Hey all,
Our property has finally been given to the property manager which is a proper commercial manager eg L J Hooker (Note this is just an example)
What are some of the pitfalls that we need to watch out for? Can we have our say in certain things like so many inspections per year etc?
Any other advices guys?
many thanks
Hi I am certainly not an expert on this but may have a couple of points of interest for you
Re inspections: I think that it may be pretty standard that there is an inspection at 3 months and then at 6 months and then every 6 months thereafter, and I think you have a choice as to whether you attend each of the inspections.
Re advertising: some managers prefer to have open days where any interested prospective tennants can come through the property to inspect it, other property managers do inspections as they find prospective clients for your property. Be sure to ask the property manager whether they attend the property with the prospective tennant or provide the key to the party and let them inspect your property on their own. I would definitely not allow that.
Re emergency works: ensure you arrange with the property manager that you will only allow them to engage trades people to carry out work up to a certain value, without them having to have prior approval from you. For example, You may let them control works orders up to say $400 but if the amount is above that, you may want the property manager to contact you first to obtain approval to have the work carried out.
Re funds: you want to establish when and how you receive your rental income payments and management reports. Will you be asking for rent on a weekly, fortnightly or monthly basis.
Hope this contributes somewhat to your question
JulesJULES1
Email MeHi Jules,
Thanks for this info. I have duly noted them down on my things to ask pad. If you have other points from others and if you think of more, please continue to post them
Hi Trance,
Most managers provide a glossy folder of comprehensive information that sets out their responsibilities. If you go through someone like Hookers or PRD they usually come as a standard. If you haven't done it yet, get them out there to the house to give you a rental appraisal with the follow up gloss. Then you can decide which one suits you. Let them know that you're getting at least one other quote. I got a good discount without even asking just by indicating they have competition.
Ian
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