Some Asset Management Companies can tell lies to win your business. Be very careful that you do not choose the Asset Manager who tells you the biggest lie about how much “you will get” for your property. This is called “buying the business”.
Unless the Asset Manager is prepared to rent your property, their opinion is irrelevant.
If you choose Asset Managers based on the rent they quote you (their opinions) you may be disappointed, and may even wind up in financial difficulty.
If you suspect that an Asset Manager is attempting to buy your business with an inflated rental estimate, insist they give the estimate in writing.
Insist, also, that they charge you nothing if it rents for less than the rent they estimated. This will identify Asset Managers who are enticing you with false quotes.
Choose skill, not the cheapest
Be careful choosing an Asset Manager based purely on their fees.
If Asset Managers give their own money away what do you think they will do with your money?
It may be better to pay an extra one percent in management fees than to lose four times the saving in rent because they can’t let the property.
Good Asset Managers rarely give big discounts on their fees. If they get the best market rent in the quickest time, they are worth a fair fee.
Choose LEASING skill!
If you have spent some time interviewing Asset Managers, you may have noticed that they talk endlessly about the advertising they do, but few talk about the one thing that is most important to you – their leasing skill.
Poor leasing can cost you a lot of money.
Leasing skills are vital to ensuring you get the highest possible return on your investment.
A good Asset Manager can earn you 2% more than the Asset Manager that charges 2% less.
If you have an attractive property you don’t need a salesperson as much as you need a leasing specialist.
Ask you Asset Manager to PROVE his or her leasing ability to you. Most won’t be able to do so. These are the Asset Managers you should avoid.
Choose an Asset Manager that has a renters club.
Potential tenants can register for a renters club which matches them daily with potential properties to rent, and then allows them to book online to view the property.
Pushing information to waiting tenants and then making it easier for them to book and view properties 24/7 will secure you a tenant in the shortest possible time frame.
This article is adapted from the rental booklet, “Get the Highest Rent for Your Property”. To have a complimentary copy home delivered, please contact Edwards Windsor on 6234 5500.
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