7 Questions to Ask Your Property Manager
1. How and where will the property be advertised?
Many Real Estate Agents ask you to spend money to advertise in newspapers or charge you to put “For Lease” boards up. 95% of all enquiry comes from the internet, we find virtually no response from newspapers and a little from “For Lease” boards. In light of this we don’t recommend newspapers, and API will advertise your property on the major web sites and erect and remove a board for FREE.
2. How many properties do you personally manage?
We find that Property Managers that handle over 120-150 properties single handledly don’t physically have the time to complete all their responsibilities as your property manager. You will find that they don’t have time to get back to you or the tenants in a timely manner and rarely complete the duties such as 6 monthly inspections of your property.
3. Will you be handling this property personally?
Quite often larger Agents will sit you down with a “lister” and sign you up only to hand your file to a less experienced junior to manage. At API the person who signs you up is personally responsible to you and your tenant for the management of the property.
4. What steps do you take to ensure we will be accepting the best tenant?
Make sure all prospective tenants complete a full application form, then check references from employers and referees also cross referencing the NTD (National Tenants Database). From these results you will be able to select the best available applicant.
5. Do you hand out keys to prospective tenants?
Never ever deal with an Agent that hands out keys and lets the tenant look at the property unattended.
6. Do you charge an initial letting fee?
We will not charge an initial letting fee, this fee often equates to 4% of the yearly rental income.
7. How often will you review the rent and how do you establish a fair market value?
Rents should be reviewed annually 90 days prior to a lease expiring to give the Agent sufficient time to let the tenant know in writing of any proposed increase. This reviewing should be done by checking on industry databases of other rental properties that are directly comparable and let by other Agents.