Is it time to switch property managers?
If you’re the owner of an investment property, the property management agency you select is not something you should simply set and forget.
After all, owning an investment property is a major financial commitment, and it’s important that the asset earns its keep, is well maintained, and retains its value.
That’s why you should regularly review the agency you have managing that property, asking yourself if they are still the best people for the job, or could the property be managed better?
With that in mind, here are the questions to ask to determine whether it’s time to switch property managers.
Is the property manager proactive?
When exactly do you hear from your property manager? Is it only when something bad happens; for example, when the property requires an urgent repair?
Or is your property manager more proactive, touching base with you about market conditions and things at the property that might need attention, while seeking to understand your plans for your investment.
If it’s the former and not the latter and your property manager is not proactive, then it could be time to consider a change.
Is the property well maintained?
Your property manager’s primary role is to protect your investment. Key to that is ensuring the property remains well-maintained.
Ongoing routine maintenance that is proactive rather than reactive ensures small problems do not become big issues down the track.
Can I contact my property manager easily?
If you need to get in touch with your property manager, how easy are they to contact? Can you reach them by phone and email?
If you leave a message do they get back to you quickly? And if they’re away, is there someone you can speak with who will assist instead?
A property is a highly valuable asset and you should be able to reach your property manager and have them respond in a timely manner. If not, it could be time to re-evaluate your professional relationship.
Do I have good renters?
Good renters are worth their weight in gold. Not only do they pay their rent on time, without fail, they also look after the property, notifying you of any repairs or maintenance that needs to be undertaken.
In the long run, good renters will save you time, money and a whole lot of stress. And it begs the question, what type of renters reside at your property?
If there has been a track record of renters who aren’t up to scratch, it could be a sign your property management agency isn’t screening potential renters as well as they should.
Alternatively, it might indicate they don’t have the systems, procedures or communication channels in place to ensure your renters meet their obligations.
Do my renters seem happy?
Happy renters tend to look after a property. They’re also more likely to stay for a longer term. Your property manager plays a key role in ensuring your renters remain happy.
If there are constant problems, or your property has a high turnover rate, it could be an indicator your property manager isn’t respecting the renters as much as they should.
