One of Realty8’s favourite Google reviews from a valued client says, “Royden swept in like a cool breeze, taking care of everything”. Like a refreshing change on a hot summer’s day, a top-notch property manager will breeze in and swiftly rejuvenate your prize rental property.
You might have had challenges with your previous PM, but an efficient new agent will sweep in with energy and enthusiasm. They’ll make smart, sensible changes, so you can sit back and relax while the rental yields roll in.
Whether you’re a new landlord or experienced investor, here are SIX TOP TIPS for choosing a phenomenal property manager.
In Brisbane, we are blessed with diverse neighbourhoods that each have special qualities. For example, compare the trendy shopping precincts in Greenslopes and Stones Corner with the thriving university hubs of Mount Gravatt and Upper Mount Gravatt.
As a property owner/ investor, you may be based in Brisbane, interstate or even overseas. Regardless of location, your ultimate goal is to keep rental income flowing steadily. This means you need stable tenants who are committed to making rental payments on time, and respecting the terms of their lease.
It is therefore good business sense to find a local property manager who understands the area extremely well. Knowing all the right neighbourhood shops, cafés, schools, and businesses gives an agent the edge in matching your rental to your dream tenant.
Realty8 recommend looking closely at your real estate agent’s website. Is it up to date, with current information and news?
– Is information on fees and pricing transparent?
– What about the team and their track record? Are you provided sufficient detail on their approach to managing your major asset to help you make an informed decision?
– Are property listings kept fresh, with clear photos that mean no hidden surprises?
Good customer service is more than lip service. Make sure to also check out social media, like Facebook which may include comments from tenants, to get the full picture!
The Real Estate Institute of Queensland surveyed landlords throughout Australia for their views on the ideal property manager. They found the top criterion that owners want is value. And not just value for money, but the value that a good PM brings through strong business processes.
For example, at Realty8 we implement ICT (Information And Communications Technology) systems that add value by making life easier for our clients:
These options save both money and time, but it’s critical to remember that value for money doesn’t mean “cheap”.
As smart investors, you know the false economy in going for a cheaper appliance, like an aircon system without a warranty bought from your friend’s mate or Gumtree versus one that won’t break down in the scorching Brisbane summer.
Property management is no different, as our clients have found.
One customer came to us with a unique property, having had challenges with previous agents and sourcing suitable tenants. Realty8 made several suggestions, which the client took on board, and within two weeks the property was tenanted.
Another client with a similar experience was kind enough to say if she “could give us a 6 star rating” she would, and added that “cheaper does not always mean better”.
We offer reasonable rates but there will always be those who undercut. True value is in the results!
A property manager who is a great communicator will:
It’s essential that an agent looks at communication from the client’s point of view, not from their own needs. For example, we have customised our dedicated Landlord’s Portal from the user perspective. For Realty8, it was all about developing a way of communicating with our clients that recognised they are busy, and want information at their fingertips.
Your property manager is a Jack or Jill of all trades. They need to find terrific tenants, run regular inspections, and seamlessly manage maintenance issues. “Multitasking” is their middle name!
That’s why staying as cool as a summer breeze drifting in from the ocean is vital. In real estate, you need to stay calm under pressure and respond to reactive situations. You also need to adapt to clients’ changing circumstances. This includes tenants as well as landlords.
Make sure to ask prospective PMs about their processes for unexpected early lease terminations, lease non-payments, and tenant hardship. Transparent and open communication on all sides is critical. You might consider asking for examples of how an agent has managed disputes previously.
With our positive track record, clients who have worked with Realty8 as property managers sometimes change tactics and decide to sell the property.
It’s always a pleasure for us to continue our service to our valued partners, and if selling is likely to be a consideration for you in future, you may want to discuss this with the agent.
Royden is the principal and founder of Realty8. He is a Fellow of CPA Australia (FCPA) and holds a Business degree from the Queensland University of Technology. Royden is an avid reader and is a keen hobby photographer. However, his real passion is Real Estate and Property Management in particular.