It can be extremely difficult to stay on top of all of the duties associated with renting and managing a property on your own. Finding a knowledgeable real estate agent to assist you with property management is a good option.
Tenanting your property means finding tenants who will pay the highest possible rent in order to achieve the maximum return on your investment. HOWEVER, it is also VITAL to secure the right tenants, tenants who will treat your home and investment with respect.
Professional property management is far more than just simply collecting rent, with this in mind the following 5 questions will assist with selecting the best real estate agent to manage your investment.
1. Does the agency have a team strictly dedicated to leasing properties?
It’s quite common for real estate agencies to put more effort into property sales than into property management. Be sure that you work with an agency that specialises in property management.
2. Does the agency’s principal/managing director have a role in the everyday functioning of the property management team?
When an agency’s owner plays an active role within the property management team, this often serves as incentive to make the team work harder and with greater professionalism. Having a manager who isn’t afraid to get involved in their business’s success is also a sign of the type of agency that will work harder for you.
3. How many years of experience does the property manager have?
Many real estate agents are members of larger agencies, with sterling reputations and a history of success to draw upon, but it’s also important to find out more about the specific agent who will be handling your rental property and the processes involved. The right agent will have a love for property management. Passion, dedication and experience are all vital to success.
4. How many properties does the agent personally manage?
Although managing multiple properties helps build experience; it’s a good idea to ensure that your potential agent doesn’t juggle too many at once. It may be well worth paying higher fees to a boutique agency if it means you get the extra care that could yield greater financial rewards and prevent vacancy, damage or other problems.
5. Does the property management agent attend inspections of your home with prospective tenants?
Naturally, most property owners will not want strangers waltzing through their home without supervision. A professional real estate agent will accompany potential tenants on visits to your property. Not only does this protect your home’s security, but it also serve’s as another medium for marketing. The agent can point out features and amenities of your home, and learn more about the clients’ personal and financial situations. It’s best to avoid agencies that simply hand over keys to tenants with no questions asked.
Remember before you can start asking these questions, you will need to research and narrow down a select group of your potential managing agents to contact.
If you are seeking a professional Property Management Agency then look no further than the team at Property Shop Cairns. To discuss how we can assist you contact Rachel Gillespie our Business Development Manager at firstname.lastname@example.org or 0428 160 100.