With increased choice and competition, today’s consumer demands greater value for money and excellent customer service. And the rental market is no exception.
Landlords expect their Property Manager to have the knowledge and time to offer them sound professional advice about their investment property and personalised service they can trust. Trust and knowledge about your personal situation are built over time, therefore chopping and changing Property Managers is not a good idea.
A good property management agency will have systems and data trails in place to enable a new Property Manager to quickly get up to speed on your property and tenants, however any rapport and relationship that was built with the previous Property Manager is lost.
As a landlord, it is only natural that you would want (and deserve) to see your Property Manager servicing your investment property as if it were their own.
While many real estate agencies claim to do this, it can be impossible to achieve when there is a high turnover of Property Managers, as is the case in many agencies.
Your Property Manager should be knowledgeable on all things to do with your rental property, and give the right (and regular) advice to ensure your risk is minimised and your rental income and capital gain are maximised.
A good Property Manager ensures maintenance is reported on time, keeps a close watch on what’s happening in the marketplace to ensure landlords are receiving the rent they deserve, provides regular and accessible updates for landlords, and offers advice on potential improvements that could be made to the property for greater financial gain.
A good Property Manager also follows effective and thorough guidelines for screening tenant applications to ensure landlords have access to the ‘cream of the crop’ when it comes to selecting the best tenant for their property.
Furthermore, contrary to what you may be told by some agencies, it’s not enough to simply perform a routine inspection every 6 months and collect the rent. The risks to landlords are higher than ever these days with litigation occurring far and wide and complex legislation a veritable minefield to navigate on your own.
Regular training enables a property management team to stay abreast with the frequent legislative changes that affect the leasing and tenancy of residential properties. An agency’s level of knowledge will inevitably be reduced if Property Managers who have been trained leave and are replaced by new team members, no matter how frequently they undergo training as a team.
An excellent Property Manager is proficient in the art of negotiation, and possesses strong communication and interrelationship skills to build a great rapport with both landlords and their tenants to ensure the lease runs smoothly. Some landlords, and even many Property Managers, fail to recognise that building a great rapport with tenants is just as important as building a great rapport with landlords. Why? Because happy tenants mean fewer vacancies and a property that is well looked after!
Like trust, rapport is something that is built over time. Chopping and changing Property Managers means trust and rapport must be built from scratch time and time again.
This can be detrimental to both short and long term results on your property investment. If you find a property management agency you are happy with (and one with a low staff turnover), don’t risk having to build that important relationship all over again with someone new.