Things to consider
Here’s some things to consider when choosing your property management company
How many properties are in the portfolio, so how much time can they dedicate to your property? Fewer properties mean more time and attention. At Bloom, you are one of a small and exclusive group of property owners. This means I have time to do all the things that properties rent faster, resolve problems sooner, and get a better overall result for everyone. Each week’s vacancy or uncollected rent affects your return by 2%.
Tenants make 87% of viewing decisions based on the photographs. The rest is great copy, ease of setting appointments, and everything else. Do others insist on excellent photography, detailed copy, and a range of viewing times each week?
How proactive are they with setting rents, and getting them? $20 per week adds up to over $1,000 per annum. With Bloom’s excellent advertising and fast processing of applicants, we command premium rents and get them from the best people.
How do they determine any rent reviews? Do they demonstrate good value to the tenants to encourage them to stay? At Bloom, your rent will be set at a level that keeps great tenants in the property and is very close to market value—we know a slight discount to great tenants is better than a vacancy.
How do they prevent tenant damage, excessive wear and tear, or have the ability to claim for damages? Our tenant orientation and ongoing relationship with the tenants, as well as very experienced tenant selection, stop most problems before they start. Our detailed inspections, feedback and education to tenants usually sort out the rest. For the unforeseeable, we have excellent evidence at hand to present a strong case at Tribunal, or your insurance company.
How do they ensure their tradespeople are of excellent quality? Poor quality work can devalue your property or even cause more damage. Our tradespeople are carefully selected, and valued for their excellent work and communication, so they fix the right thing properly the first time. Their work always adds to the value of the property and never detracts.
How many ‘add-on’ fees are there? Don’t be fooled by the small amounts other companies charge—they quickly add up to a large sum! We’ve calculated most property management companies worth their salt are definitely getting well paid, even if their ‘management’ fee seems lower.
Can you trust them? Do they have the integrity to make sure your interests are not in conflict with their own interests? Will they do what they said they will? Will they work with you to understand your goals, and help you achieve them? Do they have ethics about how people are treated, no matter who they are? Do they have a vision of their role in the greater good? Does their work make the world a better place overall? Do they share your values on what is important? I’ve always worked to a win-win-win formula, and my word is my bond. I love getting to know what it is that you want to achieve and I’ll look for ways to help you get there.
They say they’ll save you money, but how many back that up with strategies to do just that? Or have put their own money where their mouth is through their own property investments? Or have extensive networks of other investors and property managers to consult when novel situations arise? My experience as an investment property owner, working on the Wellington Property Investors’ Association, and as an active member of the property management community means I have much to draw on.