Ever wondered how to avoid the common pitfalls when selecting a property manager? Join Sam as she flips the typical narrative, sharing critical insights on what you should steer clear of to protect your investment. From agencies that prioritise sales over property management to those that manage too many properties with too few staff, Sam reveals the key red flags you need to watch out for.
If you have any questions or scenarios you would like us to discuss on an upcoming episode, please email samantha.eason@exclusivelymanaged.com.au or visit https://www.exclusivelymanaged.com.au/
Ever wondered how to avoid the common pitfalls when selecting a property manager? Join Sam as she flips the typical narrative, sharing critical insights on what you should steer clear of to protect your investment. From agencies that prioritise sales over property management to those that manage too many properties with too few staff, Sam reveals the key red flags you need to watch out for.
If you have any questions or scenarios you would like us to discuss on an upcoming episode, please email samantha.eason@exclusivelymanaged.com.au or visit https://www.exclusivelymanaged.com.au/
Speaker 1:
Hi, it's Sam here with another episode on talking property management, and I have been on other shows, like Pizza and Property, where I've discussed what to look for in a property manager, and I thought I would flip it today and talk about what not to look for in a property manager. So if you are looking for a property manager in Australia, brisbane, victoria, new South Wales this is something that you should be looking for the opposite of, basically. So when you're choosing a property manager, especially when considering a small boutique or local agency that specializes solely in property management rather than also handling sales, there are specific qualities and practices that you should avoid. So avoid agencies that primarily focus on sales within or with property management as a secondary service. You want a company dedicated to property management, and this is ensuring that they have expertise and time to manage your property effectively. There are so many good sales agents out there like fantastic, and they are generally franchises or larger agencies. They achieve really good results, and the reason why is because they have a larger customer relationship, managing software that has an abundance of inquiry. So when people are looking to sell or buy, they do tend to get a really good result for the sales because of the large brand and I guess the clientele and the clients that come and inquire when you're looking for property management, you want the opposite of that. You want someone who's smaller, who's boutique, definitely personalized, and they're able to focus on property management. Steer clear of agencies that manage an overwhelming number of properties relative to their staff size. So smaller, boutique agencies should offer personalized service, and overextension can lead to neglect of your investment property. What this means is majority of property managers manage 100 to 150 properties. So if you find that an agency doesn't have whether they're boutique or not doesn't have an adequate number of staff, or they have to hire too many staff to have different staff members do different parts of your property management, that's not going to be good for you either.
Speaker 1:
Communication is key in property management, especially to get successful investments. Avoid agencies that are not prompt or clear in their communication. Avoid agencies that are not prompt or clear in their communication. A good property manager should be easily reachable and proactive in keeping you informed about your property, as well as resolving issues with your property. When it comes to being a proactive property manager, what you need to be focused on, or what your property manager needs to be focused on is how to resolve things or get ahead of them before they become issues, especially with maintenance disputes, always being one step ahead, ensuring that the agency has a strong understanding of the local market but, as well as the area, avoid those that seem out of touch with local property trends, regulations or tenant expectations. Local expertise is crucial for effective property management. Your larger agencies will have a good understanding of the local market. However, that doesn't necessarily mean as well that they are pushing for the best price. What they generally are looking for is the quickest, least property.
Speaker 1:
Don't choose an agency with a history of negative reviews or a poor reputation in the community. Do your research and seek out feedback from other property owners who have worked with the agency, and this means going on Facebook, going across Google Maps online and just even realestatecom listings. That's an easy way to be able to ascertain who's in the area, who's in the market. A smaller boutique agency should still offer a comprehensive range of services. Avoid those that can't handle all aspects of property management, from tenant screening, maintenance, renovations or legal compliance and understanding of the legislation.
Speaker 1:
You need to look for a consistent track record of success in property management. Avoid agencies or agents with inconsistent performance or those that can't provide references or case studies of their previous work. The reason why that is important is because you may have an agency of eight property managers. I can't guarantee you that all of those eight property managers are great. I'm going to be very blunt there.
Speaker 1:
You need to ensure that if you do come across a really good property manager and they don't own the agency, that you are stuck with that property manager for your investment, especially if it's a referral.
Speaker 1:
Nine times out of 10, no property manager will do the same thing and they'll all manage properties differently. Choosing a property manager for your investment property it is a significant decision, and focusing on smaller, boutique or local agencies can offer a personalized and dedicated service. It is essential to avoid these pitfalls, to ensure you select an agency that will effectively manage your property and cater to your specific needs, and that's incredibly important because I have worked with countless agents, small and big, and not one of them has ever specifically managed a property to a specific client's needs. They all do it the same for every other client. No two investments are the same, no two owners' strategies are the same, and if you were looking for a property manager in Brisbane exclusively managed as an example would be your first point of contact, because we are able to specifically manage your investment to your specific needs and investment strategy. Thank you very much for listening and I hope you enjoyed this episode of Talking Property Management.
