Selecting the right Property Manager to manage your property will affect how your portfolio performs and how well your asset is maintained. Choosing the right company or individual can be difficult with the many options available. Our Conveyancing team has devised the CLEEQ principle to help you pick the right real estate agent or property manager for your investment.
The key features of the CLEEQ principle for choosing a property manager are:
- Client Dedication
- Location
- Expertise
- Experience
- Quality of Service
1. Client Dedication
You need to ensure that your chosen property manager is eager to obtain your business and equipped to handle the workload associated with managing your property. Whether you choose a small or large firm, having the right staff with the necessary skill set will ensure that your property is in safe hands. Remember that a company or individual who prioritises obtaining your business will most often work just as hard to keep it.
2. Location
Simply picking a property manager or real estate agency in the suburb of or close to your property does not equate to a proper understanding of the requirements specific to your property. It is essential to choose a firm or individual who is not only familiar with the area but also has prior experience managing properties similar to yours. You should be asking where they manage other properties, how many they manage and the types they manage.
3. Expertise
Doing your research will help you identify the best property manager for your property. Start by visiting websites online and read company profiles. Many real estate agencies have a property management team and this is a great place to start the enquiry process. A property management team that is confident and enthusiastic will be critical to how your property will be managed and can ensure that they are focused on providing you with the best service. Don’t be afraid to ask questions! The more informed you are the better decision you will make in selecting the right property manager.
4. Experience
Choosing a property manager with the right qualifications and the necessary experience specific to your property is important. We recommend that you ask your potential property manager about the number of years of experience they have had in the industry, the number of properties they have managed and their experience with various tenants. This will help you choose the right firm or individual to manage your property.
5. Quality of Service
Advertising and the tenant review process is crucial in obtaining the right tenant for your property. You should ask your property manager about their marketing strategies for advertising your property; this should be done even if you have an existing tenant. Your property manager should also be well informed about the relevant legal requirements associated with residential or commercial leases and the rights of both you as the Landlord and your tenant. It is prudent to enquire about the administrative processes your chosen real estate agency or property manager have in place in handling your property; especially the procedural practices used if there is a problem or complaint.
We hope are handy tips will help assist you find the right property manager or real estate agency to manage your property. Remember the CLEEQ (Client Dedication, Location, Expertise, Experience and Quality of Service) principle; this useful acronym will aid you whether you are wishing to lease out a commercial or residential investment property.
It is crucial that you not sign any agreements or management agreements or agency agreements with any property manager, without first obtaining legal advice. Speak to one of our Business & Commercial Lawyers if you need any help.
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