How do you know it might be time to change your current property manager? Property management is so much more than just collecting the rent – it is an important role that can cost you if not done correctly.
If you aren't happy with your current property management service change now. Hoping that things will get better will only increase stress levels and cost you money. It is not hard to change property managers, and you don’t have to wait until the end of your tenancy lease agreement.
Joanne Danckwardt of One Agency JD Property Agents talks more about what you should be looking for in your property manager, and why you might need to consider a switch of property managers.
If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence.
Signs it is worth changing your property manager
Poor communication
Are you responded to promptly without having to constantly follow up with emails and phone calls? If your current property manager doesn’t return calls and is slow to update you, consider a switch.
Prolonged vacancy
If your property is vacant, it is costing you money. Obtaining a good tenant for your property should be the highest priority for your property manager.
Lack of procedures and expertise
Does your property manager have systems, procedures and the experience to attract and screen potential new tenants? Completing reference checks and a review of their rental history and collecting a bond? When your tenants vacate, are you confident that your property manager is doing everything they can to have the property re-tenanted in quickly? Are detailed ingoing and outgoing conditions reports occurring? If your property manager does not have these abilities, or support, you should consider moving to a more experienced property management team.
Infrequent or no routine inspections
Routine inspections are a visual inspection that a Property Manager conducts at your property. They play an important role in keeping you updated of the condition of the property, ensuring it remains safe, is clean and is being cared for. If they are not happening, or not regularly enough, this is a concern. A detailed report should be given to you to help you ascertain any maintenance that may be required to retain the value of the property.
Poor management of maintenance
Managing repairs and maintenance is important to keep your investment in good condition to allow it to maintain good tenants, attract new tenants and maintain your investment property. If your property manager does not attend to maintenance requests, or if the property is not maintained to be safe and compliant, the tenants may break the lease without penalty, costing you money. Urgent maintenance should be attended to immediately to ensure it does not cost more in the long run with other damages. Look to move property management companies if you feel your property manager does not have the experience to successfully manage your maintenance requirements, or access to appropriate tradespeople who provide a high standard of workmanship, warranty and insurance.
Rent arrears
Consistent rent is key to you receiving regular payments, which is important for cash flow, and loan repayments. Your rental payments should come into your account reliably and consistently every month. Your property manager should be ensuring that your tenants pay their rent on time. Is your current property managed taking care of this for and enforcing lease agreements if rental payments are not received. If not, we recommend finding another property manager.
Legislation knowledge
Is your property manager up to date with the constantly changing NSW tenancy residential legislation and compliance requirements, such as smoke alarms? Do they attend training and education programs to keep informed of legal changes, and also advise you as to how this may affect you and your property? If not, it may be time to change teams.
Regular Rent Reviews
Your property manager should be conducting regular rent reviews to ensure that the rent is at market price, and adjustments made accordingly. This will ensure you continue to receive an appropriate return on your investment.
The One Agency JD Property Agents Changing Property Management Process
Changing property managers is easy! We do all the work for you, and you can change your property manager mid lease. You are not obligated to stay with your property manager if you are not happy. Our process is as follows:
- You inform us that you would like us to take over the management of your property portfolio
- We prepare a Managing Agency Agreement and written notice to terminate your agreement for you to sign.
- We forward the notice to your current agent and arrange to pick up your property file and keys from their office on the arranged date.
- We notify your tenants in writing. Then, their new One Agency JD Property Agents Property Manager welcomes them.
- One Agency JD Property Agents becomes your new management agency (as of the agreed date) and life carries on as normal.
- We arrange a property inspection to update the existing condition report (if required) and keep you informed each step of the way.
If you're ready to discover how you can rent out your property with confidence, download our free Step By Step Checklist to Renting Your Property with Confidence.
YES, DOWNLOAD MY CHECKLIST
At One Agency JD Property Agents, we can help you. With our skills and experience, education and training, and dedication to rental service, we have your property investment needs covered, and would love to talk with you about your individual objectives.
Dealing with a problematic property manager can be stressful. Here at One Agency JD Property Agents, our property investors are of our utmost concern. Request a rental property appraisal today to discuss how we can assist you with the management of your investment property.
We hope these tips have been helpful. If you feel you could benefit from our experience with property management, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, we’d love to talk to you. Our number is 0426 264 771 or 0455 147 755. We look forward to talking to you soon.
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What are the top 4 things property management clients value?
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