One of the biggest issues investment property owners have is finding a managing agency that is serious about taking a professional interest in the properties in their care. A common complaint is that the agent treats the property like a cash cow that rakes in money with little effort on their part. Not picking up damage at inspections, or missing them altogether, not checking tenant backgrounds carefully enough and having shoddy financial and reporting systems that owners find difficult to follow are all signs that the agent is not acting in the best interest of the client i.e. the property owner.
Not all real estate agents and property managers are this unprofessional, but unfortunately, the actions of a few can leave property owners worrying about the state of their investment, especially if they live interstate or overseas. However there are many dedicated property managers in the market who actually enjoy the role and go to a lot of trouble to match a good tenant with the type of dwelling they want, so that everyone wins.
A property owner looking around in Macarthur to change agents, or to place a property under management for the first time, should compare several likely agencies and look for particular aspects of service delivery that would be expected in a professional agency. A key consideration is that the agency offers the property owner the same person, a dedicated property manager, who looks after the same portfolio of properties without chopping and changing. This allows the person to get to know the property well, its features as well as it challenges, and what type of tenant it will suit.
Other issues to look for are the quality of their advertising which should be indicative of the type of tenant they want to attract. It should be far-reaching so there is opportunity to draw in as many enquiries as possible so the tenant selection is made from a range of candidates. There should be a rigorous checking process to ensure the tenant has a stable background, no outstanding issues with past property rentals and has sufficient income to meet the rent being asked.
Preparation of the legal documents such as the Tenancy Agreement should be impeccable, and the agency systems should include a direct debit facility so that the payment of rent is seamless and automatic. Enquiries about the professional training of the agency staff should reveal that they are fully conversant with all regulatory requirements of tenancy, and can confidently represent the property owner in court if necessary.
How the agent manages the end of lease process is another key issue, with a good agent making sure that the property is clean and ready for the next tenant. The icing on the cake will be their reporting systems that should follow industry standards, providing financial and taxation information that is easy to understand and welcomed by the property owner’s accountant at tax time, rather than causing extra expense and hassle because it is inaccurate or shoddily presented.
As a property owner, you want to make sure that your valuable real estate investment is in the best hands, so asking these questions and checking the potential agencies thoroughly is your right as the client. If the agency is professional and serious about managing large property assets, they will gladly offer references and other information to secure your business.
