Contributed by Genevieve McMahon
Buying a property as an investment is not something that most of us enter into lightly. It is a substantial portion of our hard earned money, and an investment that we want to see managed successfully for us.
Therefore, when selecting an agent to handle all aspects of management, it is important to be familiar with the characteristics that indicate a GREAT agent, rather than one who merely does the minimum.
Below are the six key points I sought in an agent.
1 Area Knowledge
Finding a manager who has a strong demonstrated ability to research and read the local data and advise accordingly. I’ve found that the geographical location of the agent does not directly impact the ability to effectively do the job.
2 Market your property effectively
An ability to work with a range of budgets and media to achieve exposure of your property online to maximise tenant engagement. Also, having the confidence to suggest any improvements or changes that may make the property more desirable. Sometimes just a simple, cost-effective cosmetic improvement can increase the appeal of your property.
Even though the Property Manager works for the landlord, it is crucial that they communicate effectively with tenants. Being able to resolve problems as they arise, having a reliable team of tradespeople available, and generally dealing with any issues promptly generates a secure relationship for both landlords and tenants alike
Knowing the appropriate market level for the area, but also being able to negotiate and maximise the returns for the landlord. Finding that fine balance for the best overall outcome on your investment. Having the knowledge to anticipate any fluctuations in the market, potentially affecting the value of your property or your rental income.
5 Checking Tenants
Does your Property Manager have access to required tenant databases to check past rental history, defaults, references etc? It is important to be reassured that your property manager screens all potential tenants, making the process of selecting a tenant streamlined for you
This was a very interesting point for me; in my research I found management fees quoted fluctuated from 6-10% on rent collected. The cheapest option may not give you the best net outcome, and the most expensive option may not give you the most premium service. It comes down to who you have the most confidence in to do the best job. The difference in percentages only equated to a few dollars a week, which is easily offset by professionalism and knowledge.
We decided to use the team at Ashby Partners, as from day one they were enthusiastic and passionate about helping to achieve my goals.
We genuinely feel their aim is to nurture long-term relationships with us and our and tenants, promoting ongoing satisfaction and results.