Let’s face it, when you have a good property manager, your investment property looks great, your tenants are happy, and your bank account is thriving.
Unfortunately, there are bad property managers out there who can make things pretty damn ugly, and cost you thousands.
Let’s take a look at how a bad property manager can negatively affect your experience as a property investor.
- Low-Quality Tenants – Every tenant is different, and not every applicant will be a good match for your property. Some property managers focus only on filling your property with a tenant, but the good ones will actually work hard, screening potential tenants to match your property and requirements. Low-quality tenants may fill your lease, but they can cost you money in the long run if they’re unreliable, and they could disrespect your property.
- Low Return on Investment (ROI) – a property manager may get you tenants who pay their rent on time, but it’s no assurance that you’re getting the returns that you should. When you work with a bad property manager, you’ll likely see your ROI remain stagnant over time. Whether it’s because they set rent prices that don’t reflect the current market or because they don’t take the time to ensure the proper condition of your property, a property manager who doesn’t understand ROI can hold back your income potential.
- Deterioration of your Property– When you work with a bad property manager, there’s no guarantee that your property will be treated like their own. Some managers only care about finding tenants to fill your property, leaving its condition solely in the hands of your tenant. They also won’t be proactive when it comes to dealing with repairs or maintenance on your property, which could lead to costly damage down the track. A good property manager will always look after your property like it’s their own investment.
- No Dispute Support – A bad property manager will not be able to help you much if you encounter a dispute with a tenant or regulatory body. They may provide superficial guidance, but they’ll likely be more interested in protecting themselves than supporting your case. If this happens, you could end up with a significant dent in your finances.
The Ugly Side of Property Managers
A bad property manager can reveal some ugly traits – if you’re experiencing any of the following issues, you might want to consider opting for a change:
- Lack of communication - Whether it’s late reports or never getting back to your enquiries and requests for updates, a bad property manager can often leave you ‘in the dark’.
- Poor maintenance - If you notice that repairs and maintenance for your property are slow (or perhaps non-existent), then it could indicate that your property manager isn’t taking care of your property as they should.
- Stagnant rent rates - If your rent prices have remained the same for years, there’s a chance that your rent prices may not be accurately reflecting the current market. Of course, it’s possible that the rental market in your suburb may be stagnant. But if your research of how much rent prices should be in your area don’t align with your property’s rental rates, then it could be a sign that your property manager isn’t doing their job.
- Lack of inspections - Are you seeing frequent inspection reports? Infrequent inspections (if any) show that your manager may not care about your property as much as you do.
Work with a Good Property Manager
There are so many property managers out there and unfortunately, they’re not all the same. Not every property manager can get you the same returns on your investment. In fact, a bad property manager will likely do more harm than good to your investment, creating an ugly situation of missed opportunities and costly losses over time.
If you want to ensure that you’re getting the best returns on your investment now and in the future, then you need to make sure that you have a good property manager with the right qualifications, knowledge and drive to protect and enhance your investment.
The property managers at Beyond Property Management are committed to minimising your risks and maximising returns. They do this by:
- Keeping you informed about your property with regular inspections, updates, information, and financial reports.
- Marketing and advertising your property appropriately for the market, area, and time of year to ensure you get the best possible rate and superior tenants for your investment.
- Paying rent on time, and taking care of the collections process on your behalf.
When it comes to your rental or investment property, Beyond Property Management want to take care of everything on your behalf, leaving you free to focus on the more important things in life.
Whether it be a tenant, a landlord, a prospective client, or a commercial property owner, Beyond Property Management are committed to delivering added value and exceptional results for every person they interact with.
Want to learn more about the good guys in property management?