How To Pick The Best Residential Rental Managing Agent
Category Advice
Are you wanting to rent out your property this year but just can't see yourself having the time or energy to manage it? From paperwork to background checks, maintenance to minor disputes, managing a residential rental property comes with a lot of responsibilities.
That said, there's no reason why you can't still reap the rewards of owning your own rental property - you just need a little help. A residential rental managing agent handles all the ongoing day-to-day management for you, freeing you up to carry on with life and enjoy your passive income.
It's important to note, though, that not all rental managing agents operate on the same level.
A good rental agent:
- Keeps your tenants happy
- Ensures cash flow is well-managed and accounted for
- Sees that the property remains in great condition
A bad rental agent:
- Can cost you significant amounts of time and money
- Can destroy your investment due to mishandling of inspections, not staying on top of tenants in arrears, and ensuring timely renewals
Whether you enlist the help of an agency or an individual, choosing the right agent is essential to the success of your rental property investment.
Here's how to identify and select the best managing agent for your property
1. Speak to other landlords
Chat to friends, family members and colleagues about their experiences using managing agents in your area. Ask for their honest recommendations, as well as their advice on how to maximise the landlord / managing agent relationship.
2. Read online reviews
While the internet is a mixed bag and should be treated with caution, people who take the time to post online reviews and testimonials have typically had either a very positive or very negative experience. Do some open minded reading of your own, weigh up the feedback, and form your own conclusions.
3. Understand their role
Having a clear understanding of what a rental managing agent is responsible for is crucial. The right property agent will be able to provide, in writing, very specific roles and responsibilities that they will agree to undertake on your behalf.
These responsibilities will likely include:
- Property marketing
- Screening of applications
- Drafting and processing legal documents
- Collecting rent
- Property inspections
- Tenant communication
- Handling of maintenance
- Emergencies (like a burst geyser or an electrical fault)
- Legal compliance
- Monthly reports and accounting
4. Conduct some interviews
Some agents may come with glowing recommendations, but you need to be able to work with them. Conducting some initial interviews with prospective agents will give you a good sense of whether the partnership might be a good fit. First impressions matter, so you can usually trust your gut on this one - if it doesn't feel right, it probably isn't.
Focus your interview on trying to gauge the following:
- Personal character and values
- Proven track record
- Organisational skills
- Ability to use technology
- How you feel when engaging with them
- Your ability to effectively communicate with them
- How they might respond to a crisis
We hope this blog has given you some helpful information as you decide whether a rental managing agent is right for you.
We'll handle all your rental property management needs!
At SAproperty.com we have forged a great track record for our expertise in rental property management. Our team of professionals specialise in all kinds of property management services, including Sectional Title and HOA Management Services, rental property management, commercial property management, and holiday and short-term letting management. Contact one of our offices today or find an agent near you to set up an introductory meeting.
Author: SAProperty.com
