Question 1: Is property management the MAIN FOCUS of your agency?

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WHY IT MATTERS: Most traditional agencies focus on real estate sales and only do property management on the side. At best, they aren’t 100% focused on maximising your rental returns. At worst it means they have a vested interest in you selling your property (whether you want to or not!).

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Question 2: Who will be responsible for the day-to-day management of my property?

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WHY IT MATTERS: Companies will usually put their best foot forward to win your business, only to have key personnel disappear once you’re onboard. Ask who will be responsible for your property if you have a problem. Also ask where they’re located, how many properties they manage, and how many years of experience they have.

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Question 3: Can I see some examples of other properties you’re advertising for rent?

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WHY IT MATTERS: Many companies promise world-class marketing. The best way to find out if they can deliver on their promises is to check out the other properties they are renting. Are they capturing other properties in their best light? Do they have descriptive ad text? Is it easy for tenants to schedule an inspection? Do they have other features, like 3D online tours?

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Question 4: How often do you conduct periodic inspections?

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WHY IT MATTERS: This can tell you much about your property manager's proactive nature. If they’re conducting fewer than two inspections per year, your property could be at serious risk. A professional property manager will provide you with detailed reports around periodic inspections, including photos of the property and any maintenance priorities. Without this, tenants can put your property (and rental returns) at risk, or your property could quickly fall into a costly state of disrepair.

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Question 5: Where are your support staff located?

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WHY IT MATTERS: Many property management companies are increasingly turning to offshore staff to cut costs. That in itself is not necessarily a bad thing, but there can be a quality trade-off when processing tenant applications, inspection reports, maintenance requests and rental arrears overseas. Wouldn’t you prefer these critical tasks to be handled by a local expert?

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Question 6: How many properties do you manage?

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WHY IT MATTERS: The number of properties in your property manager’s portfolio can give you a good indication of their workload. Low-cost agencies and traditional real estate companies are notorious for overloading their staff with huge portfolios to make up for smaller margins.

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Some property managers are responsible for +250 properties with overseas staff managing maintenance, arrears, applications & more! This can result in poor communication, extended vacancy, high staff turnover, missed maintenance requests, and tenant arrears.

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Question 7: How do your FEES compare to those of other agents?

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WHY IT MATTERS: Fees are important, but they aren’t everything. Be wary of property managers who compete primarily on price. Today many providers are gloating about a low flat-rate management fee, while others charge a percentage of rent. Like choosing an insurance provider, the cheapest is rarely the best. And when you need them most, low-cost providers will let you down.

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Question 8: How do your RESULTS compare to other agents?

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WHY IT MATTERS: Talk is cheap - results speak for themselves. Ask questions like: How do your rental prices compare with the market average? How does your average vacancy period compare with similar properties? How long is your average tenant lease? A truly performance-oriented property manager will be able to tell you these numbers.

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Join Neighbour today!

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