Signs You Need To Change Your Property Manager
How do you know if you property manager is doing a good job?
A great sign of a good property manager has regular communication, at least every three months. If your property manager is making an effort to report issues, manage repairs, organise routine inspections or give you feedback on it all, they’re on the right track. Remember, no news isn’t always good news.
Properties sitting on the rental market too long
A successful leasing campaign should produced a high quality tenant in a space of 2-3 weeks, otherwise it’s costing you money. Beyond this time frame, you should be hearing from your property manager with suggestions of how to improve your campaign.
Your property manager changes frequently
It takes time for a new property manager to learn there portfolio of properties and build rapport with you and your tenant. Rapport is vital for dispute resolution and winning the best outcome for the landlord. It may also imply that there is high turnover in the company: indicating deeper problems.
The Surprise Repair Bill.
Another sign of a poor property manager are surprise repair bills that seem higher than normal.
A good property manager should provide feedback of an issue before organising a repair ie. photos and a detailed description. Then give the landlord an opportunity to take on the repair works or let the property manager organise it all.
Tradesmen are very sharp when quoting work and can spot an opportunity to over quote a job when dealing with a decision maker that doesn’t have an interest in a low price.
If you find yourself in a scenario where you’re looking at a big repair bill. Pick up the phone and ask a few trades people what they would charge for the job.
This does happen from time to time, hence it is wise for a landlord to have some leniency on the odd occasion. Late rent on a regular basis can be a bad sign on many levels and a sign it’s time to change your property manager. What to look out for:
- Ask your property manager how they manager rental arrears?
- Tenants not having a good relationship with their property manager, which can lead to a number of issues.
- Property manager is not giving feedback as to why rent is late.
Rental Increase For No Reason
Putting up rent for no reason could be a quick way to lose a good tenant. This is common with large real estate agencies that are too automated by reminder software.
A wise property manager will conduct a rental appraisal based on comparable properties, then giving their professional opinion if a rental increase is wise.