When do you switch to a new property manager?
There are several factors that can help indicate when the time has come to change your property manager.
Here are six questions that you should consider which will help you realise the value, or lack of, they’re providing.
Is their service offering what it should be?
The first sign that it’s time to make a switch to a different property manager is when you question their service offering as some property management companies only provide a limited range of services and, while they may charge less this may not be the best service model for your needs.
Some management companies only manage rental payments and certain maintenance tasks and leave the advertising, tenant screening, inspections and rental appraisals up to the landlord.
Have they breached your contract?
The agency agreement you enter into with your property manager is a legal document and therefore they are legally responsible for the management of your property.
They must act ethically and in good faith and always act in the best interest of you, the property owner..
If your property manager doesn’t comply with this, it may be time to consider a change.
Have they let maintenance slip?
Poor maintenance performance is another sign your current property manager needs to go.
If they are failing to address maintenance requirements as detailed in your rental agreement, or if the property is not maintained to ensure a safe and healthy environment, your tenants may have the right to break the lease without penalty, leaving you out of pocket and in search of new tenants.
Additionally, if they fail to address urgent maintenance issues as directed by yourself you could lose thousands of dollars in repair costs because of their lack of action.
Do they lack expertise?
A sign of a good property manager is one that has the experience to attract and screen potential tenants, do reference checks and review potential tenants’ rental history.
Experienced property managers, see hundreds of rental applications and are experienced in attracting and identifying the best tenants and while you have the final say as to who rents your property, if your property manager lacks these important skills and you're finding the quality of tenants put forward to you for consideration isn't appropriate, it may be time to look for a more experienced management team.
Are they consistently missing the mark?
Upholding tenant requirements such as ensuring they pay rent on time, is integral for a good property manager.
If they aren’t consistent in rent collection or in enforcing lease polices if payments aren’t received, then it may be time to find another property manager.
Do they regularly up-skill themselves?
With legal requirements constantly changing, its essential for property managers to keep up!
Are they attending training and education programs to stay across any legal changes and advising you as to how this may affect you and your property?
If they are not updating their skills and communicating with you regularly, it may be time to change your management team.