Questions you should be asking your
Property Manager
Leasing
What is the agency’s leasing strategy to ensure the best possible tenant is sourced in the quickest possible time?
What is the cost for professional images and any other recommended marketing tools?
How many open for inspections/private viewings per week will the agency hold?
What is the agency’s strategy regarding responding to tenant enquiry?
Applications/Tenant selection
1. What information does the agency obtain and verify from prospective applicants?
2. Do they have access to tenancy defaulting databases?
3. What information will be relayed to you as the owner for your selection? Will it be sent in writing?
Entry Condition report
What is the agency’s standard for the condition of the property prior to tenants moving in?
What level of detail can you expect the condition of the property to be reported on before the tenant moves in?
What items will be reported on?
How many photos on average does the agency take with the Entry Condition Report?
Arrears Control
What is the agency’s procedure regarding rent arrears?
What is the average percentage of tenants in arrears across the agency’s portfolio of properties?
Routine Inspections
How often does the agency conduct routine inspections?
What type of issues are reported on at routine inspections?
How does the agency report to you as the owner and within what timeframe of the inspection?
Communication
What is the agency’s timeframe to respond to your calls or emails?
Management fees
What is the full breakdown of the management fees? There are many additional items that can be charged over and beyond the management fee so ensure you know what they are.
Is the agency’s quoted management fee inclusive of GST?
Maintenance
Is any maintenance authorised on your behalf without communicating with you first?
Can you elect your preferred tradespeople?
Can you attend to certain maintenance yourself?
Your PM Team
Is the staff member you are in discussions with involved with your property moving forward? If not, who are the team members looking after your property and can you have an introduction to them?
It is also important to know the agency’s staff to property ratio. This allows you the confidence to ensure that the department is adequately staffed to manage the number of properties they have under management.