Agency Info: How many properties do you manage?
Posted on 07. Oct, 2009 by Karen Herbert in Agency Information
Q: I have asked two property management specialists this question: “how many properties do you manage?” The reply I got from the first one was, “that’s private business information”. The other said, “I won’t disclose that information as there are a lot of dodgy property managers out there that want to know my business. So, my question as an investor is, how do I get this information from them, so that I know that the Property Manager is not over worked?
A: I am very glad to see that you are spending time researching prospective property management agencies and are not just shopping on price alone.
Today there are many other factors affecting the answer to your question.
We all know that a property manager who looks after too many properties may not have time to devote the attention to your property. And there is no general rule of thumb on how many properties a property manager can handle.
The Property Management Benchmarks for 2007 identify that “Tenancies Managed per Property Manager” lies between 150 and 200 depending on the total properties managed per agency. Usually the more properties managed by an agency, the more each property manager can look after. This would be because the turnover of the agency would allow for extra admin and clerical staff. Today many agencies also employ dedicated leasing consultants who will lease the property and thereby allow the property manager more time to manage more properties. You also need to take into account such things as, how many years experience the property manager has had and or do they have an assistant?
So the question you should ask might be better phrased as; “What is the ratio of Property Management personnel to number of properties managed in your agency”?
I’m sure that you will receive a more positive reply.
I am happy to email you a checklist for selecting a Property Manager should you need any further assistance.
Karen Herbert is the Principal of Position One, based in Brisbane, Australia. For further information or help with renting out and managing your property, please visit the Position One website.
