complex than that. While fees are often a big deciding factor on which agent you choose, there are many other details to consider.
Property management is complicated and while fess should be a factor, they shouldn’t be the deciding factor, rather the standard of services, culture of the company, ratio of properties to the property manager, is work outsourced, these factors should determine who you choose when balanced with the fees charged.
When looking at different agents, look at their current listings and previous listings. DO they have multiple rentals in the area your property is located, is it of similar value. You need a property manager who understands the market, understands the management of complex properties. Management can include swimming pools, gardens, maintenance, sophisticated electronic equipment for security, smart homes that require more than simply acquiring a tenant.
Ratio of Properties and Outsourcing
Most real estate agents overwork their Property Managers because they are sales focused and not focused on service to their landlords. Typically, a manager will oversee over 100 properties and outsource the very important Property Condition Report which is a key document in relation to the bond being held by the Bond Administrator. Routing inspections are also outsourced so you must ask the question, how does your manager know anything about your property or its ongoing maintenance matters when they are never in the property. They are waiting for a problem to be reported before it can be acted upon, rather than having a maintenance programme in effect to be proactive in managing the property.
Potential Tenants & Selection
A good property manager will understand who the perfect tenant for your property is and suit your requirements and expectations. After targeting a group suitable it is also important, they do the relevant checks, not relying on outsourcing to ask for rental references or call themselves to confirm employment and rental references. Those tenants that use online forms can have disparities in questions and their answers, such as pool and garden maintenance, interacting with neighbours etc.
It is so important to secure the right tenant, not just any tenant, even if that means your property is vacant for longer. Part of this process should involve one on one viewings with tenants, rather than home opens. This allows the agent to assess the potential tenants to ensure everyone has the same expectations and aspirations for the property.
Finally look at online reviews, does the company have little to no reviews online. Do the google reviews actively mention managers working at the company still. Reviews are always going to be an accurate look at how both tenants and owners have found that companies service because they have taken the time to write a review which is not controlled by the actual agent being reviewed.