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Questions to Ask your current Property Manager
As a landlord you want to achieve the maximum return on your investment property. The team at Property Management Pirates understand this, here are a few questions for you to ask your current managing agent.
Yes you can! Coral Sea have introduced a new Online Agent system
- View investment property details
- See information on property inspections and maintenance tasks
- Download monthly statements
We NEVER hand keys out to prospective tenants. We conduct every inspection personally
We meet every prospect on site and begin the assessment and qualification process of each applicant. This gives us a much better insight into the person we are considering putting into your home.
Many sales based agents and even some of the local so called property management “specialists” have taken to handing out keys to tenants because their property managers can’t be bothered showing tenants through vacant properties. What’s wrong with this: Firstly, a prospective tenant has unsupervised access to your property and they can easily make copies of the key. The thought that a stranger is wandering the streets with a key to your home – is a scary thought for both you and your tenant.
There’s also the risk of appliances being left on, or the house not being locked after the inspection, leaving you at risk of uninsurable theft. (yes, if someone steals from a property and you gave them the keys, it cannot be insured).
losing a prospect who is waiting for your keys to be returned is also a common occurrence.
We rent many properties to prospects from other agents who have been waiting days for keys to be returned by another tenant or even worse waiting days for an application to be approved.
This results in the property remaining unrented with the result of hundreds of dollars in losses for you the landlord.
We process applications in 24 hrs.
Some agents can take 7 or even 14 days to process applications on your property. This means hundreds of dollars in losses to you or worse a lost tenant, tired of waiting for a response and gone to rent somewhere else meaning resulting in even more weeks rent lost.
We begin our assessments at the property inspection and spend time to ensure all the necessary information is gathered before the application is accepted. In some cases if all the information is available and all reference checks and data bases are positive we can process applications within hours of receiving them.
Processing an application is the highest priority job we have, your property is vacant and as landlords ourselves we understand every day that the property is vacant means dollars not in your pocket.
We average annually a vacancy rate of less than 1%!!!We are industry leaders in this category. This means more money in your pocket every year. read more over 10 years we have consistently beaten the industry average. We measure our vacancy rate daily (please ask us for a copy). We understand a vacant property means no rent for you!
Over 80% of our managed properties have had a rent rises in the last 18 months!. Read more.
Did you know according to BIS Scrapnel, your rent should have increased around 12% over the last 2 years. That’s around an extra $1500 a year in your pocket if your property is rented at $300 per week.
Ask us how we consistently achieve regular rent rise results well ahead of industry standards.
Townsvilles level of rental enquiry for properties is substantially higher at certain times of the year.
There is a much higher demand for rental properties in months such as January / February and June July. By organising the lease on your property to only expire during the busy periods REIQ statistics show we can gain as much as 10% extra in annual rent. Money in your pocket. Do they even know the four different high demand months when you should be looking to lease your property and the 2 months that should be avoided at all costs?
Another thing your current agent may do for you is actively seek lease renewals. It is quite common for an agent to put your tenant in and then ignore your property until the tenant gives notice to leave, once a lease has expired it automatically turns into what is known as a periodic tenancy. During a periodic tenancy a tenant need only give 14 days notice before they can walk out leaving the owner without an income.
At Coral Sea we want to provide our owners with security so we always try to keep tenants on a fixed term lease. As a result over 95% of our tenants are on fixed term agreements (Ask your current agent what percentage they have). Six to Eight weeks before EVERY tenancy expires we recontact your tenant to begin negotiations to renew the lease and again use this opportunity to move the lease into a higher demand period.
We have for 10 years maintained an arrears rate below 1%. This is measured and actioned daily (please, ask us for a copy).
Most agents don’t want to discuss arrears management, it;s left to the newest person in the office and some agents don;t take any action at all until a tenant is 7 days behind in their rent! REIQ stats tell us that industry wide this is by far the largest place an owner’s money is lost. Whilst we fully advocate quality landlords insurance to minimise any possible losses, the best insurance is one you never need to use.
Here at Property Management Pirates we have attended to each of these questions and developed procedures to ensure that the greatest possible outcome can be achieved. We believe that by doing so we are helping our Landlords MAKE MORE MONEY!
Still not convinced? Find out why Property Management Pirates back ourselves RIGHT HERE.