Tuesday, July 22, 2014

How to choose a Property Manager

These days the market for property management and sales is very competitive on fees, we see numerous agencies struggling to compete with well established companies, the only leverage is to drop the fees, to reel you in!

Investors who have been in the market for some time have the heads up, they know quantity  is no comparison to quality, unfortunately most likely having had to fork out a small fortune to rectify the damage caused by employing an agent who promises you the world for next to nothing in management fees. We have seen this scenario all to often.

So how to you choose an agent?

Firstly you need to know what your expectations, are, make a list and make these clear to your chosen agent. You are paying for a service, it's that simple.

If you are new to the market, find out as much information as you can about what's expected of you as an owner, many issues are resolved quite simply by understanding what your responsibilities are. A good agent will know what these are.

Experience is the number one asset an agency can offer you.

All good agents are up to date with legislation, this is a very important factor, the agent must hold a current licence, don't be shy about asking to see the licence and other relevant documents.

Put everything in writing, these days with technology and smart phones, it's so simple  to send a quick email.

Has your agent ever owned or currently own a property of their own? This is not essential, however it does give you a little faith knowing that you have someone who understands how it feels to pay a mortgage or can recognize maintenance issues in the early stages.
Does the agent live local? Agents who live 50 miles away or have never lived in the area can tend to overlook inspections or bond Inspections, or forgetting to follow up.  

Who will take care of your property if your property manager is on holiday?You want to ensure that there are procedures in place, you don't want your property forgotten about.

All good agencies provide you with dated photos for routine inspections, you are paying for this service, make sure that the inspection is actually conducted, if you are local perhaps attend every now and again.

Is your property safe? Is there anything that you are aware of that is a possible hazard- Yes? Then FIX IT, turning a blind eye could very well land you in trouble, if your agent also turns a blind eye then that's Double trouble.

We are strong believers in the old saying, "what you sow is what you reap", always do the right thing, there are no guarantees with any type of investment, but if you get the have the right agent you are on the right track.

So how do you choose which agent to sign up with?

One who ticks all the boxes, Century 21 Boardwalk Rockingham, living local with over 100 years combined experience