When you employ someone to manage your property, you should rightfully expect a service that includes effective communication. Regular updates and prompt responses via phone and email shouldn’t be too much to ask for. Is it difficult to get in touch with your property manager? If they’re not able to return your phone calls then it begs the question of what they’re actually doing for you.
Communication channels between a landlord and tenant also need to be established. When there’s an emergency plumbing situation or electrical fault, your tenant needs someone reliable they can contact straight away. Your tenant will expect a high level of service. When they don’t get an acceptable level of service it can start to make them question why they’re paying so much for rent in the first place.
Lack of inspections
Your property manager should be carrying out regular inspections of your property. If they don’t, then how are they supposed to know what the condition of your investment property is like? Regular inspections can help identify any issues with your property. Some issues take years to progress until they become noticeable or past the point of repair.
With regular inspections, your property manager should be able to be proactive and spot any issues that may affect your property down the track. The sooner you know about any structural issues, the sooner you can start budgeting and planning for how to fix it. Sometimes the earlier you identify an issue, the less expensive it will be to fix.
So make sure you have an attentive property manager who regularly inspects your property. That way you can stay on top of repairs and maintenance costs before they escalate.
A property manager should be able to organise good tradespeople to attend any issues with your rental property. With an already established network of tradespeople, issues should be resolved without any major delays. This network should include services that are fast and reasonably priced.
A poor property manager will most likely organise an expensive tradesperson that isn’t available for quick repairs. It’s the last thing you or the tenant want. You need urgent maintenance issues to be fixed promptly and remain within your budget expectations. When a property manager doesn’t put the time and effort into finding the right tradespeople, no one wins in this situation.
High staff turnover
There’s no denying that having one dedicated person responsible for your property is ideal. When one property specialist is assigned to your property, they begin to learn the unique requirements of the house. When a property specialist establishes a good communication channel, they can start to form a great working relationship with your tenant.
So having a high staff turnover can be detrimental to the care of your property. There’s no guarantee there’s going to be a good handover from one property specialist to another. Always try to employ a property manager that has industry experience, great problem solving skills, and the ability to perform under stress. Get a property manager with these credentials and it’s less likely you’ll have to deal with a revolving door of staff for your property.
The quality of the monthly statements you receive can say a lot about the time and effort your property manager is putting in. These statements can reflect how much is really going on behind the scenes. Your monthly statement should clearly communicate the income, expenses, owner payments, and any outstanding invoices for the investment property.
A bad property manager may only manage to send through a monthly statement that’s lacking all the details you need. Sometimes a property manager is only focussed on showing the payment of fees alone. Ideally, the monthly statement should be used as a way to keep you informed about all the costs associated with your investment property.