57/88 Kavanagh Street Southbank
The process of selecting the right agent can be a minefield but once you have the right managing agent life can be blissful.
Using a local agent was once the way of listing real estate, however, nowadays with a huge percentage of tenants using the internet to search for properties and with new and convenient banking technology, your agent really doesn't have to be anywhere near the property. We are located in the Bayside suburb of Sandringham yet very successfully lease and manage properties in other areas like Balwyn, Ringwood, Yarraville and Melbourne CBD. With the right systems in place, its an easy process for us.
Tenants are welcome in our office yet no longer have to come into our office with the introduction of internet banking and rent payment can always be made any NAB branch in Australia. Submitting maintenance requests and all other happenings throughout the tenancy can be dealt with via email or web based submission. It's a cinch. Life is quite convenient for tenants now.
Here are some considerations:
Realestate.com.au (in our experience) is by far the most successful real estate web portal, so choose an agent who subscribes to it
Commission rates should not be the "clincher" for you. A high commission does not convert to a high achieving Property Manager, nor does a lower rate covert to a low performing Property Manager. Look at the big picture. Does the Agent have a large profile - if so, they may need to charge higher fees to maintain that profile.
A lot of agencies now employ Business Development Managers (BDM) which in effect are "salespeople" there to win your business. Once they have your business though you may be handed off to a Leasing Consultant who then hands you off to a Property Manager. If you are basing your decision on the best "person" to look after your needs, this system may not be the one for you.
Work with someone you feel is genuine, honest and who has the knowledge and experience to manage your property well
Experience is essential. To be a successful career Property Manager, one needs to be thick-skinned and have good all round life experience. There's no point engaging a young person who doesn't really understand what owning a property and paying a mortgage is all about.
Select a person with good time management skills and who can multi task well ( a certain gender is better at this than the other)
Ensure you feel confident with the decision you make and let your Property Manager guide you.
Finding a great Tenant is the ultimate prize for a Landlord, but how do you do it?
Many years of Property Management and Tenant selection has given me a sixth sense when selecting great Tenants. Here are some tips:
Reference checks are an important part of selecting a Tenant but meeting with Tenants face to face in my opinion is by far the most important part of the process. As with any interview situation, you should have a range of pre-determined questions you intend to ask and refer to the application form for the basis of these questions. Ensure the prospective Tenant/s are genuine when answering your questions. Tenants making eye contact with you is a terrific gauge for someone who is genuine. As with a CV, people will only include the good references on an application form, so don't always believe what you read - check references and do some further checking of your own and ask as many questions as you feel are necessary to make your decision (be sure not to discriminate).
Database checks can be worthwhile but are really only as good as the information within them. If your prospective Tenants are not registered on a database it doesn't mean they have a perfect record.
Manage Your Own Property
I often get asked "Can I manage the property myself?" My answer is always the same - "Do you have the knowledge to manage the tenancy and do you have the time? Owners considering managing their properties need to know the law and have the time to implement it. There are certain time-frames a Landlord must adhere to for maintenance requests, providing documentation and there are a number of Statutory Acts that govern leasing and managing property in Victoria.
Interestingly Real Estate Agents tend to do a lot of cleaning up for Landlords who thought they could manage their own properties. When the tenants are great - things are great, but get a bad tenant or someone who knows more about the law than you do and you could find yourself in over your head.
The knowledge I have could answer your life consuming tenancy issues. Feel free to call me 0408 855 414 as I am more than happy to speak to any Landlord having issues with Tenants and I might just solve a problem for you with just one call. My advice is free!