From Secret Agent Property Manager, Priscilla Gusman
It is not uncommon for a real estate agent to be spoken of in a negative tone, especially when it comes to property managers. Many people understand property managers to be rent collectors who never return calls and occasionally arrange maintenance – this is certainly not the case.
When considering an agent to manage your investment property, you must be confident that you will receive more than just the basics from them. Your property manager should know your property well in order to be able to market and lease it to the right tenants. Sound knowledge of the area, ability to identify the features and benefits of your property as well as any not so great aspects that may deter tenants should all be on your list of expectations.
Throughout the tenancy, your property manager is basically the referee – maintaining a professional relationship with both landlords and tenants. Whilst the landlord is who they represent, the relationship with tenants is just as important. With so many properties available to rent in today’s market; excellent customer service may be the key to preventing a tenant from moving on.
Your property manager is there to provide professional advice to you as their client. When recommending a rental increase they must research recently leased properties in the area and provide comparable rentals. It is their job to ensure the landlord is achieving the maximum return on their investment whilst keeping the rent in line with current market conditions. You may not always agree with their advice, but you should think of them as your investment advisor – they do this every day!
When you first meet, you should be clear on the type of relationship you expect from them. Do you want to be phoned each time maintenance needs to be arranged? Do you want to attend the routine inspections with the agent? Do you want them to pay bills on your behalf? We expect a property manager to use initiative and make suggestions to the landlord as opposed to the landlord calling the property manager.
A good property manager does exist and having one on your side can be very beneficial. Like in many industries, you get what you pay for. Would you like to spend less on fees and get basic service or would you prefer to pay that little bit more and get a property expert? The answer should be simple.
Introducing Priscilla Gusman to the Secret Agent Team. Priscilla comes from 8 years experience in the Melbourne property management industry, and is the head of Secret Agent: Manage.