Property Manager – Tarzana
Must-know tips for dealing with property managers
The agency which sold you the investment property is not necessarily the best to manage it – it is worth actively reviewing your choices in the local area, rather than just taking the most obvious option.
The person who signs you up at an agency may not manage your property. This means you have limited opportunity to assess the calibre of the people who will actually manage your hard-won asset.
Even if you go to a great deal of effort to select an individual property manager, it’s also vital to assess their agency as a whole. Many agencies have high rates of staff turnover but good business systems help ensure consistency regardless of which manager looks after you.
The best property managers do more than collect the rent and organise repairs. For example, they can alert you to the benefits offered by depreciation schedules, suggest high-return improvements and make sure you are aware of your options when it comes to insurance.
Property agencies should be judged on quality not just price. The advantage of a slightly lower management fee will quickly be eroded if there’s an unnecessary vacancy or a badly-prepared tribunal appearance.
Don’t forget to ask how many properties each manager has to handle when comparing agencies, and whether they hold open for inspections on weekends. Examine all their ancillary fees as these can really add up.
While it’s important not just to focus on price when selecting an agency, it’s also worth remembering that you can negotiate – the higher end the property, the more room there usually is to manoeuvre. Those with a larger portfolio also have more power to strike a better deal.
Consider doing some mystery shopping before deciding on an agency. Inspect the quality of “for lease” ads and photography, checking how long it takes for calls to be returned and even turn up to an open for inspection.
While property managers are on “your side”, they also have a professional duty of care towards tenants and a responsibility to ensure relevant legal rules are followed.
Property managers need to be able to negotiate in a firm but personable manner with tenants and landlords – so when they say you can’t make DIY electrical repairs, for example, don’t take it the wrong way!
Property management is not an easy job. Think twice before taking on the role yourself – poor quality tenants often target DIY landlords because they know a professional will screen them out.
It’s no coincidence that the landlords in tears in current affairs television over their “trashed house” are almost always managing their property themselves. Even with professional managers, there are no guarantees but, if worst comes to worst, they are better equipped to deal with the eviction process.
Property managers usually have access to a network of quality, responsive tradesmen. These may not always be the cheapest in town, but have proven their ability to get the job done reliably.
If the quote provided really is over the top, take the time to do some research on alternatives – and be polite in raising the matter. Set aside some of the rent you receive so that you can afford repairs.
Read your annual rental statements with an eye for what’s missing as well as what’s there – has money been taken out for pool maintenance, gutter clearing and the like? If not, ask why.
Property managers can make your investment journey easier and smoother, but the buck stops with you – it’s up to you to carefully select your property manager, respond to their queries, monitor their performance and proactively change managers if necessary.
From: https://www.propertyobserver.com.au
Carnahan Property Management Services Woodland Hills,West Hills,Bell Canyon, Hidden Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys, North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, WestLake Village, Agoura, Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500.
