Is your property manager working for you

Posted on Sunday, October 5 2014

There are some excellent property managers out there and the best ones seem to be able to put their clients first while successfully running their own business. Is your property manager working for you or themselves?

This is a quick questionnaire which will highlight how much your property manager is working for your benefit. To answer these questions, you may have to quickly check out your property management companies’ website.

1. Are there plenty of good quality photos on the websites when your property is being advertised? 20 is the maximum trademe allows so between 15 and 20 would be ideal

2. Does your property manager brand the photos with their logo? If so, is it a tiny little logo in the corner barely noticeable but there to protect their photos or large and obviously advertising for them while distracting potential tenants from really seeing the photos of your property?

3. Does your property manager use your advert to really push their own business, examples of this could be putting their signs or photos in each listing

4. Do they use your advert to promote third party services where they get a kick back such as Smartbond, etc

5. Do their adverts go into incredible detail about the property, its benefits and also about the surrounding area

6. Does your property manager provide a detailed report on how many enquiries, views, appointments and applications have been received while marketing your property.

7. Do you pay for the specific adverts for your property or do you pay a package price built for their profit or to subsidise other owners less desirable managements?

8. Are there property managers available day, evenings and weekends to show prospective tenants through your property? (to really know this you may have to ring up and try to arrange some out of hour appointments for properties listed – there is no harm auditing your Property Management company)

9. Was the rent you were quoted, the rent your property managers achieved, quickly and efficiently or were you conditioned so they got your business?

10. How comprehensive are the tenant checks and are the details provided by the tenants verified to ensure only the best tenants are placed in your property?

11. Can the tenant sign up for the property at a time that suits them. For instance outside of work hours?

12. Is your property manager up front with you as to what your property needs to achieve the best rent and attract the best tenants?

13. Do you get paid without fail on the first bank day of the new month?

14. Do you receive your statements on time on the first bank day of the new month?

15. Did you receive your tax year end statement for your accountant on the 1st April?

16. Were you offered the service of your accountant receiving your statements and tax year end statements directly to save you time?

17. Are your property inspections in depth with plenty of photos and narration?

18. Is the tenancy paperwork, detailed, comprehensive and compliant with the Residential tenancies Act.

19. Was the check in inspection, incredibly detailed to protect your investment and did your property managers take a vast number of photos before the tenants moved in for comparison purposes?

20. Does your property manager deal with the little things without wasting your time but give you all the options and prices when dealing with something more serious, allowing you to make quick decisions?

21. Are your property manages available 24/7 for you. Do they return your calls and e-mails promptly?

22. Are your property managers successful property investors themselves?

NOW that’s put the cat amongst the pigeons! If having read these questions, you feel that perhaps your property manager is not truly working their hardest for you, then shop around. A property management company will be successful by their actions, integrity and hard work. If then need to use the cheap ploys highlighted above then they are not working for you!

Tania and Kyle Elmer
Mana Property Management Ltd

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Expert's Bio

Tania & Kyle Elmer

Tania & Kyle Elmer are active investors with a large portfolio of properties in Dunedin and Central Otago and mentor investors in the techniques used to grow wealth through property investing. Kyle and Tania are Co-directors of the Leading Property Mangers of New Zealand (LPMNZ). Kyle is a past president of the Otago Property Investors Association (OPIA). They founded Mana Property Management Ltd to provide specialist management services to Discerning Landlords dealing in the quality end of the market. | Find Kyle on Google+

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