The Ultimate Guide to Ensuring You Secure the Best Property Managers Sunshine Coast Possible
Every new landlord I meet this is the first thing they ask me. “What are your fees.” Sure, you need to know the property managers fees, and they need to be clear about them too. I recently found an agency on the Sunshine Coast that charges 1 week rent to terminate their agreement, a yearly statement fee, and court hearing fees on top of all their other expenses. While we don’t charge any of those, of course, we have prices. Our property management fee is 8.8% inc GST is about average. I recommend you need to consider other things other than fees. Because a low fee with a property manager that does a poor job will end up being more expensive.
2. Return on Investment
“How will you maximise my return on investment” this is the question every landlord needs to ask a property manager when they were looking to engage them. But it’s a question I never get asked. For me, this is what property management is all about. Helping investors maximise their return on their investment. If I can get them an extra $100 a week in rental income, my small property management fee becomes insignificant.
Ask the property manager for a list of reviews. Or even better ask them for an online link of reviews. You can see our reviews here. While we don’t have lots, we have all the good and bad ones. It’s a window into the property manager you’re looking to engage from other people that have used them.
Are they happy to give you as much information as you need right now before you engage their services? I recently had an investor send me plans and ask my opinion on layout, finishes, and fixtures, etc. He never bought the block of land, but later he came to me again with another program on another block of land he did buy. I happily helped him out. Still, I can’t remember the address. In the end, I hope he engages our service when he is ready, but it’s also OK if he doesn’t.
5. Online Presence
What is the agency’s online presence like? We recently took over a property that another agency could not rent, so I looked online and was surprised to see the photos looked like they were taken with an iPhone. Compared to us who have all our properties professionally photographed. But also what about their website, social media, blogs, etc. We advertise our properties on social media and have 3 people replying to messages, so we ensure everyone gets a response fast. We have a blog for tenants and landlords and advertise on all the major real estate portals too.
6. Do they Offer a Guarantee
What happens if you engage a property manager, and you are not happy with there service? What a pain in the ass to have to move again? Well, we offer a 6 month money-back satisfaction guarantee. If a new landlord is not happy with our service in the first 6 months, we refund our property management fee in full. We do this to allow people to try us risk-free, but also because I hope our service is so excellent they don’t feel unhappy to be able to action it.
7. Communication and Responsiveness
How fast is the property manager you are considering using getting back to you? Do they call, SMS, email, or contact you in all these ways. Property management is a crazy busy role, and you need someone who has their finger on the pulse. So you can test this prior by seeing how efficient they are with handling your inquiry to use their service.
If anything, Asset Agents are overstaffed. Right now, we have 4 people working in property management sunshine coast, and our rent roll is fairly small compared to many others. We like this because it allows us to offer excellent fast service.
8. Interaction with Prospective Tenants
A good test is to enquire about a property they have for rent right now and see what it’s like? Do they call you back, respond to your email or FB message. Are they helpful, and do they care?
I deal with lots of tenants looking for properties, and most of them talk to me about how I was the only property manager to call them back. Which is nuts, considering that’s our job. It’s a super busy role, but we have a policy that every tenant inquiry needs to be dealt with, and all calls returned. It’s just basic customer service.
I recently tenanted a property that I had no one interested in, but I called a tenant back about another property and sold her on the idea of this other one I had no interest in. She had seen it online and thought it was too far away, but after attending and falling in love, figured they would put up with the slightly longer drive.
9. Geographic area Cover
We provide services as rental property managers Sunshine Coast Australia. There is no need for an office in the same suburb as your investment property to be able to manage it. At the same time, we manage properties in Caloundra, Peregian Springs, Palmwoods, and every suburb in between.
Coming from Sydney, it’s all very close to me. Some agencies won’t do that & just because they are in the same suburb as you does not mean their services would be better than ours.
We can access our online property management system from our iPhones and tablets no matter where we are, and I now do a considerable amount of my work “remotely” because of this technology.
10. Industry Knowledge
Ask your potential property manager some basic industry questions. They need to know a fair bit about the legislation. Have a few scenarios. “Can you please let me know your process if the tenant is behind in rent.” “What do you do if you do a routine inspection, and you don’t like what you see.” “What will the plan be when the lease is expiring and how soon do you action that.” “How often you do need the RTA or attend QCat claims.”
