Property management is so much more than collecting rent every month and sending the landlord a statement, says Melissa Baker, director of Enrichment Property Group.
They are a crucial part of an investor’s team of professionals who must have the knowledge and experience to satisfy a landlord’s needs.
And if they don’t live up to this then it might be time to find a better property manager who will.
Here are Melissa Baker’s top 10 reasons why landlords sack their agent:
Our agent never returns phone calls or emails, we worry something is wrong.
As a landlord myself I understand the importance of on-going communication.
Our property manager has resigned, who do we speak to?
It's incredible how often we hear from disgruntled landlords who have not been told that their property manager has left.
We had no idea that the property was in such bad condition.
In my role as property adviser, I consistently report any property maintenance to my landlords, no matter how minor. It's often the small problems left alone that become big headaches for landlords so I make sure my landlords are offered maintenance solutions. This also ensures the property can be sold at moment’s notice.
The tenant has vacated and the property manager didn't take a bond.
Not taking a bond for a property is very risky for any landlord. The bond protects the landlord/agent should a tenant not meet the terms of their agreement. We will never hand over keys to an incoming tenant unless a bond is paid.
Leases haven't been renewed and we are worried the tenant will leave.
There is great security in having a fixed-term tenancy, especially when it comes to mortgage payments. Our job as property managers is to ensure that the investment is affordable and secure.
Weekly rent is not reviewed. We're getting the same rent that we were getting five years ago!
It makes more sense to make small incremental rent increases rather than huge increase which would likely push your tenant to leave.
Our Property Manager Seems Disinterested.
Unfortunately many real estate agents see property management as a secondary part of the business, that's why they often employ a junior to deal with landlords. In contrast we consider the management of our clients' investment property our most important role, that's why I work closely with every single landlord.
We have to wait three weeks for our rent because the agent only disperses monthly.
As a landlord myself I understand that cash-flow is often hard to manage, that’s why we disperse rent weekly. We understand that a great investment is not only one that generates good yields and capital growth; it’s also one that doesn’t hurt to own. We often hear people give up on growing a successful property portfolio because the ongoing cost affects their lifestyle. The best way to service you is to minimise your downtime and maximise your cash-flow.
Our rent is always late and the property manager doesn't know what to do.
When a tenant is paying rent late it is important to take action as soon as possible, so that it doesn’t become a habit. Once rent is 14 days late, a Notice To Vacate can be served on the tenant and sometimes if the rent remains late every month the best option is to move the tenant on.
The property manager hasn't inspected the house for over a year.
Routine inspections would have to be one of the most important jobs for a property manager. Without regular inspections, you have no idea of the condition of the property or if there is any maintenance required. It is also exposes the landlord to potential litigation should the tenant be injured at the property due to a lack of maintenance. Regular routine inspections are also important way to check that your tenant is taking care of the property, and for the property manager to point out any areas for improvement.
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