Hi all,
Looking to rent out my property. is it best to have it managed by an agency with a big rent roll or a smaller agency.
I have looked at two agencies (1 big and 1 small rent roll) and both charge similar fees.
Thanks
I've used small and big agencies. I prefer a big agency as the small one did not have the resources to provide a decent service to me. Where are your properties? I could recommend a couple of good agencies in Brisbane.
Hi mate,
Thanks for the reply. Properties are in Adelaide
Any recommendations of good agencies would be very much appreciated
Thanks
Hi,
There's a reasonably good discussion of this in one of Margaret Lomas' books (can't remember which one). However, need to ask them how many staff they have, and how many properties. Then you do some division to work out how much time that leaves to give your property the attention that it needs.
I find that whoever I select, I need to spend the first couple of months giving them the message that I expect them to actually do something for their money. I do this by communicating with them frequently, and ALWAYS following up conversations with an email that records what they said they would do.
This lets them know that you are a serious investor, and your properties will get more of their attention. They will manage the properties, but you need to manage them
Daedalus.
Hi,
If you are in Adelaide then go and do yourself a huge favour by booking into the WEA centre in the city for a half day course called "Managing Your Rental Property". Cost is about $55
Chances are you will decide to manage your properties yourself and keep all those management fees..
If you still want to go with a rental manager then you will know a LOT more about the process, what questions to ask, etc.
It's well and truely worth every cent.Cheers
We've just gone through the not-so-nice task of sacking our property manager. We used Professionals but after less than 6mths of tenancy, we're up for another lot of letting/advertising fees…..of which last time costed us about $1000 before we'd even gotten a cent from the rental! I was not about to pay another 1 weeks lettting fee less than 6mths later. Anyway, cut long story short, after doing alot of research and number crunching last week, i've found that it was better for us to go with an independent company rather than a 'franchise' as we found the 'franchises' have alot more fees (letting fee, lease renewel fee, tribunal fees etc) involved.
Although its costing us money to pay a property manager to look after our properties, we personally wouldn't have it any other way because we're in the property game to buy back our time so the last thing we want is to be outlaying time managing them! but of course this is a personal choice.
Xenia is a well respected property manager in Adelaide…… i'd give Xenia a call and have a chat with her ([email protected])…don't have her mobile handy with me.
Thanks for all the advice. I would usually avoid property managers and do the work myself, but am heading overseas to live.
Thanks again
anandinvestments wrote:We used Professionals but after less than 6mths of tenancy, we're up for another lot of letting/advertising fees…..Anyway, cut long story short, after doing alot of research and number crunching last week, i've found that it was better for us to go with an independent company rather than a 'franchise' as we found the 'franchises' have alot more fees (letting fee, lease renewel fee, tribunal fees etc) involved.Actually Professionals are one of the largest networks of independently owned and operated real estate agencies in Australasia. Not a franchise but a marketing cooperative. Offices are often very able to operate and compete just like independents but with the strength of a large office network including referrals. The best of both worlds! Just to help you out with clarifying your research.
Hi, Shanshan
Some things to consider for the agency
Brand name (Perspection by renters about that agency);
Number of property managers versus number of rental properties managed;
Full disclosure of fees involved (higher management fees covering misc expenses versus lower management fees with additional misc expenses).Some things to consider about the individual Property manager, as there are both capable and not-so-capable PMs in all agencies, franchised or independent.
Work ethic (follows up on phonecalls and emails, no problems with hand-holding new landlords, accountable);
Interpersonal approach towards landlords and tenants
Work load
Reactive versus proactive property management style (If you are overseas and unable / unwilling to be hand-ons, you want someone who will proactively manage your property);
Rental payments (Some PMs really press for regular rental payments from the tenants, while others might be more slack)I am sure there are more factor to look at, but this is all I can come up with off the top of my head. Just bought an apartment and am ending the lease towith the view of moving in. Being a new home owner and new landlord (only for the remaining month fo the lease), I naturally had a good number of questions to satisfy. The PM who managed the apartment was not into answering hand-holding newbie landlords, return phonecalls, responding to emails, and only contacted me when he needed something from me.
So, choose your PM carefully and ask lots of questions till you are satisfied and ready to give the agency and PM your business. I know I will.
Regards
Daniel LeeDear ShanShan,
That is a good question. There are too many companies to choose from and there are mostly just an offshoot of the selling department.
I suggest you find a company that is created by Investors to look after investors. Adprop is created by Xenia and her business partner. Her contact is [email protected]. Mention my name. I lived in Adelaide for along time and there is just no one and I mean no one will look after you better than Xenia and her team. Their focus is property management not selling. They can teach you how to get more rent, create value to your property and then not screw you around like many agents/people I know, it is worth every penny.
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