In another article we investigated the 7 Top Tips for Increasing Your Rent. The first tips was to employ an appropriate rental manager. This tip is worth exploring further, so here are 5 tips for picking the right rental manager.
1. Know your Target Market
These days a lot of rental agents believe advertising on the internet is enough to get your property rented. This might be the case for most properties, but not all. Take into consideration your property type and target market. Is it an upmarket home? In this case a web listing should work wonders as the most likely occupier is going to be a professional person or at least someone who uses the net frequently. Don't forget to include professional photos! Is it a room in a boarding house? If this is the case you are probably going to have more luck with a sign at the front of the property and an ad in the agent's window. Once you know your target property you can start to select the most appropriate agent.
2. Is your Manager an Investor themselves?
We find that property managers who own investment properties themselves are more understanding of the requirements of a property investor and their need to keep rents up. They are also more stringent when it comes to regular inspections and ensuring minimal damage to your property.
3. How long have they been a Property Manager?
Don't take this as being a form of discrimination, but a lot of property managers are very young, which in turn usually means they have had limited experience in management and even less in being a tenant or an owner themselves. This doesn't necessarily make them a poor manager, but you can see the obvious advantages of having a senior property manager at least overseeing the other staff.
4. Use a Local Agent
A local agent will know the rental market in that location the best. They also have 'walk-ins' (people walking past their office and walking in to make enquiries) who are looking to rent in that location. Makes sense... if you wanted to live 10km's North of the city you are hardly going to walk into an agent 5km's South of the city in hope of finding something. It can also become a lot more work for an out of area agent to manage your property, especially if the rental market is quiet. They may require more visits, which means more time spent on the road. It is conceivable you may receive poorer service as a result. We should point out that sometimes it is appropriate to use an out of area agent, for example where you employ a manager who is an expert in executive rentals if this is your angle.
5. Property Manager of the Year
There are all sorts of awards that get handed out to property managers, whether it be from within their own brand, via local business awards or through a recognised organisation such as the REIQ. These managers earn these awards for very good reason... because they are good at their job! So find them and use them. Do a simple Google search and you will quickly find out who they are.
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