With an abundance of agencies, how do you select the right Property Manager for your investment property?
Below I have put together some questions you may not have thought to ask your potential agent whilst interviewing them, that will ensure you are going to receive best possible service.
Selecting the right Property Manager is key, but how do you differentiate the agencies?
1. Keep in mind that in most circumstances, the person who comes to the appraisal and signs you to an agency is not the person who will personally be looking after your property. Ask to meet your potential Property Manager personally.
2. One of the most important questions to ask your Property Manager is what qualifications relating to Property Management/ Real Estate they have obtained and how many years of experience they have.
On average a Property Manager should have completed at minimum a Certificate III in Property Services, traineeship over two years or on the job training for at least two years in a Property Officer Role prior to becoming a Property Manager.
If your Property Manager has less than 2 – 4 years experience, this is going to be detrimental to your property and the service you receive.
3. What is the staff retention rate?
It is no secret that some agencies have a high staff turnover, if this is the case there is usually a reason as to why. Do not be afraid to ask the agency how long their current staff have been employed. Ask your friends and family in the area what the reputation of the agency is in relation to their staff.
You can bet your bottom dollar, that if any agent has a constant change in staff, errors are bound to occur at the expense of your investment.
4. How do they ensure your property is maintained to a high standard?
5. Do they offer a communication guarantee?
6. What is their vacancy rate and marketing strategy to ensure that your property does not sit vacant?
7. Do they attend annual conferences or external training courses?
You will find that most agencies do not ensure that they set aside funds to send their staff to continuous training. To ensure an agency is keeping up with market changes/ trends it is highly recommended that all staff should attend at least one conference per year.
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