Diligent residential property investors know that when it comes to choosing and appointing a residential property manager, a careful and considered approach is crucial for success.
Whether your residential property is currently leased to a long term tenant or vacant and ready to be advertised to let, there are several crucial points and questions that you should be raising with any potential real estate agency seeking to manage it.
Who is Managing Your Property?
Before you agree to appoint any real estate agency it is important to understand who will be managing your property.
Is it the agency representative who met with you to discuss the management fees and marketing strategies? Or is it another member of the property management team that you are yet to (and may never) meet?
Make sure that it is clear in your mind who you will be speaking with on an ongoing basis and that you are comfortable with discussing your property management needs with them.
A Residential Property Manager’s Experience
Once you have ascertained who will be managing your property it is important to gain an understanding of their experience.
Ensure that the number of years that the property manager has been working in residential real estate satisfies you that they understand how to manage and market a property efficiently. An experienced residential property manager understands that some repairs and maintenance issues can become costly if they are not dealt with immediately. They will generally have a larger network of potential tenants and contractors to source from and will understand how to market a property well in any economic climate. They may have more experience in one suburb over another.
At Burgess Rawson our dedicated residential property management team has a long history in executive residential property management, specifically in the Perth CBD and surrounding suburbs.
With expertise in this particular field of property management and these particular areas in Perth, the executive residential property management Burgess Rawson’s team has been widely acknowledged as one of the best in Perth.
With your queries around the individual property manager addressed, take a moment to reflect on the real estate agency you are appointing as a whole.
A key consideration is how this agency operates and manages its residential property management department. Is one of the Directors or the owner of the agency involved in the everyday operations of the residential department? Are they aware, for example, of how their team are following up on tenant arrears? Do they provide guidance and recommendations in the marketing of vacant properties?
Historically real estate Directors or owners have generally been more heavily involved in the sale and leasing of residential property and have given less consideration to the property management. Appointing an agency with a Director or owner who is actively involved in the residential property management department’s operations means that the management of your property will be prioritised.
Burgess Rawson’s residential property management department is led by Associate Director Chris Tonich, who himself has over 10 years experience in residential property. As an active team member amongst the residential department, Chris ensures that he is abreast of how his property managers are operating and works with them to facilitate efficient management of client property.
Whilst you may have satisfied yourself of your own queries, take a moment to consider how other clients whose properties are currently being managed by this agency have found their property management experience.
Are there client testimonials currently displayed on the agency’s website? Is the property manager or the agency representative able to provide current client testimonials for you to review?
Ensure that the agency you will be working with have a reputation for property management expertise that they are proud to share with their prospective clients.
Excellent property management is indeed the key to a successful venture in residential property.
Take the time to consider the structure of an agency and the integrity and experience of a property manager and appoint the right team to assist you in your property goals!