Hiring the wrong Property Manager will most definitely decrease the value of your asset and will also provide you with fewer returns, therefore making the investment less attractive. As with having a fantastic financial planner or fund manager will get you better returns on your investment, you also need to think of your Property Manager in the same light.
The right Property Manager must be in front of managing your property, not playing catch up or being reactive.
Here are a few signs that your Property Manager might be dropping the ball:
- Fails to return calls
- Doesn’t have answers for you (you have to keep chasing up)
- Maintenance not being done
- Your rarely receiving inspection reports
- Lease renewals are not happening in a timely fashion (left to expire or being renewed at the last minute)
- No current market appraisals being provided on your property
The above examples are often from low-cost agencies that have staff overloaded with properties to keep costs down and lack of quality systems.
Proactive Property Managers will be the ones who:
- Look for ways to reduce expenses and maintain the condition of your home
- Look for ways to increase your return by reducing vacancy periods and ensuring market value for rent
- Return your calls the same day
- Always have answers for you
- Renew leases well in advance and come to prepared with advice on the market
- Let you know of your tenant’s intentions months ahead
These Property Managers might be slightly higher in fees, however, they have a good ratio of properties to Property Manager and good quality systems.
The right Property Manager will look for the opportunities to maximise your growth and minimize your risk and provide you with their recommendations not wait for you to ask.
Do you want to be an investor with a successful Investment Property that gets better returns and growth, one simple step will get you on your way.
We are waiting and looking forward to getting you better results from your investment property.