Is your Property Manager doing the right thing when selecting tenants and placing them in your Property?

Did you know that a large percentage of Property Managers do not ring the prospective tenants past landlords and employers when they place them in your property!

It is a sad but true fact!

Here are some things you need to ensure your Property manager does when selecting a tenant and that they are the right ‘type’ of person for the job.

1.    They must ring all past/current references – that includes employers (to make sure they are in fact employed) and previous landlords or Property Managers – this allows to check up on how they looked after the property

2.    Explain the Lease – yes that’s right – they need to fully go through the lease at sign up with the tenant – they shouldn’t just leave it with them to sign andn return.  Often the tenant wont read it all the way through (it is boring after all) but an explanation of what is required of them is very important

3.    Communicate with both parties – Good communication is vital for the relationship to work.  They need to be good listeners, be proactive, up to date with legislation and really good listeners.  You should expect a return email or phone call within 24 hours and know that any maintenance items are being attended to as they crop up and before more damage possibly occurs.

4.    Check the national tenancy database (NTD) to ensure they have not previously defaulted on rental payments or been to Tribunal (Court before)

5.    Cross-check private rentals details with the Property Owners – many people say they are renting privately (when they are not) and use false references.  Ensure your Property Manager is cross checking the correct owners details of the property they are in and contacting them directly (not just the name on the application)

6.    Are they a people person – Property Managers need to manage people – often more than they need to manage houses.  It is a balancing act with landlords, tenants and suppliers/government agencies and then reporting back to the Company owners. They need to manage logistics, time-frames, budgets, different personalities and be on top of everything.  It’s a tough job!

7.    Cashflow Management – most Landlords have a bill to pay each month and you need cashflow – a good Property Manager will be on top of your income and expenses and ensure you get a good cashflow each month – they need to actually care about managing this – not just process money in and money out!

8.    Customer Service – are they giving you good service, are they cutting you off when you speak and rushing, are they genuinely interested in your needs?  You will know after the first couple of conversations if they fit the bill in terms of your needs and are providing the service you expect and deserve.

If you want more information on Renting out your Property – you can ring the Property Management team at Platinum Realty Group on 9300 4100.