It is becoming common practice to engage a Business Development Manager (BDM) to support the ongoing growth of a rent roll within an agency. The BDM’s role is to introduce their company for property management services to you and guide through to engagement of their service. Whilst it appears a well groomed introduction and you have built your rapport with the BDM it is not the BDM who is likely to be managing your property. So who will be looking after your property? We have provided a sequence of relative questions to become familiar with the person that will be handling your property and tenancy matters and their professional experience within the industry.
Are you the person who will be looking after my property?
How long has the property manager been with the agency?
How long has the property manager been involved in property management?
How long has the property manager been working in the local area?
The structure of a property management team and portfolio is evolving. Some agencies have one Property Manager looking after a specific portfolio (generally 80-120 properties pending property type and geographic location) and other offices are set up to be task based with a Senior Property Manager overseeing the team. Ask such questions as;
How many properties does the property manager look after?
How many properties does the agency have under management?
Is the property manager my one point of contact for all property and tenancy matters or will I deal with a letting agent or routine inspection/maintenance manager during the course of a tenancy?
What happens if my property manager goes on leave? Who will oversee my property during this time?
An effective marketing strategy to present your property professionally to the rental market and the flexibility in showing your property to prospective tenants is an important question. The agency should have a clear strategy for how they will market your home which may include;
Electronic mail out to agency database
A ‘For Rent’ sign positioned at the front of your property
Internet advertising on real estate specific websites ie; realestate.com.au & domain.com.au
Social Media Posts
Whilst appointed inspections are best it is understandably a safety aspect for inspections to be made with multiple people via open house inspections. Flexibility in viewing times is important with many prospective tenants not able to attend day time viewing due to work commitments. Keys should not be handed out to prospective tenants to view the property on their own. Additional questions you may want to pose are;
How does a prospective tenant arrange for an appointment?
How flexible are viewing times and will you show the property after hours and over the weekend?
Will you hand out keys to a prospective tenant for them to view the property on their own?
Are there additional charges for advertising and marketing?
You want the most suitable tenants for your property. This is far more important than taking the first applicant just to alleviate the vacancy period. Selecting the wrong tenant can far outweigh the costs of waiting another week or two for the most suitable tenant.
Questions to consider;
Does your property manager have a thorough screening criteria in place based on the information that is provided to them by the applicant?
What resources do they have to screen applicants thoroughly?
Do you have the final decision on accepting or declining tenancy?
When do you stop showing my property for rent?
What is your process and time frame to secure the approved tenancy
Although all due care will be taken to screen your approved tenant during the application process, you cannot foresee the future. For this reason it is essential for landlords to take out a landlord insurance policy.
Regular inspections should be carried out to monitor the condition of your property throughout a tenancy. Inspections should include a thorough walk through the property inside noting the condition of fixtures and fittings within and a walk around the property to look over the property exterior and lawn and garden care. Questions to consider;
How often do you carry out routine inspections?
Will I receive a property inspection report?
Is there an additional fee for routine inspections?
The PO Form 6 appointment of a property agent (management agreement) will outline the manner in which your property manager can act on your behalf when arranging for maintenance and paying invoices on your behalf. Your agency will have a list of qualified and licensed tradespeople they engage on your behalf to attend to maintenance required however you may have your own preferred qualified tradespeople to contact. As a courtesy at minimum your agent should notify you of the maintenance required/requested so you can make allowance for the adjustment to rental funds being paid out to you at month end.
Questions to consider;
When will you contact me when maintenance is requested or comes to your attention?
Do you have procedure for checking maintenance?
Can I use my own tradespeople?
Do you charge for arranging maintenance and minor works?
The agency will have policies and procedures in place to ensure rent is paid to you. In the event rent continues to go unpaid your property manager should contact you to discuss tenancy default options with you and seek your instruction for progressing these matters. The agency may charge additional fees for tenancy default procedures. This scenario poses the following questions to ask your potential property manager;
What is your rent default procedure?
Has your property manager handled insurance claims for tenancy default?
Has your property manager been to the Tribunal before for a tenancy default claim?
What is their ‘success’ rate at Tribunal?
What are the agency fees for your property manager to make an insurance claim or Tribunal claim on your behalf?
