16 Jun Common issues landlords have with Property Managers
Common issues landlords have with Property Managers
- Inexperienced managers
Often, your property will be handed down to junior agents who have little to no experience in property management. They can miss the small things, which can become big things in the long run.
- Poor maintenance process
Maintaining your property in peak condition is integral to having a profitable investment. If your property has been poorly maintained, and your property manager is not onto maintenance requests, you will be the one that is suffering. With that in mind, a good property manager will prioritize requests, and ensure your money is being well spent. Calling a plumber to every blocked drain situation mightn’t be the best solution if they haven’t suggested the tenants try Draino first. A good property manager works for your investments best interests.
- High staff turnover
Property management can be a stressful position, and for this reason, it is unfortunately quite a high turnover industry. It is essential to employ a manager with industry experience, problem solving skills and the ability to perform under stress.
- Poor communication from property managers
When you employ someone to manage your property, you rightfully expect a service, which involves prompt response to all calls and emails. Landlords employ managers with this expectation, only to find calls and emails unanswered. This expectedly leads to frustration and loss of patience.
- The landlord feels like they have to be the property manager
A good property manager should provide advice to their clients on how to improve rental yield, have expert knowledge of the Residential Tenancies Act of 1997, help to minimize your vacancies, and have impeccable professional procedures to solve all issues that may arise. If your property manager is unable to provide any of this, you are lead to feeling like you are paying for a money collection service.
So how can you switch property managers?
You are actually under no obligations to remain with your current property manager for the duration of your lease. The switch process is actually quite easy and involves making contact with a different property management company, and signing a managing authority document with the new provider. Once these steps have been taken, your property management company will do the rest by collecting files and keys from the previous management company and liaise with the tenants.