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What is a reasonable turn-around time for a PM?

Discussion in 'Property Management' started by big_ben02, 15th Feb, 2016.

  1. big_ben02

    big_ben02 Member

    Joined:
    20th Jun, 2015
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    Location:
    Regional NSW
    Hi,

    Just wondering what a reasonable turnaround time is to process applications for a rental property?

    One of our rental properties was open for inspection on 1st Feb where we had 11 people come through and on the Thursday 4th Feb I was advised that there were 3 applications and the PM would come back to me once processed.

    They didn't come back to me until Tuesday 8th Feb where I was provided a verbal summary of two applications with one being a standout which I approved on the spot.

    Then on Friday afternoon 12th Feb I received an email to say the approved applicant had withdrawn.

    I can't help but think the approved applicant withdrew because it took more than a week process their application and in the meantime had an application approved for another house which they accepted.

    What is a reasonable turnaround time for a PM to process an application?

    I now have to go through the whole process all over again.
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Adelaide, SA
    Yep, they took too long so you lost them. I usually dedicate Monday mornings to calling references from the weekend's opens. There's no point marketing, promoting and showing the property if you can't get the best possible applicant (for the area) in there.
     
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  3. legallyblonde

    legallyblonde Well-Known Member

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    TAS
    I self manage... But how hard is it to complete a handful of reference checks and confirm with landlord. once approved the applicant I would expect same day offering!
     
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  4. jins13

    jins13 Well-Known Member

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    For me, my property manager contacts me after the first day of the viewing. She tells me who she thinks is a good candidate or if we need another viewing. She tries to start the ball rolling asap and keeps me in the loop.
     
  5. DiligentPM

    DiligentPM Well-Known Member Business Member

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    That turn around period is too long as pointed out by other forum members...sometimes there are delays receiving a reference from another PM agency as agencies are busy OR waiting for employers to return calls, however, this is a very protracted period
     
  6. ZOMG

    ZOMG Well-Known Member

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    In my experience, the turn-around between tenants applying and me approving + tenants signing usually 1-2 days, 3 max if it's a weekend or public holiday. Have a chat with your PM, perhaps something was going on for them?
     
  7. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Seven days between the open and processing applications is too long. You're competing with other landlords.

    Cheers

    Jamie
     
  8. Scott No Mates

    Scott No Mates Well-Known Member

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    Over a week is a joke. Tenants are working on a tight timeline and if they are under pressure to vacate will take the first property offered. Like investors, they will submit multiple offers and may get multiple acceptances.
     
  9. joel

    joel Well-Known Member

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    As a tenant i'll always be contacted between 1 and 2 weeks after the inspection to be offered the place. Never within a few days
     
  10. big_ben02

    big_ben02 Member

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    Location:
    Regional NSW
    Thanks everyone. Fortunately I've approved another applicant. If they fall through I'll be asking questions.
     
  11. Xenia

    Xenia Adelaide Property Manager Business Member

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    4/136 The Parade Norwood, South Australia
    They need to be processed first thing the next day. Same day if the inspection is done in the morning or afternoon.
     
  12. Xenia

    Xenia Adelaide Property Manager Business Member

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    Location:
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    Tenants should be contacted immediately.

    We have the opposite problem, we work very very quickly in my office and forever chasing landlords for quick answers.

    I'm the kind of person who makes descisions on the spot and find it difficult to work with people who want to think about things and discuss them.
     
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