Some agencies tell you they can get you a rental price that sounds amazing and it would be amazing if if it was achievable. But usually, these inflated price promises end up costing you longer vacancy, lower returns and just make the whole thing more stressful.
A good agency will only promise what’s achievable. You’ll know because they can back up their recommendation. They can show you comparable properties that are achieving a similar price. If the price sounds too good to be true, it probably is.
There is actually a lot of work that goes into looking after an investment property. Both from a compliance perspective and to ensure that the asset retains its value. If you have handed the management over to an agency you don’t need to know all of the ins and outs. However as with any good business practice, you need to make sure that you are getting what you pay for.
Most agencies commit to do all the necessary things, but are they really? Have you checked?
We’ve seen agencies:
It's not always obvious how much of a difference having great tenants make. That’s generally because the better the tenant, the less you have to get involved, and there is generally no unexpected financial impact. Great tenants look after your property, they pay their rent on time, they report maintenance issues before they cost you an arm and a leg. All in all, great tenants do the right thing.
Great tenants tend to stay put for longer, because your investment is their home and they treat it that way. Not so great tenants on the other hand do the opposite and worse. They often end up costing you money, time and stress.
Not only do some agencies not vet the tenants thoroughly, but they also don’t treat tenants as their clients. Tenants have a choice to stay in your property, and they may choose to leave if their property manager doesn’t look after them. A good property manager will educate your tenants on how to look after your property.
Some agencies don’t help you to understand that there are inevitable maintenance costs that you should take into consideration when you are a property investor. Some don’t even tell you at all.
Most agencies don’t provide preventative maintenance advice and reports that help you to avoid big ticket costs in the future by making sure property maintenance is attended to on a regular basis.
A good property manager will advise on the likely maintenance costs of having an investment property, and even advise how much you should be allowing for this on an annual basis. They will have dedicated resources looking at how you can proactively manage the maintenance, while educating tenants on how to monitor and report on any issues they may see in the property.
Last but not least, there are a lot of agencies that don’t manage their trades effectively. What that means for you is they could have trades on their panel who become complacent and not only overcharge, but the quality of works is poor. You end up paying a lot more, for a lot less.
If you think your property isn't getting the care and attention it deserves, we're here to help.
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