What are the fees for your property manager to act on your behalf at a Tribunal hearing?
This is the foremost question asked when shopping for a property manager. Whilst being important and relative to maximising your potential rental income and cash flow it is also just as important to know what is actually being covered. Lower fees may appear enticing and there is always someone out there willing to do it cheaper. Protect yourself and your property and be sure that cheaper fees do not mean a compromised level of service. Your property management fees are tax deductible. There are 3 main fees that will be presented to you to;
Management Commission = a percentage of the weekly rent and must include 10% GST when being quoted
Letting Fee = charge to tenant your property
Administration Fee = a set fee for administration costs
Additional fees could be incurred for the following; advertising | routine inspections | end of financial year statements | lease negotiation & renewal | maintenance & minor works to name but a few. Ask for full disclosure up front.
Can I have a schedule of all commissions, fees & charges?
Sequence of questions that you might follow with;
How often will available rental funds be paid out to me?
Can I have rental funds paid into my nominated back account?
If needed, can I have an immediate transfer of funds to my nominated account?
This is a great question to gauge your potential property manager’s local knowledge, current rents in the area and market trends. As rents and trends fluctuate at various times throughout the year a great property manager may give you a guide for rental price, but will not be specific until an inspection of the property has been carried out and a comprehensive market analysis carried out. Ask your potential property manager;
What factors will you take into consideration when appraising my property for rent?
How often will you review the rent for my property?
Will you consult with me before adjusting the rent for my property for tenancy renewals and setting the rent for upcoming vacancy advertising?
Communication is key to effective property management. The expectation established for communicating property and tenancy matters between you and your property manager sets the foundation for not just you, but for your tenant for a smooth running, efficient tenancy.
How easily contactable is the property manager?
When something is happening at your property, will you be contacted?
What is the expected response time?
Will your tenant have the same level of availability made to them for contact?
Mystery shop your the property manager… You know how your call was received and handled, now call as a tenant looking to speak with the property manager about a potential rental available. Was there a difference in the time for response or the manner in which you were treated? You want to make sure your tenant is going to have a positive experience. A happy tenant promotes the likelihood of a stable, long term tenancy.
Get an understanding for what your property manager sees as their own and their agency strengths in providing you a professional and committed comprehensive property management experience. What makes them stand out and what gives you the reassurance that they will be committed in delivering on the service they promise.
When you engage a property management firm, you are choosing an active support professional who will guide you through the process of owning rented property. To meet your desired outcomes, it is important to develop the right team to support and advise you in dealing with the variables.
Is Rental Platform the right fit to be on your team?
Personalised service and attention to detail- what more could you want?
I can highly recommend Tamison from Rental Platform because she really knows her stuff!
A big thank you to Tamison and her team for doing a fantastic job with my rental property. You are thorough and passionate about your business and I could not recommend a better Gold Coast Property Manager and for that I thank you once again!
Tamison has been helpful throughout our tenancy and welcomed us with all the information we required for our lease. Thanks
Working with Tamison and her team has taken the stress out of renting our investment property. It’s the day to day dealings with tenants that can bring u down and be a bother, Tamison handles all of that for us and because of that we are able to focus on other matters. Thanks Tamison great job.
Karen van der Kwast
We have known Tamison from Rental Platform in a professional manner for many years & have found her & the company nothing but a pleasure to deal with, helpful, professional in all matters to do with rental, Would highly recommend Tamison & her team
I am a contractor to Rental Platform and have been doing work for them on a regular basis for over six years. Tamison McFarlane is one of the most kind and polite people I have had the pleasure of working closely with and has always conducted herself in the most professional manner.
Who is this person masquerading as a disgruntled owner? I find his comments to be appauling!!!
Tamison and Rental Platform has by far been the best Property Management Agency we have ever had manage our investment properties. Tamison goes above and beyond in all aspects of property management and we are very grateful that she offers her services in different locations.
We highly recommend Tamison and guarantee you will not regret appointing her to manage your investment.
I have just finished a 3 year rental via Rental Platform, the service we received from start to finish from the whole team had been fantastic!!
Thank You for 3 trouble free years!
We have been tenants for two years now with rental platform , we are very happy , looking forward to many more years . We love it how efficient you are Tamison and your team at rental platform. Highly recommend!!