Takeover of my investment property – where does that leave me
One hot topic of the moment in the Perth property management world is the subject of property management business ‘take overs’. A property management business takeover is when one company buys the rent roll from another company and takes over the management of the properties. The rental property owners are given no option but to transfer the management of their property to an unknown property management company and on some occasions a company they purposely decided not to engage.
This could be happening to you right now. We’ve had an increasing number of calls and emails over the last few months from rental property owners whose property has been sold through a buy out and is now being managed by an agency they did not choose. Questions they’ve been asking are:
- “Who’s my point of contact?”
- “Who’s doing what with my property?”
- “My property is available for lease – who is managing this process?”
- “How long will my property be vacant for?”
- “Why is a property management company located in Belmont managing my property located in Hillarys?”
- “How can they know the market and what current rents and trends are as well as what tenants in Hillarys want.”
As business owners, myself and my husband Jonathan, care passionately about Property Management being done differently, effectively and by putting our clients first. We are owner operators who are working on the business all day, every day. We have the benefit of a big brand behind us, but we have a family business mentality. We have willingly invested thousands of dollars over the last few years in ongoing staff training and the implementation of systems to ensure rental property owners and indeed owner’s homes placed in a care whilst they are on transfer or in transition between properties, are managed consistently across our team. Every owner is assigned to a designated and dedicated Portfolio Manager at LISTED Estate Agents, but you will also benefit from a team with a can do attitude, who are all trained to be able to assist and deal with your needs and the needs of your tenants. They know what matters, they know the law, they are local people. You will know them by name and you will know what they do because they love to talk about you and your property and don’t hide behind strange or fancy job titles. Phone calls and emails are answered and responded to as well! Call us today and see how Property Management can be done differently.
Founder and President of ireviloution Jo Oliveri and author of ‘Find Your Property Manager NOW’ is vocal about her concern about how this delicate situation is managed. Jo knows and understands that at times, business owners will need to sell their rent roll for various reasons. She also knows that due to the sensitivity of business sale and in turn the transfer of clients, that strict protocol, process and policy should be followed. Quite often there is a total lack of disregard to the clients being sold and as with everything, there is a right way and a wrong way. Over 90% of the time, business are sold the wrong way. Jo encourages rental property owners to understand at times they might be included in a business takeover or business transfer. “It will be happen from time to time”, she recently said, however she cautioned rental property owners to expect certain procedures to be followed and if they aren’t, to demand proper processes and protection for their property, resident and themselves.