Choosing an estate agent or airbnb management company.
Speak to at least two or three agents in the area.
They should have experience in property management, be able to give you a comprehensive list of the services they offer and provide you with a schedule of their fees or costs. Research the internet and local newspapers for agents to contact.
The Real Estate Institute of Victoria (REIV) can provide details of its members who have property management skills. Please note that it is not compulsory for a licensed estate agent to be a member of the REIV.
While cheaper property management companies may appear to be an ideal option to maximise your income by saving on expenditure, this can end up costing you far more.
Property management teams with the systems and technology in place to maximise your return and minimise your exposure to risk must charge accordingly for their investment in such technologies.
These offices also tend to have a better staff culture and less turnover of staff, which means a much more enjoyable and profitable client experience.
Property management fees are important and we understand you need to compare them to what other agencies are charging. You’ll also need to consider the scope of services provided and the quality of services. Your investment is not without , so while also considering that this is one of your biggest assets, the last thing you want to do is make your decision based solely on price and who charges the lowest fees.
A lower fee may reflect a lower service, or an attempt to gain business by undercutting. The problem with this discounted rate is this possibly leads to minimal margins for that company, which lowers the quantity and quality of the service provided to remain profitable. A big impact of this will be felt when Property Managers are managing too many properties and numbers that they can’t handle in a professional manner. The truth is, the management fee is one of the last things of importance – what benefit are low fees if you are receiving a poor job?