30 May 2014

8 Questions To Ask Your Property Manager

 

1. How and where will my property be advertised?

Many Real Estate Agents ask you to spend money to advertise in newspapers or charge you to put “For Lease” boards up.  Industry numbers suggest 95% of all enquiry comes from the internet with virtually no response from newspapers and a little from “For Lease” boards. In light of this we do not recommend newspapers.  Noosa Property Management will advertise your property on the internet, provide a social media campaign for your property and we erect and remove a For Lease board for FREE.

2. How many properties do you personally manage?

We find Property Managers that handle over 120-150 properties single handedly do not physically have the time to complete all their responsibilities as your property manager. You will find that they don’t have time to communicate to you or the tenants in a timely manner and rarely complete important duties such as regular inspections of your property.

3. Will you be handling this property personally?

Quite often Agents will sit you down with a “lister” to complete all of the initial paperwork, only to hand your file to a less experienced junior to manage. At Noosa Property Management the person who you meet when entrusting us with your property is personally responsible to you and your tenant for the management of the property.

4. What steps do you take to ensure we will be accepting the best tenant?

Make sure all prospective tenants complete a full application form.   At Noosa Property Management we also check references from employers and referees also cross referencing the NTD (National Tenants Database or SICA). From these results you will be able to select the best available applicant.

5. Do you hand out keys to prospective tenants?

Never deal with an Agent that hands out keys and lets the tenant look at the property unattended.  At Noosa Property Management our experienced agents are always in attendance with the tenant at every inspection.  This enables us to provide valuable information to your tenant as well as ensuring security of your property

6. What is your policy in regards to rent arrears?

Many agencies allow tenants to fall well behind in their rental payments before they actually initiate any formal remedy to the situation.  At Noosa Property Management we understand the importance of you receiving your rental income in a timely manner.  We have a Zero Tolerance for rent arrears.  We will chase any unpaid every day the rent remains unpaid until the tenant rectifies the situation.

7. How often will you review the rent and how do you establish a fair market value?

Rents should be reviewed annually 90 days prior to a lease expiring to give the Agent sufficient time to let the tenant know in writing of any proposed increase. This reviewing should be done by checking on industry databases of other rental properties that are directly comparable and let by us at Noosa Property Management as well as other Agents.

8. How often do you transfer rent money to my account?

Many agents transfer your rental income at the end of the month.  This means that your income could have been sitting in their account for up to 30 days in some circumstances.  You are missing out on having the funds paid off your mortgage and saving you interest.  At Noosa Property Management we transfer funds to our clients account every day.  This means that as soon as your funds are cleared into our account they will be transferred to you that day, potentially saving you thousands of dollars in interest over the life of the property