1: How many years has the property manager, you may appoint to look after your investment property, been working in real estate?
This relates to the property manager and not the agency. Do you know exactly who will be your single point of contact? Going to a brand name agency doesn’t mean their service is going to be any better, majority of brand name agencies are owned and operated independently.
Many people start their career in real estate as receptionists and then move up to the property management department, and some of the top performers move into sales.
Yet some individuals choose property management as a career and this is the type of person that should be looking after your property.
2: Does the agency have a dedicated property management department and how many staff will be looking after my investment property?
Many agencies see property management as inferior to the more glamorous sales department and some agencies even leave the management of client’s assets to the front desk staff and receptionists.
Ensure that your agent has a dedicated property management department. It would be preferable that this department is staffed by a number of experts so there is continuity of management in the event of one property manager being ill or being on annual leave.
Always ask how many properties will the Property Manager be managing? And what is their service area? The aim is to find out that they are not managing too many properties in all different areas. A good manageable number of properties for 1 person to manage is less than 100 properties per property manager.
3: Is a Director/Owner of the agency involved in the day to day management of your Investment Property?
Most agencies have a sales department and a rental department. Generally the business owner has a sales background and not a leasing background, and looks after the sales department leaving the management of their rental department to a property manager or junior administration and reception team.
This is often because the sales department generates a higher income, and is high turnover; whereas the rental department has a lower income, is more intensive and requires in depth and frequent training to keep abreast of the changing Legislation.
You may find that an agency where the Director has an active involvement of your Investment Property and also the property management department, will take the business of property management more seriously.
The Leasing Network is a specialised Central Coast property management only agency. Our Director / Owner Kelley Seaton works extensively in the team on a daily basis. We recommend to use a specialist property management company to get the results you want, that can assist in maintaining and maximising your Investment Property, not just one who collects the rent.