Episode 5: Lena Fox - Finding the Right Property Manager

 

LENA FOX, FROM PROPERTY PROMOTIONS.COM HAS BEEN IN REAL ESTATE SINCE 1975 & KNOWS THE BEST WAY TO SERVICE HER LANDLORDS. LENA GIVES US A DETAILED UNDERSTANDING OF WHAT WE SHOULD BE LOOKING FOR IN A PROPERTY MANAGER TO LOOK AFTER OUR INVESTMENT PORTFOLIO.

FINDING THE RIGHT PROPERTY MANAGER IS TOUGH. YOU HAVE TO DECIDE IF YOU WANT A BOUTIQUE AGENCY WHO WILL HAVE THE SOLE PROPERTY MANAGER LOOKING AFTER YOUR PROPERTY, OR IF YOU WANT THE BACK-UP OF A LARGER FIRM WITH A NUMBER OF PROPERTY MANAGERS IN CHARGE OF DIFFERENT LOCATIONS UNDER THE BANNER OF A PROPERTY MANAGEMENT DIRECTOR. THERE ARE PROS AND CONS WITH BOTH, AND THE REALITY IS, PROPERTY MANAGEMENT IS A THANKLESS JOB – A JOB WHERE YOU GET COMPLAINTS FROM THE TENANTS AND LANDLORDS WHO DON’T WANT TO SPEND. THE ONLY HAPPY MEDIUM IS WHEN THE TENANT PAYS EACH MONTH AND NOTHING GOES WRONG WITH THE PROPERTY. WE HAVE LENA FOX FROM PROPERTY PROMOTIONS TO TELL US HOW TO FIND THE RIGHT PROPERTY MANAGER FOR YOU. 

LENA FOX HAS BEEN AN AREA SPECIALIST IN BAYSIDE FOR OVER 15 YEARS AND DURING THOSE YEARS SHE HAS ESTABLISHED MANY VERY LOYAL, SOUND AND MUTUALLY RESPECTFUL RELATIONSHIPS WITH HER VENDORS, PURCHASERS, LANDLORDS AND TENANTS. LENA HAS A DYNAMIC PERSONALITY AND OFFERS A WEALTH OF EXPERIENCE AND KNOWLEDGE IN THE REAL ESTATE INDUSTRY AND ALWAYS STRIVES IN ACHIEVING THE VERY BEST RESULTS FOR ALL HER CLIENTS. LENA OFFERS MORE THAN 100$ TO HER CLIENTS, NOT ONLY DOES SHE EAT, BREATHE AND LIVE REAL ESTATE, THIS IS A LADY WHO LOVES HER WORK AND IT SHOWS IN EVERYTHING SHE DOERS, WHICH IS THE KEY TO HER SUCCESS AT PROPERTY PROMOTIONS.COM 

• IN AN IDEAL WORLD, WHAT SHOULD AN INVESTOR EXPECT FROM THEIR PROPERTY MANAGER?
• WHAT SYSTEMS SHOULD BE IN PLACE TO RUN A PROPER PROPERTY MANAGEMENT DEPARTMENT?
• SHOULD THEIR BE A DEDICATED SYSTEM FOR HOW KEYS ARE TREATED? LIKE HOW THEY ARE STORED, GIVEN TO TRADES, USED FOR INSPECTIONS?
• HOW SHOULD SCHEDULED INSPECTIONS BE ORGANISED?
• WHAT’S THE TYPICAL PROCEDURE IF A TENANT MISSES A PAYMENT? HOW MANY DAYS AFTER A REQUIRED PAYMENT DOES A PROPERTY MANAGER TELL THE LANDLORD THAT THEIR PAYMENT IS LATE?
• HARRY FROM SEDDON WAS WONDERING, WHEN HE IS INTERVIEWING A PROPOSED PROPERTY MANAGER TO LOOK AFTER HIS PROPERTY, CAN HE ASK TO LOOK AT A RECENT CONDITION REPORT THAT THEY HAVE COMPLETED AND THE PHOTOS THAT THEY HAVE TAKEN, TO SEE HOW DETAILED THE REPORT IS?
• BESIDES THE STANDARD PROPERTY MANAGEMENT FEE, WHAT EXTRAS COULD YOU BE EXPECTED TO PAY FOR?

a)VCAT FEES?

b)RE-LETTING FEES?

c)POSTAGE?

5. SHOULD LANDLORDS, TENANTS AND PROPERTY MANAGERS BE ON THE SAME PAGE WHEN IT COMES TO MAINTENANCE?
6. CHARLES FROM RINGWOOD IS AN INVESTOR WITH 5 PROPERTIES, AND FROM HIS EXPERIENCE OVER 20 YEARS OF INVESTING, HE HAS DEALT WITH COMPANIES WHO HAVE A PROPERTY MANAGEMENT DIRECTOR WITH MANY PROPERTY MANAGERS UNDER THEM. AND THOSE PROPERTY MANAGERS COME AND GO. WHEN THE PROPERTY MANAGER LOOKING AFTER HIS PORTFOLIO CHANGES, HOW WOULD HE KNOW IF HIS PROPERTY MANAGER HAS THE SKILLS TO PROFESSIONALLY LOOK AFTER THEIR PROPERTY, IT HE HAVE ESSENTIALLY HIRED THE COMPANY TO LOOK AFTER IT?
7. A) WHAT CAN CHARLES DO IF HE DOESN’T LIKE THE CHANGE?
8. HOW OFTEN SHOULD A PROPERTY MANAGER MEET UP WITH A LANDLORD TO DISCUSS THEIR PROPERTY AND PROPERTY NEEDS?
9. WHAT SHOULD YOU BE WARY OF WITH ANY PROPERTY MANAGEMENT SERVICE?
10. DO PROPERTY MANAGEMENT DEPARTMENTS ASK LANDLORDS FOR A MONETARY CAP ON WHAT CAN BE SPENT ON MAINTENANCE IN AN EMERGENCY SITUATION (LIKE A BLOWN HOT WATER SERVICE, TOILET BLOCKED, ETC) WITHOUT NEEDING TO GET CONFIRMATION FROM THE LANDLORD, OR DO YOU NEED TO CONFIRM EVERY TIME THAT THERE IS AN ISSUE BEFORE SPENDING MONEY?

 

Special Listener Offer From Lena:

If you list your property for sale or rent with Lena Fox from Property Promotions and tell her you heard her on Real Estate Right, she will organise a lovely gift as a Thank You for listening to our podcast.