Best practice for property management

Best practice for property management.

From our long association with Owners of residential real estate we have gained a clear insight into what they are looking for from their Property Management Agent.

Initially, they may start thinking they want the highest rent and lowest fees. However, on true reflection their prioritised list would more likely look something like this:

  • Protection of the property – not harmed by the tenant, kept safe and secure, repairs carried out to prevent damage, correct insurance
  • Fair and reliable income – market rent, no arrears, short vacancy, rental increases in the future, suggestions for cost effective improvements
  • Confidence – that they can trust their interests are being looked after, great two-way communication resulting in a feeling of relaxed confidence
  • A happy tenant – knowing that the tenant appreciates living in your property and is being treated with respect by your agent
  • Value for money – fair fees, fair tradespeople costs, regular rent increases, a feeling that your investment is managed as though it was owned by the agent
  • Redress – a guarantee that means something tangible plus a ‘if we mess up, we fix up’ culture

To deliver these results, there are many things the Agent must get right. Some of them are very important. Most problems in property management begin with selection of a poor tenant. Therefore, focus on finding a good tenant, preparing a comprehensive initial condition report, conducting regular inspections of the property, being vigilant about arrears, proactive with repairs and reviewing rent at regular intervals. Also, all of the time initiating useful communication with the Owners and Tenants and returning calls promptly.

To continue reading about the property management services we offer, click here to read our unique webbook.

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