Are your rent reviews offering value?
With the role to manage the properties for your homeowners, we want to ensure that we fulfill the requirements and expectations set from the initial listing of the property. Ask the question, are you providing the full service that you promised the homeowner when you took over the management of their asset.
Ensure you have the stats of the number of leases you have to renew, how often you check in on the owners of the property, and ensure you understand the owner’s expectations and plans of what they are seeking to gain from owning this investment.
Property Management is not just renting the property. There are different aspects to the management, and each homeowner may have different expectations and ways to capitalise on their investment.
Set the parameters for your database, ensure you have the review dates scheduled in your preferred method, whether calendar reminders, through your software or a spreadsheet, everyone works differently, but the end goal is the same.
Communication, ensure you know the market in your area, by suburb, unit or house, 2 bedrooms or 3 bedrooms, have the necessary data alerts in place so you know the market, not just your database.
How are we communicating, do we call, sms or email? Do we use the time to set up a video link with your homeowners to keep engaged?
There is a time to increase and a time to wait. Do you know the tenant’s intentions? Gauge from tenant first, then ask the homeowner what is it they want to achieve? Know the answers to the questions before you are asked.
Market value may be more than we are currently receiving, but we want to ensure we have the tenant happy and remains in the property. The homeowner may have other plans and wants to keep the tenant in place and not have to outlay new tenant costs.
You are the reason you have been chosen to manage their property, ensure you reach your potential.
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