How to Select the Best Agency to Manage Your Property

A rental property is a valuable, income producing asset that needs to be treated as such. However, many property owners short-change themselves by accepting less than the best service from their property management agency. The result to their bottom line can be considerable, as they struggle with careless tenants who damage the property, unpaid rent, high vacancy rates and disputes at Tribunal. The difficulty lies in being able to recognize a high quality property manager before the commercial relationship begins. The alternative is to accept lack-lustre communication, careless inspections, poor maintenance management and indiscriminate tenant selection.

Finding an excellent property manager requires some effort but the benefit for the property owner is immense. The whole idea of paying a professional to look after the property is to make it easy for the owner. If this is not happening it’s time to start shopping around for a replacement. Here are some of the identifiable traits and attributes that make the quality property management agencies stand out.

What to Look for in a Quality Property Management Agency

There should be some kind of a management agreement or other document that sets down the expectations of both parties. It should allow for the owner to insert instructions specific to their particular property, and for the agency to explain their management systems and processes. It should be easy to understand, but have sufficient detail so that there is no misunderstanding about the level of service being offered. Once signed by both parties, it should clearly give the agency the authority to act on behalf of the owner, within the agreed parameters.

Good property managers must be prepared to market the property and present it in the best possible light to prospective tenants. Some agencies use the avenue that costs the least, but to be effective, all available media must be used. Tenants’ applications must pass through a rigorous selection process that acts in the best interest of the property owners. Preventing identified problem tenants from entering an agency’s system saves a lot of time and money.

Tenancy documentation must be impeccable. There are no second chances if a tenant wilfully damages property or defaults. If the paperwork was poorly prepared by the property manager at the outset and the case goes to Tribunal, it’s too late to go back and try to fix it. This oversight could leave the owner out of pocket with repairs, and with a vacant property that is not earning an income.

The degree and quality of training for property management staff is another key attribute that marks an excellent management company. The job is difficult and demanding. It requires both technical and personal skills, and specialist knowledge of the rental industry and the legislation surrounding it. A quality agency will provide continual training and professional development to produce dedicated staff members who know and enjoy their job.

Guarantees and Testimonials are the Final Proof

Only a Richmond property management agency with the confidence to back itself would offer a money-back customer service guarantee and this one gesture marks the stand-out agencies from the also-rans. This guarantee, along with a selection of client testimonials publicly available on a web site for all to read, are the final proof property owners can look for before handing over their properties.

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