Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

How PMs can keep clients

29 August 2016 Hannah Blackiston
Property management essentials

Property management can be an afterthought for a lot of property investors. Here’s what you need to do to become indispensable to landlords.

For many investors, renting their property is less exciting than the purchasing experience, and even the subsequent renovations, but property managers can be an imperative part of ensuring an investment is successful.

Let’s Rent founder and managing director, Lisa Indge, has some tips to keep clients happy and ensure hiring a property manager is their natural first step when they want to lease their investment property.

“The property manager has a major role to play in ensuring that the landlord achieves the best result out of an investment,” Ms Indge said.

Advertisement
Advertisement

Risk reduction is a key factor in property management, with Let’s Rent ensuring that 99.5 per cent of their new tenants are secured before the current renters vacate.

Ensuring tenants are on fixed leases is another important factor when reducing risks for landlords, Ms Indge said.

“Out of our tenancies, we have about 87 per cent on fixed leases … because in terms of a risk factor we don’t want a tenant giving 21 days’ notice coming up to Christmas.”

Landlord education is a significant part of the property management process, especially when it comes to pricing their investment to attract tenants.

“I think it’s the property manager’s responsibility to educate the landlord firstly, that’s what we are there for,” Ms Indge said, adding, “So if you have a landlord who wants to rent their property out with unrealistic expectations of the pricing then it’s up to us to demonstrate to that client why we feel that that is the case.”

Selecting the perfect tenant for the property is another area where property managers can shine, from reviewing the applications to checking supplied references. Ms Indge believes a good property manager can save a lot of headache for inexperienced landlords.

A property manager should also be an investor’s go-to when trying to get tenants in the door in a market with oversupply.

“The reality is that from one weekend to the next or one day to the next, there are a fixed number of people in the rental market looking to move within a short space of time,” Ms Indge said.

How PMs can keep clients
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Are you considering offering a flat fee model in 2019?

No
Yes
Perhaps, but it would include a performance bonus on making the sale.
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.