A word from our clients
8 signs of a high-quality rental property manager
Posted: 16th June 2020
Posted in: Media
When you engage a rental agent to manage your investment property, you have two broad objectives in mind. First, you want someone who will protect and enhance your investment, and second, you want someone who will make your life easier.
We here at JW. Prestige Agents are serious about providing high-quality rental property management. We pride ourselves on representing you and your interests, and make sure your
investment delivers the best possible return. We’ve put together a checklist of the competencies that our rental agents focus on. If you aren’t receiving this level of service from your agent, then it’s time to look elsewhere.
Comprehensive applicant screening
Good rental agents will spend time screening applicants by checking their references, financial situation, employment and other information they consider necessary. But rather than simply dump all of the information in your inbox and ask you to pick a tenant, agents should provide a justified recommendation also. After all, they’re the experts.
Regular market appraisals
Your agent should regularly monitor the amount of rent you are receiving, and adjust their recommendations according to market conditions, capital improvements and other changes which affect your return. That means suggesting increases to the rent amount when you aren’t getting a fair return, but also lowering the amount to avoid your property sitting vacant.
Your agent should be scheduling and performing inspections of the property throughout a tenancy, and you should receive a detailed condition report on completion. A good agent will also communicate with the tenant about areas requiring attention (e.g. improving the standard of cleanliness) without being asked to do so.
Keeping on top of maintenance is important as it ensures your property is kept in good condition. Your agent should communicate with your tenant about repairs, and notify you as necessary. The agent should have trusted, competent and well-priced workman for all types of repairs, and you should be able to speak with them directly if you wish.
Strong communication and accountability
Your rental agent should be available via phone and email, and respond within a reasonable amount of time. They should also be familiar with your property, tenants, and broader rental history. Good agents will be open and honest about all aspects of their management, as well as accountable for every decision they make. These are all simple competencies that you should rightfully expect.
Unorganised agents are difficult to deal with, and there are a few classic warning signs. For example, they forget about repairs, fail to action owner or tenant requests, don’t respond to calls or emails, and often use the words ‘I’m really busy’ to justify why things haven’t been done. Organised agents are a must – make sure you have one.
While agents aren’t expected to be experts in tenancy law or property investing, they should have some knowledge about the various issues that owners often encounter when renting their property. An average agent will be fairly unhelpful as soon as they encounter something outside of their knowledge, whereas a skilled agent will, at the very least, point you in the right direction to where you can get assistance.
Clarifying the COVID-19 situation
There’s a lot of confusion out there about what owners can and cannot do regarding their tenants, and there shouldn’t be. Your agent should have made you aware of your rights and responsibilities during this time. Like tenants, a lot of property owners are also struggling, and it’s your agent’s obligation to be working in your interests.
If you are looking for a skilled and experienced rental agent to manage your investment property, please get in touch. We’re here to enhance your investment and make life easier.