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Property Rentals & Management |
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Introduction
Property rentals are generally regarded as the ‘poor relation’ to property sales. During the times that sales are active, agents take little notice of rentals, undertaking them as a favour for certain clients mostly because they do not generate the kind of commissions that sales do. However, during times such as we are experiencing currently, suddenly those very agents are realising that if they do not look after their rental portfolios they may have to live without any commissions for a long period!
I have always advocated strong sales and rental divisions add up to a well balanced property business because, efficiently managed, the one compliments the other. As a result of the boom in property sales during the last 4/5 years the concentration has been on training good sales agents and once again, rental agents have been neglected.
Personality of a rental agent
Who are those who make good rental agents? Property management requires good basic administration skills, marketing skills and most important of all, excellent people skills. It takes those with pride in solving problems, an intense interest in buildings and a passion to make them look good. In fact it can be compared to a giant housekeeping job for a house proud agent who has a calm, meticulous temperament!
If you are impatient, have difficulty in keeping your emotions in check, poor with time management and have problems with enforcing general rules and regulations, stay away and wait until the sales market starts to rise again! This is an excellent time though for suitable sales agents to improve their skills as rental and leasing agents.
What constitutes good management?
Good management leads to good financial results. An astute rental agent will learn through experience to choose good tenants who are financially sound, stay for several years, treat the property as their own and their neighbours with respect. This last property boom encouraged many home owners to buy investment properties and their gravest problem was to find well trained, experienced managers who would rent these properties successfully. It is this very fact that deters many investors from buying property! This should illustrate the statement that sales and rental arms compliment one another.
A new rental agent needs to undergo good training, read whatever they can and carefully do their homework in advance of letting each property. Remember experience is a great teacher – if you can afford the lessons!
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