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Common Mistakes Property Investors Make

Introduction- Purchasing an investment property for the first time can be an exciting time. Careful thought, research and effort has been placed into selecting the right property, however in a lot of cases little thought is invested into ensuring that you have the right property manager. These tips will assist you in making the right choice when considering who should manage your investment property.

Mistake One- Who sells you the property may not be able to also professionally manage the property

Unfortunately what most property investors fail to realise is that 90% of real estate companies specialise in real estate sales. They focus on sales, however conducting their rental department ‘on the side’. This means they do not focus on this part of their business, are not resourced as such, do not give regular training in property management and in lot of cases neglect their rental department.

What property investors fail to realise is that property management is so different from real estate sales. It is different in just about every way. If a business owner is only familiar with real estate sales, it makes sense that they may not be able to also manage a property management department successfully!

This results in lower service levels and disgruntled landlord clients.

Ensure that when you are purchasing a property, make sure you ask:

1. Has the principal of the business experienced in property management? (in other words do they really understand property management?)
2. Are their written step by step property management procedures in place?
3. How are property managers kept accountable to these procedures?
4. How often do property managers receive property management training?
5. Can they back up their service with written customer service standards and a guarantee?

 

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