Every industry has its stand out players and shady operators, and the property management industry is no different. So how does your property manager rate?
We’ve put together a list of six areas in which some property managers can fall short. Take a look at these and maybe ask yourself some questions. We suggest you rate your property manager out of 10 for each area.
#1 Is your property manager an investor themselves?
You know the old adage, ‘the best teacher needs to be a student first’. If your property manager has never purchased a property, how can they possibly advise others effectively. They may know some theory but if they’ve never put it into practice, your property manager can’t provide valuable insights gained only through firsthand experience. The level of service your property manager provides is dependent on their property investment knowledge and experience. So, how experienced is your property manager?
#2 Are your repair and maintenance costs exorbitant?
It’s important for your property manager to ensure your investment property is well maintained and any repairs are sorted promptly. There are some tradesmen who quote and invoice higher when they know it’s an investment property. Your property manager should know what the going rates are and always ensure that tradesmen are being honest and providing a fair service. In addition, you may want to check if your property manager is receiving any kickbacks from regular tradesmen. If they are, they’re not providing you with the service you deserve.
#3 How regular is your property manager inspecting your property?
Property inspections are a standard task for property managers. How often do you receive updates on the condition of your property? You should never have to follow up your property manager for this. Regular inspections can ensure that your property is well maintained, ultimately improving the value of your property and increasing the rent you could receive.
#4 Do repairs get fixed promptly?
If property inspections are not performed regularly, problems can get worse very quickly, creating a bigger issue than what could have been if it was found earlier. If your property manager just relies on tenants to inform them of damage or issues that need repair, they are not serving you. Your property manager should be inspecting your property regularly, and be in contact with your tenants to ensure that any issues are recorded and promptly repaired before a more expensive problem arises.
#5 Have you got happy tenants?
Being a good property manager is not just about looking after your property, it’s about creating and maintaining a fair relationship with your tenants. Good tenants who respect your property and pay their rent on time can sometimes be hard to find. A property manager who nit-picks during inspections, lacks communication or is disinterested in your tenants’ concerns, can create disharmony and cause your tenants to start looking elsewhere. So, how well is your property manager keeping your tenant satisfied?
#6 How healthy is your rent income?
Are you receiving data and comparable rental information with your property manager’s recommendations? Another role of your property manager is to ensure that you maximise your return on investment. Not all property managers have this skill but if yours does, you’re on a winner! Your property manager should be actively reviewing your rent against current market rental rates, and discussing this with you.
So, how does your property manager rate?
There’s no doubt that a property manager is required to wear many hats in their role, and luckily the property managers at Beyond Property Management wear all of them!
If you’ve had a read through this list and found that your property manager doesn’t rate so high, have a chat with the team at Beyond Property Management, and make the switch.