Rental Property Managers Good or Bad?
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What should you consider when hiring a property manager?
It's The Real Estate Podcast brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of The Real Estate Podcast. Well, we all know that an investment property is great to have in our portfolio. And once you get one and gear it successfully, the chances are that you might even buy another one. These, of course, are valuable assets that you can acquire over a period of time. or a shorter period of time. It really depends on your ability to buy them. And just as important as buying these investment properties, so too is having a company to manage and to look after your investment. What are some of the traps to look out for? Well, we have got Lauren Robinson from Rental Results.
Welcome to the Real Estate Podcast, Lauren. Thanks very much, Craig. Thanks for having me today. Nice to have you on the show. Brand new year, 2022. Did you put your feet up and relax a little bit because we all needed it? Yes, we certainly did. It's been a great start to the year so far, so it's exciting to be back. I guess it's a bit of a busy time, is it, this time for somebody in your game? Definitely. So yeah, January, February is our peak rental period and it always has been in the 20 years that I've been doing this. That's always been the busiest time of year. So yeah, we always gear up for that. And when somebody buys a property investment, I think that there is a real apprehensiveness tinged with being a little bit nervous when it comes to finding that property manager because I think it can turn to
custard pretty quickly if you get it wrong. So there should be a process of quantifying a property manager. And I guess how you can do that is quantify with some questions and what we should be asking a property manager. So if we're a landlord, what do you think are some of these questions that we should be putting to a property manager before appointing them? I mean, that's the thing. I think everyone knows, especially if you're an investor and you've had a bad experience before, that a good property manager can make or break that investment. Often when, as a property manager, one of the first questions we get asked by investors is, what are the fees? And I think that often comes back to the fact that the owners think that's a question that they should be asking and perhaps that's how they should differentiate different property management companies.
But really, there's so much more that goes into that decision than purely fees. And I think we all know the difference between, you know, 1% difference is such a minor factor when it comes to choosing who's going to be managing that investment for the long term. So some of the questions that I'd be asking is about the officer's systems and processes. So it's really important to make sure that a great property manager has technology and a lot of support around them to be able to offer that high level of service. And also what sort of guarantees does that agency offer? one of the reasons that we often see owners changing agents is because of poor communication or the fact that their property manager is not responsive or getting back to them.
And I think that's really a pain point for a lot of landlords, but also having market knowledge. So a property manager who not only understands knows the market but understands the demographic of tenant that's likely to rent that property, understanding what the tenants are actually looking for in that investment and then ways to increase that rental return because it's not just about finding a tenant at the beginning that's going to look after the property, it's how are they actually going to be able to increase that rental return and manage that investment for the long term to get the most out of that rental property. Yeah, so you raise a really good point about offices and systems because there are programs, aren't there, that people can use, property managers can use.
And the whole system, when you are a property manager, does come down to really good programs and the way that you do your time management.
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