Many agencies underestimate the value of good property management business. In a traditional real estate agency much of the focus goes into the sales side. If you are buying or selling you get showered with attention but often that subsides when you become a client of the property management division.
Your property manager should be looking after your investment, they are not just collectors of the rent for you.
Below are five ways to know if your Property Manager gives a hoot:
- Open for Inspections – not all prospective tenants can make it to the scheduled Open for Inspection times due to work commitments. Your property manager should be offering prospective tenants flexible viewing times, including before and after work, private inspections and weekends. It takes time to find a quality tenant.
- Routine Inspections – a good property manager should be inspecting your investment property at least 3 -4 times a year. Each time they inspect you should also receive an inspection report that contains not only a written component but also time stamped photos to ensure the report is accurate. At Hot Property Management, we inspect properties 4 times a year, with the owner invited to attend an inspection once a year. If your property manager has told you that you are not able to inspect your own property, they are not giving you the correct information. It is in your best interest to view your investment, if you can, once a year.
- Feedback – your property manager should know you and your property. It is there job to provide a maintenance plan after every inspection plus offer ideas to improve the tenancy and of course the rental yield.
- Lease period – January/ February and June/ July are the peak leasing periods. Ideally you would want your lease period to coincide around these peak periods. To do this your property manager may need to offer non-standard lease periods. At Hot Property Management we endeavour to offer non-standard lease periods where beneficial; instead of the traditional 6 or 12- month period we may offer 7 month or 14 months. This is to ensure the lease ends around the peak times.
- Are you micro-managing your property manager? – If you feel like you have no idea what is happening with your property, and you are calling your agency to follow up on tasks then these may not be the right property manager for you. Many of our clients had no idea the name of their property manager nor what was happening with their property. A good property manager needs to be keeping you in the loop at all times.
Don’t ever underestimate the value of a good property manager. Your property manager needs to be taking care of your investment. If you believe they are not doing this then it may be time to look elsewhere. Changing a property manager is much easier than you realise.
We recommend the first step is finding yourself a new property manager. You should be interviewing potential property managers. Ask them any questions you might have to make yourself feel comfortable and confident in changing managing agents. Often people have a mind set of “better the devil you know” or put changing agents in the too hard basket, but If you have found the one, then your new property manager can manage the change for you.
At Hot Property Management we will do all the leg work for you. You don’t even need to communicate with your current property manager to make a change. We will issue a termination notice, on your behalf, to our current property manager. All we need you to do is initial and sign a few forms and the job is done!
If you would like some more information about the property management service we offer, or discuss moving your properties over to Hot Property Management then please click here.