• Phone : (07) 3366 1764

  • My Property Agent Has Sold The Property Management To Another Agency On A Rent Roll, What Do I Do?

    rent roll

    property managementProperty Management Brisbane

    Firstly, let’s take a look at what a rent roll is. Essentially a rent roll is a group of properties that a real estate agency conducts property management services for. A rent roll can vary in size depending on the agency. Some private agencies have a small rent roll of 50 properties and some of your larger, some well-known franchised agencies have a rent roll of over 5000 properties.

    Even though the agency you had chosen to sign up with is no longer managing your property, all the contract rules and terms remain the same. As a property owner you have the right to issue the new property management agency a notice to end the management contract and after the notice period has expired, regain possession and move onto the next property management agency. However, you may wish to wait and see exactly how your new property management agency conducts themselves and manages your property before switching. Here’s a few key points to keep an eye out for:

    #1. Communication & Responsiveness:

    Communication is vital in any relationship and it is one of the biggest complaints property owners have about their property managers. If your rental management has been sold, then it’s fair to expect to receive a call or email from your new property management agency to introduce themselves. How well your new property management agency communicates with you and how quickly they respond to your requests is a good indicator of their level of care for your property. Not returning calls. Not being notified about repairs and maintenance. These are all signs of a lack of communication on the property manager’s behalf. Ask your property manager how they plan to communicate with you and be clear about your requirements.

    #2. Experience:

    Just like communication, experience is imperative. Your new property management agency may now be a top performing franchised agency or it could be a new privately owned property management agency looking for a quick start. Get to know your new property management agency, who you’ll be dealing with, how long they’ve been working in real estate and any other questions you have. You want to make sure that the new property managers are experienced enough to handle your investment.

    #3. Review Guarantees:

    Each property management agency will offer different guarantees with their service. Some landlords are required to give their property managers 90 days’ notice upon terminating their services, others require 30 days and some are even happy to offer 7 days’ notice. Talk to your new property manager about their guarantees. If you’re new property manager is willing to allow you to cancel the rental agreement with only 7 days’ notice, it’s usually an indication that they are pretty confident in their abilities to make you a happy customer.

    #4. Fees:

    As a property owner the fee’s a property management agency charges is an important factor in deciding whether or not you’re happy to continue using their services. It’s also important to consider the kind of service you expect to receive from you property manager when comparing property management agency fee’s. Although it’s not always correct, the old saying “You get what you pay for” is usually a good term to stick by.

    #5. Maintenance & Repairs:

    A property management agency requires affordable and high performing tradesman to carry out quotations and repairs on all properties. If they don’t, their job as a property manager is about to become a whole lot harder. As a landlord you want to know who these tradesman are, especially if that the property manager is recommending or using them for emergency repairs. Even though your new property management agency may not have been established for very long, the relationships it has with tradesman should have already been tried and tested.

    Whether you’re a new client who has been acquired through the purchase of a rent roll or your just looking for a new property manager that will perform better than your current agency, the team at Loth Estate Agents will be pleased to discuss your requirements and answer any of your questions. We will run your property as a business. Some of our best clients have come to us after using our competitors and receiving terrible results and they’ve continued to utilize our services through multiple lease renewals. If you’re looking for an active agency with a hands on approach, the team at Loth Estate Agents would be pleased to discuss your requirements.

    Contact our friendly staff on (07) 3366 1764 or email us directly at: admin@loth.com.au

    My Property Agent Has Sold The Property Management To Another Agency On A Rent Roll, What Do I Do?
    arrow

    My Property Agent Has Sold The Property Management To Another Agency On A Rent Roll, What Do I Do?

    Property Management
    close
    info:
    rent rollFirstly, let’s take a look at what a rent roll is. Essentially a rent roll is a group of properties that a real estate agency conducts property management services for. A rent roll can vary in size depending on the agency. Some private agencies have a small rent roll of 50 properties and some of your larger, some well-known franchised agencies have a rent roll of over 5000 properties.Even though the agency you had chosen to sign up with is no longer managing your property, all the contract rules and terms remain the same. As a property owner you have the right to issue the new property management agency a notice to end the management contract and after the notice period has expired, regain possession and move onto the next property management agency. However, you may wish to wait and see exactly how your new property management agency conducts themselves and manages your property before switching. Here’s a few key points to keep an eye out for:
    #1. Communication & Responsiveness:
    Communication is vital in any relationship and it is one of the biggest complaints property owners have about their property managers. If your rental management has been sold, then it’s fair to expect to receive a call or email from your new property management agency to introduce themselves. How well your new property management agency communicates with you and how quickly they respond to your requests is a good indicator of their level of care for your property. Not returning calls. Not being notified about repairs and maintenance. These are all signs of a lack of communication on the property manager’s behalf. Ask your property manager how they plan to communicate with you and be clear about your requirements.
    #2. Experience:
    Just like communication, experience is imperative. Your new property management agency may now be a top performing franchised agency or it could be a new privately owned property management agency looking for a quick start. Get to know your new property management agency, who you’ll be dealing with, how long they’ve been working in real estate and any other questions you have. You want to make sure that the new property managers are experienced enough to handle your investment.
    #3. Review Guarantees:
    Each property management agency will offer different guarantees with their service. Some landlords are required to give their property managers 90 days’ notice upon terminating their services, others require 30 days and some are even happy to offer 7 days’ notice. Talk to your new property manager about their guarantees. If you’re new property manager is willing to allow you to cancel the rental agreement with only 7 days’ notice, it’s usually an indication that they are pretty confident in their abilities to make you a happy customer.
    #4. Fees:
    As a property owner the fee’s a property management agency charges is an important factor in deciding whether or not you’re happy to continue using their services. It’s also important to consider the kind of service you expect to receive from you property manager when comparing property management agency fee’s. Although it’s not always correct, the old saying “You get what you pay for” is usually a good term to stick by.
    #5. Maintenance & Repairs:
    A property management agency requires affordable and high performing tradesman to carry out quotations and repairs on all properties. If they don’t, their job as a property manager is about to become a whole lot harder. As a landlord you want to know who these tradesman are, especially if that the property manager is recommending or using them for emergency repairs. Even though your new property management agency may not have been established for very long, the relationships it has with tradesman should have already been tried and tested.Whether you’re a new client who has been acquired through the purchase of a rent roll or your just looking for a new property manager that will perform better than your current agency, the team at Loth Estate Agents will be pleased to discuss your requirements and answer any of your questions. We will run your property as a business. Some of our best clients have come to us after using our competitors and receiving terrible results and they’ve continued to utilize our services through multiple lease renewals. If you’re looking for an active agency with a hands on approach, the team at Loth Estate Agents would be pleased to discuss your requirements.Contact our friendly staff on (07) 3366 1764 or email us directly at: admin@loth.com.au

    Related Posts