What to look for in a Property Manager?

[voxburger]

Yesterday I couldn't spell property manager and now I are one.

What do owners look for in a property manager? I don't own any property, just look after it. What are owners looking for in me?

If I had to pick one thing..most of my owners live many km away...I try to be their eyes. They seem to like that. eg: A few digital pics when I do an inspection or an email saying "I drove past your place yesterday, I think I saw a kennel, I'll get back to you in the next 48 hours."

It's all to do with being 'The owner's eyes"

A close 2nd...maybe 1st...I think owners are looking for delightful tenant selection.

I'm keen to hear from owners. What are you looking for in me?

[flyernzl]

Experience.

[voxburger]

At what?

In 5 years I've written over 200 tenancy agreements up and I've lodged papers with the TT twice.

Would you turn me down because I have little TT experience?

[Keithw]

At what?

In 5 years I've written over 200 tenancy agreements up and I've lodged papers with the TT twice.

Would you turn me down because I have little TT experience?

Yes
TT experience can be a double edged sword, but when it is needed, it can be critical.
200 agreements & 2 TT apps could indicate that you had good tenant screening process
or the type of property didn't attract the dregs that are the usual cause for TT aps
or you were lucky.
whereas
someone with lots of TT apps may be over zealous, or rubs the tenants up the wrong way, or had poor screening processes
or simply unlucky due to the type of property
However they are experienced in the TT process, which in the end is one of our only last resorts

[Maccachic]

Huh you turned into a property manager now but have written agreements for the last 5 years?

Experienced, inside out knowledge of NZ Tenancy laws and how to handle TT, excellent at selecting quality tenants, easy to contact, pays owner on time every time, good people skills.

[Tan]

I'd prefer it if you investigated the kennel, then called me with what you are doing about it after investigation. The reason being that I would manage it myself if I wanted to worry!
So mainly I would look for someone who kept me informed while providing solutions, not problems.
Payment on time every time is essential, I wasn't even going to mention it!
Coping ability - deals with things confidently and quickly without alienating anyone.
The ability to contact me about everything if I need you to, or to leave me in peace if I don't - being able to read the landlords needs.
Good maintenance contacts who provide fast & reasonably priced service
Sugestions if something is about to fall off the house before it does - ie "I noticed the gutter needs another clip, are you happy if I get it fixed for $XXX"
Hopefully you won't need TT practice if you are excellent at checking out tenants, getting 4 weeks bond and following up arrears super-quick.
Early warning if something is going to cost over 25% of my payout (this will vary for landlords from 1% to 100%)
Lots of property managers get slack over time. I don't care who contacts me, a minimum wage lacky can send the email or make the call, as long as I don't feel forgotten. A 2 line email saying things are going great with the monthly statement will keep me happy if everything is running smoothly.
Never be caught telling a lie - even a white lie. Just say it how it is, politely. I am quite casual about my properties, but am also aware they are my retirement plan, worth more than I can afford to pay again, and I don't have great cash flow, no matter what I let others think.

[Wayne]

Tan - you saved me a few words. Ditto to Tan.

[voxburger]

Hi Tan, great post, I printed it out. Thanks.

[Tan]

I have been thinking about this as now I am in Australia and may buy a place. In NZ I was working in property in Tauranga where I was with the PIA and also could ask work contacts for advice.
Over here the commercial guys I work with don't have the residential contacts and there is no PIA. Having said that, property management in Aus is so regulated, audited etc that I shouldn't worry too much, but it's peace of mind I'm after.
I need to decide if 1 place here is worth the tax breaks (and 1st home owners grant I can also get).
Purely because I have a great manager in NZ I will generally buy there, but I need to win lotto first or I'll miss the low part of this cycle!

Anyway, back on track - somehow get yourself known. Even if someone has only met you once, they will call you over another un-met PM if they have your card tucked away. I was at a school fundraiser with my sister and met an agent who pops up all over the place in the local area and I still have his card. I would think of him first definately, without bothering to contact anyone else. Yes, I'm lazy, but so are lots of people.

[voxburger]

I was a little misleading and flippant at the beginning of this thread Tan. I've been working as a property manager for nearly 5 years. I live and work where I feel New Zealand is her finest. It's not an ideal place to build a thriving business, I tolerate the diminished opportunity for my drop dead gorgeous environs.

I believe the geography places my small business in an advantageous position. Most of my owners are at least 300 kms away, many offshore, NY, San Fran, London etc.

Your post prompted me to think about aspects of what I could be doing but maybe aren't doing as well as I could.

Because this is such a small place, nearly every property on my books is a result of word of mouth. Most of them, at some stage of their life have been family holiday homes. For every good point about my neighbourhood, there are also negatives. There are few people here, deserted beaches and surf breaks. It is also NZ's most impoverished region.

My biz is growing organically at a rate that I'm happy with. My working hours per week target is as important to me as my $ targets. I'm in the wrong place if I'm looking to stack up money.

[Keys]

Do you use a PM programme? Email me with your landline and I'll call.

[voxburger]

No I don't use a program as such. The Vox system, I suspect there are superior ones. We talked for an hour about 5 years ago when I was setting out. I look forward to comparing notes after all this water has gone under the bridge. I wonder what you are doing differently?

We spoke briefly when an internet pal of ours was facing some drama in the Waikato. I'm keen to get an update on that affair.

I'm juggling stuff just now. Deadline running. I'll give you a hoi when I can and keep doing so until I get you.

[eri]

We spoke briefly when an internet pal of ours was facing some drama in the Waikato. I'm keen to get an update on that affair.

superdad?

http://www.propertytalk.com/forum/showthread.php?27939-Announcement-from-Flatfee-Property-Management&highlight=

ahhh...

the story was there

but it looks a little eviscerated now...

gutted, like a fish

[Tan]

My biz is growing organically at a rate that I'm happy with. My working hours per week target is as important to me as my $ targets. I'm in the wrong place if I'm looking to stack up money.

That's good for your landlords, it's when a good PM becomes overloaded that problems occur.

Perhaps you could do a survey asking how much contact they prefer - everyone is different.
Good on you living your life in a lovely place how you want, not many achieve that.

[voxburger]

Thanks eri, that does ring a bell.

Yes Tan, I'm grateful for every beautiful day.

I've been thinking about that aspect of your post that you've referred to. You don't want to be troubled with the small stuff but would like a prompt accurate report re: the big stuff. As you indicate, owners draw the line between the small and big stuff in a different place. Someone new to having a rental might tend towards wanting to know about all the goings on. An old hand probably doesn't need to know about every visit by the lawn-mowing guy.

This situation makes a farce of the saying 'Treat others as you'd like to be treated yourself.' We all want to be treated differently. 1 diner might want a waiter standing beside their table, another diner, to be left alone. We should aim to treat customers as they wish to be treated. I'm thinking about questions I could ask in the written agreements I have with owners that could indicate how they would like to be treated.