I currently have three properties in Bris managed by the same company. Recently we have been renewing leases, 1 is a new property so has just got our first tenants in (this took a loooong time), and the other older ones have been rented, however, both tenants are now leaving. I have been using this company for a good few years and have always been happy - generally dealing with one person who was efficient and communicated quickly. However, she left the business about 6 months ago. In our searches for tenants recently I have been getting frustrated with a number of their processes, and was just wondering whether I'm expecting too much and being unreasonable or may need to start looking for a new PM. A couple of questions: 1 - how many people should i be dealing with? It used to be 1 (max 2), now we are speaking to 4-5. 2 - when an application comes in how long does it usually take to process? We had two applications come in over the weekend and I have followed up twice (Both times told they'd be in touch the next day) but am still yet to hear anything. 3 - when looking for tenants what proactive approaches should a good PM be doing? Surely it isn't just RE.com.au and having your fingers crossed? 4 - should PM's be actively searching comparable properties and recommend changing advertised rent if it is too high/low? Dumb question - of course they should! I think in even writing these questions I have answered my own initial question but certainly interested to hear others thoughts about standard practice. Cheers, Robbo
Hi I usually find I only deal with 1 PM - 2 maximum ( and this is usually when their on leave). Dealing with more than that many becomes unmanageable quickly esp if the internal systems in their office are not optimal. PMs effectiveness is dependent on the individual PM, the culture in the office etc ie number of IPs per PM etc, is it more a rent roll office or is the focus on sales? - assume the same principal is there? I've had to escalate the odd issue to the principal of the agency as a last resort on a few occasions but not often. I have some good PMs in Brisbane if you want to look at options Good luck, Wall
Some agencies have come to the realization that PMs often don't stay on long term due to stress of the role. To combat this, some are trying out a task-based system, whereby one person handles maintenance, another handles leasing, etc etc. This is fine as long as one person oversees the lot and ensures nothing falls through the cracks and that you as the landlord have a single point of contact.
My thoughts/answers to your questions: 1. We have 3 x IP's with one agency and 5 x IP's with another. In both cases, we deal with one person. In fact, we insist on it. Just as importantly, only one person on our side is the contact point. 2. If an application comes in, we would expect it to be evaluated and communicated to us in one business day. 3. There is more to finding a tenant than just putting an advert on re.com.au. Our PM's know that IP's are a business to us and we expect to be provided with a high level of professional service. If not, they know we were go somewhere else who can provide it. 4. Of course, the answer is Yes. If not, change PM's; it is easy to do (just need to put your signature on a piece of paper).
Indeed, it is more than crossing fingers waiting for a response from realestate.com.au The most critical aspect of going to market is to do so at a competitive market rent which is determined through undertaking a comparative rental appraisal of properties within a 1 km radius of the target property over the past three to six months - rather than simply relying on looking at the 'for rent' segment of realestate.com.au which highlights asking rents (not achieved rents which are highlighted with a comparative rental appraisal). Likewise, it is about getting the property ready for market - are the gardens looking tired? Put bark chips in flower beds; ensure grass is healthy with some 'weed and feed', mow the property etc. Are there outstanding maintenance matters that need follow up ? Are you acting on feedback from enquirers when they inspect the property during the marketing campaign? It is about identifying potential tenants who are in contact with you searching for a home, getting bold signage out the front of the property; providing multiple opportunities to engage with interested enquirers such as inspections by private appointment if a person cannot access a pre-scheduled Open Home date, to offer a decent Open home timeframe such as half an hour to give people sufficient time to really look at a property and connect with it whilst the PM concurrently commences the informal screening process through active conversations; it is about screening expediently (our only hold ups are receiving references from other agencies as agencies are busy places) and highlighting opportunities on business social media sites.
