- sonyasalMember@sonyasalJoin Date: 2008Post Count: 421
I agree with the previous two comments, there is no way that i would want that agent managing my investment. Ring around and find out when other agents allow people to view properties for lease. While you are at it ask how many rental properties they manage and how many staff work in rentals. If they have too many look elsewhere for a firm that employs an adequate number of people to manage the rental properties so that any issue or concerns that arise are dealt with quickly.
SonyaPlaya ChickenMember@playa-chickenJoin Date: 2004Post Count: 128
When you're doing your research for the new property management company, ask them what their vacancy rate is too. And, find out if some times of year are generally easier to tenant than others. As you've already experienced, Dec/Jan is a hard time to find a tenant!!
Here in NZ, I put all my tenants on a fixed term tenancy, so that I HAVE CONTROL of when they leave; if necessary give them a fixed term of an odd number of months, and be up front with them, tell them why you're doing it.
Generally speaking, you don't want a tenant vacating your property in Dec or Jan, or in the winter as it will probably be harder to tenant. So design their fixed term tenancy around periods when there will be more renters looking for accommodation, and you'll have less vacancy. What I do is visit the tenant about 6-weeks before the fixed term tenancy is about to expire, and ask them if they're planning on staying. If so, they enter into another fixed term to my liking, if not, at least I have lots of lead-time to find a new tenant, and know exactly when they'll be leaving/paid up to.
And lastly, be firm with the property management company. It's your property, you tell them how you want it run.
VickyPickleMember@pickleJoin Date: 2008Post Count: 8
Thank you again for all who responded with advice – well I took it and I dumped our Agent and obtained a wonderful new one who manages a smaller agency that specialise in property rent roll and they have been truly fantastic this week. Turns out that my Property manager at the previous agency left 5 weeks ago and they said that they didn't want to tell landlords until they had a new Property Manager so that it wouldn't unsettle the Landlords…. I firmly explained that having 7 different contacts on my property who had no idea what was going on was more unsettling…
Good news is I have two lovely tenants (who fortunately I got to meet!) are moving in on the weekend…
Thanks for all your help – its good learning experience!Playa ChickenMember@playa-chickenJoin Date: 2004Post Count: 128
Excellent outcome! Good on you for taking action. It sounds like you're going to have a more positive experience with the new manager.
Let there be abundance for all.
VickyDWolfeParticipant@dwolfeJoin Date: 2009Post Count: 1,253god_of_moneyParticipant@god_of_moneyJoin Date: 2008Post Count: 970
Excellent…thecrestParticipant@thecrestJoin Date: 2004Post Count: 992
You'd have to wonder why a PM would give up a 5 day a week job with a slack lazy office.
5 weeks no property manager, no tenant – struth ! – when were they going to get alarmed or tell you ?
Onya Pickle, look at what happened, you got going and did something. You
got some info & energy flowing through this great forum with all these great people so you
surrounded yourself with a good team, ( pruned the deadwood agent – )
visited the property so you put some energy into the situation, showing
the harder you work the luckier you get.