In this very competitive market for property management owners are forced to sift through many choices in property management companies to determine the best choice often coming back to fees when they can see any difference in the organisations they are in contact with. To help you to understand the more important questions to ask in this process let’s take a look at what the key factors are in maximising an owners return.
Keys to landlords taking home more money in their pocket from their investment property:
- Minimal vacancy
- Maximum Rent
- Minimising unnecessary repairs and maintenance
- Reduced expenses (examples interest and insurances)
If we start with minimising vacancy some of the ways an agency can do this are:
-Sales focussed person showing the properties
-Professional photos and marketing copy
-Be available for prospective tenants when they want to view the property
-Leases expiring when there are the most tenants in the market place
How do you maximise the rent:
Leases expiring in peak periods is a big one and all of the above. Negotiation skills to deal with tenants offering 6 versus 12 months or less than your asking price
Pricing the property right also effects vacancy and rent received.
How can a property manager reduce repairs and maintenance for you? This one is a really important one and often overlooked so often our property managers notice termite activity, see a hose under the sink is about to go. You might think that standard but when you are talking to some Property managers they wouldn’t even know what to look for, many have never seen termites or damage. Our training includes plumbers showing our team what to look for and how to top up a hot water service so you don’t get a call out from a plumber for something we can do at our routines for you. We arrange the pest inspectors to show and teach our team. We have the smoke alarm people come and teach us the regulations so we can look for issues on your behalf. We had a time renting before we bought our latest home and I was shocked to see not one of the property managers went out the back door on their inspections.
Reviewing your expenses we remind and encourage our owners to do this annually and can arrange a finance health check for our clients anytime.
In summary if you are talking to a property manager ask questions around the above factors and you should see a massive difference in your choices and see the best value agent is not always the one with the cheapest fee. If you would like further advice regarding property management please contact myself or one of our team anytime.