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Experience Better Property Management

83% of Landlords are Not Happy with their property management!


How to choose a Property Management company

Know what you MUST have!

The things you truly need are: 

  • Reasonable fees for the service and systems being delivered (you don't need cheap, just fair).
  • High quality communication and property reporting systems during and after vacancy.
  • Quality marketing (e.g. realestate.com.au & domain.com.au and a For Lease sign).
  • Every Saturday and private midweek open for inspections during vacancy.
  • High quality tenant screening (they guarantee to call every reference).
  • Great tenants (stable employment, great rental history).
  • A thorough condition report with photos of all appliances, windows, window covers, etc.).
  • Rent paid on time, and communication if rent is late (in advance of it being late is preferable).
  • A three month inspection and then another every 6 months (For Vic. Differs in each state).
  • Maintenance followed up quickly with quality and competitively priced tradespeople.
  • Rent review approximately 2 months prior to the lease ending.
  • Lease negotiation and renewal 4 weeks prior to lease ending.
  • Detailed final inspection report when tenant leaves.
  • Property returned to original condition prior to tenant moving in, minus normal wear and tear.

Ask better questions and request thorough answers! 

  • In fact, before you ask any service or fee questions let them tell you about what they will deliver.
  • Tick off each item that is important to you and note how comprehensive their answers are.

Ask them to explain in detail:

  • How they will find such an excellent tenant?
  • Why is their marketing strategy superior?
  • How do they keep you updated during vacancy and occupancy?

Find out who your property manager will be: 

  • Is there one manager dedicated to you? 
  • How experienced is the manager in the job and in life - don't give your property to a kid who has never even rented themselves.
  • Are they paid more if they do a good job?
  • How many properties do they manage (more than 150 is too many)

 Before you hire the company 

  • Find out if the company is locking you into a contract for a certain number of days.
  • If they do want to lock you in (e.g. for 90 days) ask them why? If they do their job you will stay with them and if they don't you will leave. SIMPLE!

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4 Steps to better Property Manager performance

Step 1

DON'T tolerate bad management. 

  • You must know when it is too late to improve the relationship. If you have lost TRUST in your property manager then it is over and you should find a new property management company.
  • A bad property manager and their company will rarely change. Improvement firstly requires the desire to change and secondly requires significant improvements in leadership, staff and processes. Change takes more than just promises during a meeting or phone call. In reality, the longer you stay with bad management, the more problems you will have and that is not what you pay them for!
  • Most companies will lock you into a 30-90 day contract when you first join them. After that time you can transfer companies FREE, EASY and FAST. If you are locked in a contract and are not happy, just say you want to be released from the contract because of unsatisfactory service.
  • Transferring companies does not affect the relationship (Lease Agreement) you have with your tenant.
  • Simply choose your new company and the new property manager will arrange the transfer for you.

Step 2

UNDERSTAND why your property manager delivers bad service? 

  • Great property management requires two ingredients: 1) An outstanding property manager and 2) A company that motivates (e.g. financially) and offers outstanding leadership and systems for their property managers.

The main reasons that a property manager delivers bad service:

  • Company focuses on SELLING properties. In most agencies, about 80% of the profit comes from property sales so look for a Rental Expert.
  • On average property managers are paid just $40,000.
  • Average age for property managers is 20-21 years old.
  • Many property managers have never rented themselves.
  • Most property managers only stay in the role for 1-2 years.
  • Most companies make property managers manage around 230-250 properties (should be 150 or less).
  • Most property managers are not paid more to do a better job. What is their motivation to do more for you?

Step 3

Try working WITH your manager not AGAINST them. 

  • It is human nature to do more for people you like and respect. So use this to your advantage. Make sure your property manager knows who you are and cares about looking after you.
  • Make fair and reasonable requests.
  • Address any bad attitudes or service instantly, but in a way that makes them want to help. If you continue to get a bad attitude from your manager simply transfer companies.

Step 4

Know what YOU want and communicate it clearly. 

  • Write down what you want and know what you will do if you don't get it (e.g. transfer rental companies).
  • Email all requests. Dot point your requirements so it is all in black and white.
  • In your email request, specify how you would like the property manager to respond (time and method).
  • Stick to what you want and follow a plan if your needs are not meet!

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Changing your Property Management company

  • Most landlords pay for bad property management for far too long. But why? It's simple, people don't like change and change normally costs money, time and effort. If only landlords knew that transferring companies was typically FREE, EASY and FAST.

So when is it time to change companies? As soon as you have lost confidence in your property manager is a good start. What should you consider? 

  • A bad property manager and their company will rarely change. Improvement firstly requires the desire to change and secondly requires significant improvements in leadership, staff and processes. Change takes more than just promises during a meeting or phone call. In reality, the longer you stay with bad management, the more problems you will have and that is not what you pay them for!
  • Most companies will lock you into a 30-90 day contract when you first join them. After that time you can transfer companies FREE, EASY and FAST. If you are locked in a contract and are not happy, just say you want to be released from the contract because of unsatisfactory service.
  • Transferring companies does not affect the relationship (Lease Agreement) you have with your tenant.
  • Simply choose your new company and the new property manager will arrange the transfer for you.

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NO LOCK IN CONTRACTS:

Most agents lock you in for 60-120 days when you first join, we have no lock in contracts EVER.

SWITCH TO INVESTORS CHOICE:

Already with another agency? In as little as 48 hours we can arrange complete management take over. Transferring agents is FREE and it won't affect your current tenant agreement.

Talk to a Rental Expert

rental-expert
© 2014 Investors Choice Property Management (ICPM). ABN 41177342662
Property Managers servicing Werribee, Wyndham Vale, Point Cook, Hoppers Crossing, Williams Landing, Tarneit, Truganina and across Melbourne.