Questions to ask when engaging a property manager
Posted on 07. Oct, 2009 by Karen Herbert in Agency Information
Q: What questions should I ask when engaging a property manager?
A:
- How long have they been a property manager?
- How many properties do they manage?
- Do they engage external professional consultants to assist in taking the department to the next level?
- What formal training have they undertaken?
- What procedural systems do they have in place?
(If possible, request to sight a copy of any standard forms or checklists used within the office to minimise human error) - Do they attend regular training courses to keep abreast of legislation and industry changes?
- Are they a member of the Real Estate Institute?
- How do they communicate with Owners? (i.e. regular newsletters, update letters when there has been a change in the tenancy, etc)
- Do they hand out keys to prospective tenants or do they accompany them to the property?
- Can they present you with testimonial letters from current and previous clients?
- What is their policy on managing arrears?
- When will you receive your money?
- How often do they carry out fair market rent reviews?
- How will they assist in maximising your return and optimising capital growth?
BEWARE of cheap fees! If an agency is offering a discounted fee, you can be sure they will also be offering a discounted service.
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.
