Top questions to ask a property management company before you join them

by Carrie Metcalfe on Nov 09, 2024
Article appears under: iRentProperty

Property is likely to be one of the most expensive purchases you make. It's important that you protect your asset to a suitably qualified property management company with the skills, experience and competence to do the job well.

Here's just a few questions we feel you should ask before signing on the dotted line. 

What is the size of your rent roll?
Large property portfolios can stretch a property manager’s attention. Some companies allocate over 100 properties to a single manager, which can lead to oversights. At iRentProperty, our managers oversee an average of 70 properties, ensuring they have the time to:
This balanced approach supports our team’s wellbeing and results in lower turnover, which means you’ll enjoy consistent, attentive service.

1. Conduct Detailed Inspections: Regular, thorough inspections help keep your property well-maintained.
2. Communicate Effectively: We provide timely updates, keeping you informed at every step.
3. Generate and Track Work Orders: Maintenance issues are promptly addressed and monitored through to completion.
4. Handle Rent Collection and Bond Administration: Our seamless systems ensure rent, arrears, and bond management are compliant and stress-free.

Who will be managing my property, and what experience do they have?
Understanding your property manager’s experience is key. Property management covers a range of skills, from accounting and legal knowledge to maintenance and administration expertise. At iRentProperty, each team member is also a property investor, bringing firsthand knowledge of landlord responsibilities. Our team includes:
This expertise enables us to discuss property, building products, investment opportunities, and risk management knowledgeably.

1. A Property Investment Specialist
2. A Legal Executive
3. A Construction and Drainage Expert

Are there any hidden fees?
Transparency is crucial in property management fees. Unlike some agencies with hidden charges for inspections or admin, iRentProperty has just three clear fees:

1. Management Fee: Covers full property and tenant management, including answering calls and emails  from your tenants, rent management, document storage, rent reviews, quarterly inspections, training for our staff,  key storage, financial statements and Tenancy Tribunal representation if needed—all for less than a coffee a day.
2. Maintenance Fee: This fee covers the costs associated with having a property manager available 24/7 if your tenant reports a maintenance need ( hot water cylinders always seem to need maintenance outside of regular work hours!). It also covers the costs of generating work orders for maintenance, obtaining quotes, providing access for tradespeople, checking work is done to the right standard and paying invoices on your behalf. 
3. Letting Fee: A large part of this fee is advertising to attract great tenants. It also includes industry leading software for online applications, shortlisting, open homes, background checks, bond lodgement, tenancy agreements, inspections, and key exchanges.

With iRentProperty, you can be confident there are no hidden fees—just straightforward, transparent costs.

How do you screen tenants?
Thorough tenant screening is essential for peace of mind. Our process includes credit checks, character references, previous landlord references, District Court registers, Tenancy Tribunal Orders, the Companies Register, and a media scan, among other checks.

How often do you perform inspections?
Frequent inspections are vital for maintaining insurance coverage and ensuring property upkeep. At iRentProperty, we inspect properties every 12 weeks, with options for increased frequency if required by your insurer.

By asking these questions, you can select a property manager who offers transparent, reliable, and thorough property care.