6 Key Questions to Ask Your Property Manager Before You Sign Them Up
You’ve decided to place tenants into your investment property. It’s a huge decision and what you want is the smoothest experience possible, and central to getting that is finding the right agent to handle things for you. With so much choice in the industry, finding that right property manager can be a challenge. Here are six questions you should ask your property manager to make sure you select the right one:
How much experience do you have as an agent?
Everyone has to start somewhere, and new property managers are often hungry and eager to make their mark. As such, they may put more effort into your property and work harder to get you the outcome you want. On the other hand, you may feel that you need someone who has the experience to understand the market and make it work for your benefit, and who knows how to deal with tenants of all kinds. Listen to the answer, and make your choice based on the details they give.
Tara and Katie have different levels of experience with property management, however both will offer you the same high level of service many have come to expect from Active Agents.
Can you give me an example of a property like mine you have leased in the last six months?
This is an important question, not just about how properties like yours are letting, but what the property manager has learned about marketing such properties; what they know will work for you. It gives you a good insight into their approach and whether that is right for you.
What do you think are the key leasing points for my property?
This is an important question as you are basically asking them to give you their leasing strategy for your home. Think about the response not just in whether they are talking about the things you expected, but whether it sounds persuasive.
Would that pitch make you want to view the property they describe? If not, why not? If you like it, tenants probably will too.
How should we advertise the property, and why choose that method?
You have several choices regarding advertising when leasing a property. Each has its merits, but it is important to know the property manager’s reasoning for the choice. It is also crucial to know that their methods match your own ideas and comfort zone.
How much do you think we will get for the property?
Once they have described their marketing approach and method, how much they think it will let for is the next question. Remember, this is not a valuation, but what they realistically expect the rental return to be. Ask how they came to the figure they claim, this weeds out those who will just give you a high number to win the business.
What fees do you charge?
Listen to the answer here as you are not just learning about the cost of using that property manager, but how they justify what they charge. It is important to not only compare the rent commission, but all other ongoing fees such as monthly admin fees, statement fees and lease renewal fees. Confident property managers who know they will get results have no problems justifying their fees, what you don’t want to hear is evasion or vague responses.
With these questions, you get a good idea of what the agent has to offer and whether they can do what you need. How long the property will take to let, where they plan on marketing the property and directly asking why they are better than the competition are further questions that put the property manager on the spot and give you a good insight into their abilities.
Active Agents are Hervey Bay Real Estate Agents who specialise in Property Management. For current available properties for rent in Hervey Bay click here. To learn more about our Hervey Bay Property Managers, click here.