LEVELS OF PROPERTY MANAGEMENT (PART 3)

Onsite management seems like a good option for many landlords, but is it really in your best interests?

Most onsite managers come from diverse backgrounds in other businesses and they’ve bought themselves a retirement job. They’re not career property managers in other words.

Landlords who use the onsite manager to rent their property do so because they offer a cheaper management fee, and/or sometimes they live in the building themselves, so it’s an obligation issue.

But like any product or service that you pay for, it’s vital to be aware of your choices.

Check out your onsite manager’s current listings in the building. Onsite managers are renowned for taking the ‘money-saving’ approach we mentioned in the previous article. They’ll use dark, cluttered images to promote your property with dull, unimaginative, cut and paste copy; they’re quick to offer tenants discounts (this was their strategy to get your business in the first place, so of course they’ll use discounting to find you a tenant).

When you’re selling something (and advertising your property for rent is the same as selling), it’s all about reach and persuasion – does your onsite manager use premiere ads to boost your property ad to hundreds and possibly thousands of untapped tenants?

Here’s the thing, if you wouldn’t sell your property through the onsite manager you should consider using an external agency.

PS: Onsite managers are also likely to let their current legislation knowledge lapse, exposing you to possible breaches of the act.

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LEVELS OF PROPERTY MANAGEMENT (PART 3)