Things I wish I’d known
about property managers
Over many years in the industry, I’ve come across
plenty of Bad property managers and that is why I built RealRenta to replace the
need for them.
The first problem is that many novice investors
don’t recognise that you don’t need a property manager, you just need the tools
they use which can make their investment journey much easier.
Here is what you should be looking at if you do
want to go with a property manager
Big is not necessarily best
Now I’m not saying that agencies that have large
rent rolls are all the same
That’s because it doesn’t really matter the number
of listings an agency has – it’s whether they have enough staff to manage them
When investigating whether an agency is the best
one for you, make sure you ask how many properties each property manager,
And it’s not just about how many properties they
look after, it’s also about how many in their team.
For example, a good property manager who works together with an administrative assistant and a leasing manager can look
after 180 or more properties
On the other hand, if they do it all themselves,
somewhere around 80 to 100 properties per person is probably about the right
number to ensure that your property will be professionally managed on your
But again, that’s not any guarantee
Don’t know the market
Professional property managers understand the
rental market where your property is located.
Unprofessional ones do not.
And the difference could be a big hole in your back
Why is that?
Well, a good property manager will assess
what the market rent should be for your property and advise whether you should
adjust the asking rent at the end of a lease or during a break lease situation.
An unprofessional property manager, on the
other hand, will not do either of these so you could be missing out on more
rent or, worse still, have an overpriced property sitting on the market vacant.
But this is also very easy to do yourself by just going
onto realestate.com.au and looking at the current rentals in your area with the
same bedroom, bathroom, and car.
This will show you what the current rents are in the area and more
Far too many agencies employ junior or
inexperienced staff as property managers.
Property management requires staff who have the
ability to mediate between owners and tenants.
Property managers are also usually the ones that
feel the heat from tenants and owners so it takes a wise head to keep
their cool in emotional situations.
That’s why when inexperienced staff are employed as
property managers, they usually don’t last long.
Look for an agency that has a long-standing property
managers with ample experience as well as those who recognise it as a career
rather than a stepping stone to sales.
But no one is going to care about your property as
much as you will, so why would you let them look after your biggest investment.
RealRenta gives you the power and tools to look after your
own investment property
Lack of inspections
A professional property manager will inspect your property at least every six or 12 months and provide you with a
written report about its condition with lots of photos.
They’ll also suggest any proactive repairs or
cosmetic renovations that they believe should be undertaken to ensure the
property is in tip-top shape.
By keeping the property looking its best, will
not only help to keep your tenants longer, but it will also assist with attracting
new tenants far more quickly.
Bad property managers don’t conduct regular
inspections, which could result in
major repairs once the tenant has shifted out and you learn there are holes in
the wall or even window panes missing.
Let me be clear: most property managers are
professional and do their best for both tenants and their landlord clients.
However, this is a difference between average and
That’s why it’s vital that you understand the
difference between the two.
When property management companies get busy or lose
staff, the 1st thing then happens is they don’t do the inspections
as this is a very time-consuming job for them
Now is the time to take action
Right now, at RealRenta Join now and get 50% off the
normal low price:
That’s the cost of 1 cup of coffee a week to manage your rental property
RealRenta also has a free vision, so why not check it out
Friday, 22 January 2021