Property Management As It Should Be
APPOINTING A PROPERTY MANAGER
We have been doing our research.
Did you know that, on average, 83% of landlords are unhappy with their current property management company? Or that a huge 96% of landlords don’t research the best property management service and rates available to them – because they choose the agency they bought their property from or get a recommendation from a third party?
Your investment is too important to leave to chance.
Finding the best agency for your needs can be daunting – there’s standard real estate jargon to contend with and lists of fees and services that sound similar regardless of who you speak to. So we have put together a few key questions that will help you find the perfect agency for you, plus our top 5 essential features of good property management.
The top 10 questions you should ask your potential property management company.
1. How will you find me a tenant?
2. How will you show my property to prospective tenants, and how often?
3. What is your process for screening tenants?
4. Who will look after my property?
5. How many years experience do you have in the industry?
6. What is your property manager to portfolio ratio?
7. How often do you increase your fees?
8. How many inspections do you make per year and can I attend?
9. What happens if my property requires urgent maintenance?
10. Do you charge extra fees for postage and statement re-prints?
Did you know changing your property management company is FREE?
You won’t need to do a thing. Within 48 hours of listing your property with H2HPM, we can arrange a transfer from your existing agency without affecting your current tenancy agreement.
The 5 property management must-haves. How does your agency stack up?
1. Reasonable fees. Cheaper isn’t always better. Beware companies that will sign you up at a discounted rate – they might also be delivering a discounted service. Insist on a fair and competitive fee structure with no hidden costs.
2. Great communication. Communication is key to any successful working relationship. You want to know what’s happening with your investment – even when there’s no news, a quick phone call or email that lets you know all is well can provide added peace of mind.
3. Excellent maintenance management. You need qualified, licensed and fully insured tradespeople working on your property. They should offer excellent rates, guarantee their work and attend to your property in a timely manner. However, good maintenance management is also about prevention. Your Property Manager should provide comprehensive maintenance plans and suggestions to head off potential problems before they become urgent repairs.
4. Thorough, comprehensive reporting. From application to final inspection and everything in between, comprehensive reports give you vital knowledge about your investment’s condition and protect you should a dispute arise.
5. Effective rent and arrears management. In a perfect world, your tenants would pay on time every month – unfortunately this isn’t always the case. Effective arrears management and appropriate communication can minimise late payments and ensure advance warning of potential issues.