Renting out your home can be an exciting step to take, but one that comes with a variety of responsibilities. It can be difficult to stay on top of all of the duties associated with renting property on your own. If you are ready to rent your property, you’ll want to find a knowledgeable real estate agent to assist you with property management. Renting your home entails finding tenants who will pay the highest possible rent, in order to get maximum returns on your investment. It’s also vital to find tenants who will treat your home and investment with respect. This is why it’s so important to find the right Property Management Company to manage your property effectively. Effective property management entails far more than simply collecting the rent.As you use the free, no-obligation service at carnahanmanagement.com to compare proposals and narrow down your search for the right Property Manager, you will want to have a few questions in mind.  You can start the process by calling or emailing us.

1. Does the Property Management agency have a team strictly dedicated to renting out properties?

It’s quite common for real estate agencies to put more value into property sales rather than property management. In some cases, this responsibility may even be left to agency receptionists or administrative assistants. Be sure that you work with an agency that specialises in property management.

2. Does the property management owner or Principal/CEO/managing director have a role in the everyday functioning of the property management team?

When an agency’s owner plays an active role within a property management team, this may serve as incentive to make the team work harder and with greater professionalism. Having a manager who isn’t afraid to get involved in their business’s success is also a sign of the type of agency that will work harder for you.

3. How many years of experience does the property manager have?

If you are looking at proposals from individual real estate agents, you’ll want to find out more about their experience. Many real estate agents are members of larger agencies with sterling reputations and a history of success, but it’s also important to find out more about the specific agent who will be handling your rental property. The right individual to help you manage your property will have a love for property management rather than direct sales. Passion, dedication, and experience are all vital to success.

4. Will I get a written proposal from the property manager?

One of the benefits of registering your property at carnahanmanagement.com is that you can receive proposals from various real estate agents in your area. You should expect the same treatment when renting as when selling. If an agent has not put forth the time and effort to write a proposal outlining how they will rent your house, they may not be the right fit for long term management. Rather than falling into the trap of a lackadaisical approach, you should strive to find a property management team that will work hard to prevent your home from vacancy or mistreatment. The agents who are willing to go the extra mile with a written proposal show that they are willing to put in the effort to manage your property efficiently.

5. Are there specific locations around the city that the property management service covers?

Are you interested in investing in rental properties around the city? If you are investing in multiple properties, you will have the need for a real estate agent with the expertise and knowledge of areas outside of your immediate vicinity. There are several options to consider when you expand your portfolio of rental properties.
The traditional choices in this case would be to either hire a real estate agent in each specific suburb where you own investment property, or sign up with a larger agency that covers a wider physical area to manage all of your homes at once.
Yet there is now a third option to consider. Like many other countries overseas, Calabasas is now becoming home to larger property management agencies that cover broad geographical regions. These agencies use modern technology such as online banking and advertising to help manage far-flung properties. If you need to have more than one property managed, be sure to compare proposals from asset managers that can handle a wide geographical area.

6. Does the Property Management agent visit your home with prospective tenants, or leave them to their own devices?

Naturally, most property owners will not want strangers waltzing through their home without supervision. The right estate agent will accompany potential tenants on visits to your property. Not only does this protect your home’s security, but it also can serve as another medium for marketing. The agent can point out features and amenities of your home, and communicate with clients to learn more about their personal and financial situations. This can help them determine whether the clients in question would be advantageous tenants. It’s best to avoid agencies that simply hand over keys to tenants with no questions asked.

7. How many properties does the Property Management agent personally manage?

Although managing multiple properties helps build experience, it’s a good idea to ensure that your potential agent doesn’t juggle too many at once. This means that they won’t have the time to give each property the energy and effort it deserves. In larger agencies, individual agents can be expected to handle over 250 homes. This makes it extremely difficult to devote personal time to each one.

There are smaller agencies that manage in the ballpark of 150-200 homes instead. This allows property managers to manage each home more effectively, ensuring higher monetary returns. It may be worth paying higher fees to a boutique agency of this nature if it means you get the extra care that could yield greater financial rewards and prevent vacancy or damage.

8. How many days per week will the property management agent have available to show the property to prospective tenants?

Many professionals in today’s busy world don’t have time to visit properties during the normal work week. If an agent is able to show properties on weekends or during extended hours, this will help cater to tenants’ needs. The ability to show your property at least six days a week can help market your home more effectively.

9. How does the property management agent check prospective tenants’ financial situations?

To help protect your investment, you’ll want to find tenants with good credit, a steady job, and a history of reliable rental payments. You’ll also want a good tenant that not only pays rent on time, but treats your home with respect. To help facilitate this, a good agency will be able to screen individuals using in-depth systems. This may include a subscription to a major tenancy database.

10. Does the property management agent use a computer system to stay up to date with rental arrears? What actions are taken if tenants become overdue with payments?

In today’s computerized workplace, most agents will use modern computer programs to monitor rental arrears on a daily basis. This allows them to accept electronic funds transfers and take immediate action should payments become past due. When rent payments are late, agents can follow up with tenants immediately using email, telephone calls, written documents, or text messages.

11. What happens if there are problems with tenants? Will the property management agent vouch for me in court? What has your success rate been in the past in this type of situation?

Although most rental agreements run smoothly with the assistance of professional property management, unfortunately at times you may need to protect your legal rights as a landlord. Should this occur, you will need to have an experienced real estate agent by your side to help you navigate through the ins and outs of tenancy law. It’s extremely helpful in these circumstances to have property managers do the legal work on your behalf, helping you save time and money to achieve your desired outcome.

Before you can start asking these important questions, you will need to narrow down your search to a few candidates. Registering your property at www.sellmycastle.com.au only takes a minute, and allows you to review and compare bids from many of Australia’s most competent real estate agents. You can find out more about this service in order to find the right real estate to handle the important task of property management on your behalf.