25 minutes | Aug 28, 2017

Finding a 'Decent' Property Manager- EP50

As the saying goes, one bad apple can spoil the whole barrel. When an agency is caught renting 21 properties to drug traffickers, for example, it tarnishes the image of the profession as a whole. But there are decent agencies out there, and today Toni will provide you with five questions to ask that will help you find a property manager that is both trustworthy and competent. Toni begins with the story of her own agency’s brush with a drug operation, explaining how they discovered that the tenants were growing marijuana as well as the police raid that followed. She goes on to explain why a real estate director is responsible for every agent working under her license, and why revoking the license would be appropriate in the case of the recent scandal involving City Wide Real Estate. Toni goes on to identify the five questions you should address in order to identify a ‘decent’ property manager: 1) When do you pay your landlords? 2) How can you help me get the most capital growth? 3) How can you ensure I get the best rental returns? 4) How can you help me with my taxes? 5) What happens if I don’t get an application in the first week? Toni explains what the answers to each question can tell you about the property manager’s character and aptitude, and she ends the episode with a discussion of the landlord’s responsibilities to his tenants.  Listen in to understand Toni’s ‘we all win when we all win’ philosophy—and how to avoid the bad apples in the business. Topics Covered The recent exposé re: multiple properties rented to drug traffickers How Planinsek Property Group approaches inspections Victoria’s laws around the timing of inspections Toni’s experience with tenants growing marijuana Why a real estate director is responsible for every agent working under her license The five questions you should ask to identify a ‘decent’ property manager How processing rents and paying immediately benefits a landlord How to determine whether a property manager has your financial interests at heart Why a good property manager has a maintenance plan in mind How upkeep affects capital growth How market conditions affect rental returns Why a ‘decent’ property manager schedules annual rent increases How software facilitates end-of-financial-year reports with all necessary tax info How much you should be paying an agency to pay your bills and provide an annual report The importance of flexibility and communication in a property manager Why you need to know the property manager’s strategy if you don’t receive an application in the first week The landlord’s responsibility to his tenants Learn More About Finding a ‘Decent’ Property Manager For additional information about Toni’s agency, Planinsek Property Group, visit www.planinsekproperty.com.au. To learn more about the scandal involving the agency renting to drug traffickers, see www.domain.com.au/news/real-estate-director-in-hot-water-over-renting-21-properties-to-drug-trafficker-20170711-gx7x0z/. More information about working with property managers can be found at www.consumer.vic.gov.au/housing/renting/using-a-property-manager. To understand the rights and responsibilities of being a landlord, visit www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Being_a_landlord.page.   Toni welcomes questions and comments! Feel free to email her at toni@planinsek.com!  
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