Choosing from an array of property management companies can be a difficult decision. Should you go for the big names? Opt for more personalised service? Go with the recommendation of friends in your local area?
The most important thing to remember is that your property manager makes vital decisions on your behalf. Given this, one of the most crucial aspects is forming a good working relationship for successful outcomes. Essential in the decision making process is Trust, and the knowledge that your needs will be meet. Along with the protection of your investment, you need to know your property is in qualified, skilled and experienced hands.
Let’s weigh up the pros and cons concerning property management for rental houses in Brisbane, so helping you make the right choice.
Bigger Doesn’t Always Mean Better
It’s easy to choose a ‘big name’ brand. You’ve seen their ads on TV, they’ve often been in the industry for a long time and you don’t have to search very hard to find them. However, it’s a common misconception that they’ll have greater access to databases. Both both landlords and tenants are able to harness the power of wide networks, no matter what their size . Today, all agencies have access to the wealth of options available via the power of the internet. Therefore, there's little advantage in choosing a bigger firm based on this reason alone.
The most common advantages of franchise property management companies, however, include:
- extensive budgets for marketing and advertising,
- comprehensive websites for clients to access, and
- numerous services to take advantage of.
Many of them are also recognised as industry leaders, with proven, generic systems in place. This is highlighted by the subsequent media clout and ability to reach the wider community.
However, no amount of media clout can make up for superior levels of service and personalised attention. Being one number in a large pool is the major drawback of large franchises.
Consequently, all too often landlords and tenants are left feeling like a number on the books. This is generally due to regular staff turnovers, sales-driven office cultures and many employees handling the same accounts. Landlords and tenants should feel like valued clients.
How Boutique Property Management Companies Differ from Franchises
As a landlord, you want to stay on top of all the details of your property investment. The personalised attention of a professional property manager is required. Dealing with numerous staff, having to restate your issues or waiting for long periods to receive attention isn’t an issue at a boutique agency.
And, after all, it’s nice to know the actual name of the person responsible for one of your biggest assets!
Boutique agencies often develop a family-friendly office culture. You'll enjoy continuity with your points of contact. A boutique agency literally revolves around the ability to provide attentive service and personalised relationships. It’s these relationships that give you peace of mind. They can keep you up-to-date and offer you the benefit of growing your investment with the help of an experienced manager.
To top it off, boutique property management companies can be a more cost-effective alternative, though the attention you receive is far superior. It doesn't take many extra weeks of vacancy, or much of a poorly managed repair job on a property to cost you dearly. All the discount property management fees in the world won't make up for poor management. When you’re looking for transparency and accountability, with the same ability to reach the wider community to maintain successful tenancies, boutique companies are, quite simply, often the best.
Key Points in the Decision Making Process
Whether it’s big or small, it’s obvious that choosing the right company depends on much more than fees alone. Property management involves more than simply collecting rent. There are vital skills that should be met in order to minimise vacancies and maximise your profits.
First and foremost, you’re looking for industry specific skills. This includes in-depth knowledge of rental houses Brisbane area and effective marketing strategies. Your property manager needs to ensure your property is exposed to a wide range of prospective tenants. You need to feel confident your property manager can set, the rent at the appropriate market level. They also need to consistently and regularly evalutate the rent at the appropriate market level.
Thorough screening processes for tenants is paramount in ensuring the rent is paid on time and your property is well looked after. This means stringent security and reference checks for applicants and access to Australia’s database of defaulting tenants. With Position One Property you can rest assured that all tenant backgrounds are suitably investigated. This happens even before applications are offered to you for approval.
Maintenance and Repairs
You also need to be confident your property manager upholds maintenance and repairs on your investment. They'll do this by conducting regular inspections, which need to be appropriately documented. When you receive personalised, detailed service, a prime benefit is open communication between your manager and tenants. This open communication enables any issues are dealt with efficiently.
Although the ultimate goal is to avoid all problems with effective processes from the outset, if something does go wrong, you need to be in the know. With the intimate services of a boutique company, you’re kept in the loop at all times, via a manager you come to know and trust. You’ll also feel comfortable in asking for advice with regard to tenancy agreements and appropriate avenues to take, in the event of serious problems.
If personalised service, attention to detail and access to specialised industry knowledge sit at the top of your wish list for property management companies, Position One Property is ready to help.