Fri, 29 Sep 2023

Choosing the right property management agency

26 Jul 2023, 13:45 GMT+10

Do you own an apartment or a house that you would like to rent out? Have you invested in one or more properties? Like the majority people who invest in real estate, you will opt for a property management agency to take care of your property.

The selection of a professional property manager must be based on objective criteria guaranteeing that your property is in good hands. What are the parameters to take into account? How can you be sure to choose the right property management agency that will allow your investment to maintain excellent property profitability?

Why delegate Buderim property management?

Before starting, a little reminder: what is meant by Buderim property management? Buderim property management includes all management activities (surprise, surprise) of a property (apartment, house, investment property). You can manage or entrust your property to a third party who will administer the property.

This delegation of the owner-lessor is carried out within the framework of a mandate of Buderim property management, which specifies the manager's missions and remuneration.

Direct Buderim property management (without going through an agency) has its advantages. In particular, it is free. You have full control over what happens in the property: research, visits and selection of tenants, amount of rent, inventory, drafting of the lease contract, signing of the lease, responsiveness in the event of concerns or work to be carried out, better relationship with tenants, etc.

This is why using a professional Buderim property management agency has significant advantages.

What are the tips for selecting a good Buderim property management agency?

A good property manager will take care of your real estate investment for a reasonable price. No more, no less.

Check manager skills

A property manager must comply with various regulatory obligations certifying that he can carry out the missions defined in his management mandate. He must :

Have sufficient financial security

Benefit from professional civil liability insurance

Not be banned from exercising the activity of the property manager

Before signing with your manager, we advise you to check that he is in good standing in the Register of real estate professionals.

Select an agency specializing in Buderim property management.

Not all real estate agencies that practice Buderim property management make it their specialty. Many practice Buderim property management as a secondary activity and deal primarily with transactions and property sales. Our advice: prefer an agency that has real expertise in this area.

What counts to be sure that your property is in good hands is the ability of the real estate agency to intervene quickly. If this is not its main activity, resolving the problems (water damage, unpaid tenants, etc.) will take time.

This can quickly result in a deterioration of your property investment and a loss of profitability.

Check Reputation

You have many online tools and social networks to compare real estate agencies (Google customer reviews, Facebook, Twitter, and consumer association forums). The comments left are a good way to see if the quality of service is there. An agency that accumulates too many negative or mixed reviews goes your way.

Word of mouth is a good tool to make your choice. If you know people (family, friends, relatives) renting a property in the same city, ask them if they have an agency to recommend.

You can also check the quality of the ads placed online by the agency or pass yourself off as a potential tenant. This allows you to check the seriousness of the real estate agency and the way they will treat your future tenants. In short, it is a question of verifying the quality of the agency's customer service and its seriousness.

Do the photos in the ads highlight the accommodation? Are the property advertisements generally of good quality? Are the exchanges by email and telephone cordial? Is the real estate agent easy to contact and responsive in his responses? Managing your real estate assets is not a trivial act, so take the time to compare.

Require responsiveness

Even more than the management fees, the responsiveness of the real estate management agency counts. It would help if you had an efficient and responsive manager for several reasons: to quickly find tenants to avoid any property vacancy, to intervene quickly in the event of deterioration or disaster and not to let things drag on. This can quickly become detrimental to your property or the occupant.

The agency's opening hours must be wide enough to be contacted easily or to intervene. Ideally, your property manager should be located near the accommodation.

Compare Buderim property management fees.

For a traditional property manager (national franchise type), the fees correspond to approximately 7% of the monthly rent, excluding charges. A cost of around 10% if you take out unpaid rent insurance. The advantage of large franchises is that they take care of all aspects of the life of your property: accounting management, technical management and legal management. You are calm.

The counterpart is the consequent price of the management, which is attributed to the profitability of your investment. Over a year, it's almost a month less rent dedicated to Buderim property management. In addition to the management costs, many additional costs depend on the formulas chosen (tax declaration, work organization, termination costs, etc.). See if the agency also offers an unpaid rent guarantee.

Look at the services offered and see if they meet your needs. The cost of additional costs can vary from one to two between agencies, so be careful. Certain management mandate conditions are also completely abusive, particularly mandates of more than one year.

How to choose a good Buderim property management agency?

Buderim property management is one of the most crucial aspects of your real estate investment. Choosing a partner who will make your wealth grow and best defend all your interests is essential. This is why it is also important to select the management agency carefully. You must be able to trust the real estate agent responsible for your accommodation.

A property manager who is not very involved or performs his duties poorly will jeopardize the profitability of your investment. So take the time to compare the offers, services, opinions, and fees to determine the agency best suited to your project. Ideally, an agency is fulfilling all the missions at the best price without sacrificing the quality of service.

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