Here's a very handy link to NSW Fair Trading's information on selecting the right agent to manage your rental property. Crackerjack has added some extra tips and comments too.
7 Extra Tips when Choosing the Right Property Manager (read in conjunction with the NSW Fair Trading tips on the link on this page)
- Size does matter. A very large rent roll can often have the property manager overworked or cut corners in the management of the property. Choose an agent who has the lowest properties to staff member ratio. It makes sense that the fewer properties each property manager has to manage, the more personalized their service to you will be. Size of the portfolio does not equal experience.
- Ask if they have a tenant selection criteria. Review it yourself. Agents who allow bad tenants into a house may simply not have checked the tenant's credentials. Or perhaps they let their friends into properties. At Crackerjack we select according to your (the Landlord's preferences) and our Landlords are invited to help select the tenant who will occupy their property;
- Crackerjack has a "Pet-Friendly" policy. We believe that tenants with pets generally: * take extra special care of the property * have more to lose if they allow a pet to damage a property * are more likely to stay longer as it is more difficult to find a replacement rental property * will appreciate you for allowing them to have their family animal member stay with them * are less likely to give you cause to issue a notice to vacate. At Crackerjack, SUITABLE pets are inside pets.
- Ask if the agent includes a set of special extra conditions for tenants with pets;
- Ask if the agent is prepared to inspect your property the maximum number of times permissible each year (4 in NSW);
- Ask if the agent instructs the tenants to present the property inside AND out to a high standard (ie in relation to extra vehicles, lawns, furniture on verandas etc)
- Ask the agent what their average arrears record is; what their policy is in relation to NCAT or VCAT attenda9- Your agent has a responsibility to inform you of any damage to the property as a part of their routine inspections. When was the last time you inspected the property along with the agent?
DID YOU KNOW?
- As a Landlord, you are at liberty to transfer the management of your rental property at any time to another agent, or to self-manage the property yourself.
- The management agreement between you and the agent does not coincide with a tenancy agreement. The management can be transferred, along with the bond and the management record, given the agreed notice period.
- You have the right to sell the property with any agent, not just the agent who manages the property. In fact, the tenancy can be transferred to the sale agent with minimal fuss.
- When you buy an investment property, you have the right to have it managed by any agent or self-manage
- You should ask to inspect your own investment property at least once every twelve months. Does you current agent invite you to accompany them on those visits?
- You are entitled to a written report every time a routine inspection is conducted
Deciding to use an agent - NSW Fair Trading
Information for landlords of rental properties if they decide to use an agent to find a tenant and manage the property.