7 Signs of a Hazardous Property Manager
In this article, we’ve exposed the 7 indicative traits of a hazardous Property Manager. Sharing his knowledge and experience from both a professional and personal viewpoint is one of Calibre Real Estate’s esteemed Business Development Managers, Paul Tooze.
Paul is both a real estate professional and property investor. In the past, when he has engaged an agency to manage his property, he always uses the same checklist when he’s interviewing them for his business… “So far, this checklist hasn’t let me down. I use it with one main goal in the forefront of my mind : To engage a good property manager who will ensure a stress free rental & to steer clear of the ‘hazardous’ ones.
I feel that you need to do your research and pinpoint at least three agencies for consideration. First and foremost, I always find out what their commissions rates are and to see who will drop their commission rate quickly. (Being quick to drop their rate generally rings alarm bells for me as you’ll typically find that the cheapest agency, and those who are quick to drop their rates, may have a few problems you want to steer clear of.)
7 Indicative Traits of a Hazardous Property Manager
- They employ juniors or inexperienced staff, with very little training, to lower costs
- They lack in great operating software which creates massive inefficiencies
- They’re unable to support 100% of your invoices, rates and expenses
- They don’t provide regular training and legislature updating
- They only provide 2 property inspection reports per year
- They have regular staff turnover and a different manager each time you call.
- They are quick to drop their rates because they are desperate for business and are continuously losing rentals
Marketing of a property is of vital importance to a successful investment. The use of Professional photography, floorplans and a Premiere Listing will get your property seen first, and a professionally scripted advert will entice a higher number of prospective tenants to view your property.
To have the most successful investment possible, you want your property to be leased quickly and for the best possible price. However, this does mean that you need to ensure your asking price is in line with market demand. If you have a property that is listed over market value at $450 per week and is vacant for 3 weeks that could be a $1,350 loss compared to leasing it at market value of $425 per week and having it leased straight away. If you’d like to know how to make the most money from your rental property, check out this article.
If you have a property in Brisbane that you would like to consider engaging in a new property management team for, please feel free to contact the friendly team at Calibre Real Estate (07) 3367 3411. Otherwise, we hope you now know how to spot a dodgy property management agency so you can steer clear of them!!