I would also ask them to send you the paperwork you would need to sign to engage their services. so you can see how they handle that and what they want you to sign.
11. Access to their System
Will they give you access to their property management system? We do. It creates total transparency between the property manager and the landlord. You can see maintenance, where rent is at, access routine inspections, and more. If an agency is not prepared to give you this access, you need to be concerned.
12. Dedicated Property Management Department
We do sales and offer property management sunshine coast australia. A significant difference with us is Kath, my wife and I work hands-on in property management every single day.
Many agencies offer property management, but the same person that makes sales handles property management too. It’s either one or the other. It’s different people, which is why we have a dedicate property manager to handle all the mechanics of the business.
You need to use an agency that just does property management or one with a reliable property management division.
Additional Traits to Look for in a Property Manager
Are you new to real estate? The chances are that you are required to learn a lot more about this business – especially when you are looking forward to renting your property. If you find that managing your rental property is an overwhelming task, you might as well consider hiring a property manager for your rental property as assistance. The third-party property management company or a property manager can help in taking away the burden of managing the day-to-day operations at your rental property.
It indeed becomes simpler to manage your entire investment property with the help of a reliable property manager. However, at the same time, you would like to achieve the best results out of the same. This is why you need to hire a reliable, professional property manager to do the task for you.
As such, while hiring the same, you should look out for specific traits that make a good property manager. When you have the right property manager at your hand, you can make the most of the rental property or your investment property.
Here are Some Additional Traits to Look Out for a While Hiring a Rental Property Manager:
- Trustworthiness: This is a necessary trait to consider. Firstly, you should ask yourself – whether or not you can trust the given individual with your property. Trust is a vital trait that often gets overlooked in any business. However, it is also the foremost trait for you to look at when you hire a property manager.
- Experience with the Given Type of Property: The property manager that you are hiring might have relevant industry expertise. However, it is important to ensure that the individual has relevant experience in handling the given type of property as well. This is because commercial or rental properties tend to have varied nuances in comparison to that of the residential properties. Even retail properties will have different issues when compared with that of the offices. When you hire an individual with relevant industry expertise, it adds to the overall value of your property.
- Accounting & Financial Acumen: Most of the commercial real estate firms are known to separate the responsibilities of accounting & property management. However, it is only possible when there is a large-scale agency or firm in operation. As an individual, you would like to hire a manager who possesses both financial as well as accounting knowledge. If required, you can consider engaging the assistance of the individual CPA in selecting the individual or firm.
- The Tenant Screening Process: When you are renting out your property, tenant screening is a vital step. The property manager that you hire should be capable of handling this task diligently. The best managers out there are capable of screening tenants effectively. They might screen the potential tenants on various grounds. Some possible grounds are their background checks, credit checks, financial stability, and so more. Therefore, it is crucial to find managers who are capable of keeping both the tenants & the landlords content.
- Cost of Vacancy & Turnover Rates: Investors out there are known to focus on the PM fee. Instead, you should focus on the overall turnover fee. Therefore, it becomes vital for the property manager to consider these aspects. He or she should be able to analyse the total cost of vacancy and the turnover rated of the tenants adequately.
- Technology Stack: We live in a technology-driven era. As such, more property managers make use of advanced technology to deliver specific services. You should lookout for an individual or company featuring a full stack of specialised services integrated with modern technology. You would like to hire a property manager who is capable of leveraging the data about your property. Using this relevant data, the manager should make precise, as well as proactive recommendations. Moreover, when they integrate on-site technology-backed services, they will protect your investment at the same time.
- Local Knowledge: Even after significant advancements in modern technology, some things need implementation behind the computer screen. It is important for the property manager that you hire to possess in-depth knowledge of the local area. By ensuring the same, you can remain stress-free that the manager is capable of hiring the right tenants for your investment property.
- Communication Ability: Communication skills are vital in every aspect of life. The property manager that you select should be able to communicate with the potential tenants effectively. With strong communication skills, the manager can convey the message right while delivering the best outcomes for your property.
Ensure the best results for your investment property with assistance from the right property managers sunshine coast in australia. Look out the right traits to make the best-ever selection of professional property managers or a property management company.
I hope this has been helpful, and good luck with your search for the best property managers Sunshine Coast to manage your investment property. If you have any questions, drop me a line I’ll be happy to help.