I have recently been researching the rental market, looking at a number of houses along with different methods of advertising, along with the managers of the properties. From my experiences I have found a number of different and interesting things, too say the least.
At present there aren’t many houses available for rent around Hamilton and there defiantly not many available with four or more bedrooms.
As a landlord, I advertise my properties for 3-4 days usually starting Wednesday and going through to Saturday. I advertise the address of the property so I don’t get 50 calls asking where it is and I also stipulate other rules I may have for that property ie, no pets, non smokers or whether the properties are fenced.
I always print my mobile phone number as I am usually not home much and some people don’t leave clear phone messages. I also don’t respond to text messages because if a prospective tenant can’t afford to call, they possibly will have trouble paying the rent.
I interview prospective tenants in the evenings in 30 minute intervals. During this time tenants the tenants full out application forms and I talk to them finding out a few things about them. During this time I usually get the feel if the tenants are going to be suitable for the house.
I ensure I meet everyone who has called about the house to ensure I give my self the best opportunity to select the best tenant for my investment. During my research I found this was the case for private landlords but not from all of the rental management companies.
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For one house in particular, it was tenanted really quick and I asked the manager if she was going to interview more than one tenant to ensure she got the best possible choice for the property owner. Her reply was no, "It’s first in around here!"
I was amazed and shocked all at the same time. I do understand that the tenant would like the first to select the house and of course would want to eliminate the competition as soon as possible, but it doesn’t necessarily mean that the manager has made the best choice for the person who has employed them.
I have come across one property manager who was very good. His service to landlords as well as tenants it far better than any thing I have seen for a long time! He is careful when selecting tenants, not rushing the process. He photographs the entire inside and outside of the property so ensure there are no discrepancies when the tenant comes to leave. He has a very professional approach and his systems for management far surpass any other options landlords currently have. Best of all, he is an investor him self, he knows exactly what we require.
I guess at the end of the day it just confirms why there are so more private landlords selecting tenants for their own investment properties. Few managers give confidence to property owners when we come to had over the keys to our $300,000 investments.
I am sure that property managers wouldn’t like us handing over the keys to their $300,000 car to the first person who walked up with the cash and looked semi ok, so why does it appear that that is how they deal with our properties??
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