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Take this quiz to see if your property manager is giving you the best service they can to save you money, time and hassles:
Q1. Has your property manager increased rent on your property by at least 8-10% in the last year?
You want your property investment to perform as well as it can and with market rent steadily rising, it is very important to ensure your rents keep up. Many of our clients find we increase their rents by 10% of what they were previously achieving and it isn’t uncommon for us to increase rents by 20%. The average rental amount in Wellington is $350. If your rent isn’t at market level, this can mean you are missing out on $1820 - $3640 each and every year! Contact us here to get a free, no obligation, rental appraisal.
Q2. Has your property manager ensured you have adequate insurance in place so if there is a flood or other accidental damage, you are fully covered?
Many landlords haven’t told their insurance company that their property is being rented out. If there is a flood (burst pipe for example) and the carpet gets wet, it means there is no cover to get the carpet lifted and dried, and dehumidifiers put in place to save the building structure. This can be a costly exercise if you need to cover it yourself. Your property manager should ask you about your insurance cover. At Rental Results we ask about your insurance cover to ensure you are fully covered. Contact us here to ensure you have a company who cares about your assets are covered as much as you do.
Q3. Has your property manager told you how many properties each member of their team looks after?
It is widely recognised in the industry that 120 properties is a reasonable maximum for a property manager to look after. However, there are some companies where the property managers handle 200 or even 300 properties each! With such a workload, they do not have much time to pay attention to your property. The first thing to suffer is the routine inspections, which should be carried out every 12-14 weeks. If property managers are trying to manage more it doesn’t leave much time for telling you what they found, getting tradespeople to attend, filling vacant properties with great tenants, sorting out issues during a tenancy, or many of the other things a great property manager does. Contact us here for a property management company that values quality over quantity to deliver you most attention for your property.
Q4. Does your property manager give prospective tenants the key to your property so they can show themselves through?
This poses a security risk to your property. There is nothing stopping prospective tenants getting extra keys cut to go back later when it is occupied, helping themselves to any chattels they find, damaging the property, or leaving the property wide open for anyone else to come help themselves. Meeting prospective tenants at the property also helps assess how they would be as tenants. At Rental Results we encourage the whole family to view the property and make a decision together. We are on hand to answer any questions they have and point out features that will benefit them. We ensure the property is locked up tight afterwards. Contact us here to get a property management company which escorts prospective tenants to your property.
Q5. Has your property manager shown you the checks they carry out on prospective tenants to ensure you get the best people in your property, and avoid the ‘bad eggs’?
Key checks your property manager should carry out are:
- Current renting experience
- Previous renting experience
- Employment history
- Financial security (Credit defaults or a history of borrowing money from third tier lenders)
- Tenancy Tribunal Database
- General questions like ‘are they smokers?’, ‘do they have pets’? and ‘how many people will be living there?’ amongst others.
Contact us here to get a company so thorough with their tenant selection that they guarantee it. Contact us here to get our Tenant Selection Guarantee.
Q6. Has your property manager explained to you how they structure leases and renewal dates to maximise your rent and get great tenants fast?
Wellington has a distinct period where rental properties are in hot demand. This is due to factors such as the Universities academic intakes, Government department contractors coming to town, families moving at a time that doesn’t disrupt the school year. Times like these are the optimal time for setting rent levels and fixed term tenancies. Your property manager should be taking advantage of this prime letting season to maximise your rent levels and minimise your vacancies. Each week of vacancy is costing you money, as does every lease renewal in the ‘off’ season. There are some months of the year which are a disaster to have your property vacant. Does your property manager know which months these are, and have strategies to avoid them? Contact Rental Results here to get strategic lease renewals to maximise your returns.
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If you answered yes and your property manager scored 6 or even 5 out of 6, then congratulations! They are doing a great job to maximise your properties potential and your return on investment, and are one of the few professionals in the industry. You should stick with them.
If you answered yes to 4 or fewer questions, please don’t get angry at your property manager. They are probably doing the best they know how to. Just as specialist doctors perform their tasks much better than a GP would, specialist property management companies perform better than real estate companies with a property management component.
At Rental Results, we specialise in property management and excel at it. To maximise the return on your investment, keep yourself safer from tenant issues and minimise vacancy periods, get the team who care about your wellbeing, get Rental Results now. Click here to get our Tenant Selection Guarantee, and quality property management. |
You shouldn't have to spend your free time doing multiple viewings, wasting your petrol on people who don't turn up or aren't interested. You don't want your property sitting vacant while you have to foot the bill for the mortgage. You certainly don't want to have to chase tenants for late or missed rent payments and cover the shortfall out of your own pocket. The last thing you want to have to do is take a tenant to Tenancy Tribunal, learn all about the Residential Tenancies Act and hope that the adjudicator rules in your favour. That's where we can help. 