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It can be easy to just assume your property manager is doing everything they should – but what happens if they're not performing?
Blogger: Gavin Smith, director & general manager, State Custodians
When it comes to your investment property, choosing a property manager should not be done lightly. Being a property manager should be about more than collecting the rent and sending you a statement each month.
Your property manager should have the knowledge and expertise to fulfill your needs as a landlord and meet your expectations. But if they’re not, it might be time to find someone who will.
Here are our top reasons why you should fire your property manager:
You have no idea what state your property is in
As the owner of the property, you have a right to know what condition your property is in. If there are any property maintenance issues, it should be reported to you, no matter how small. It is often the small problems that are not dealt with early on that cause the big problems.
The house hasn’t been inspected in over a year
Regular inspections should be a given for a property manager. If these are not conducted, how will you know what condition the property is in or whether any maintenance is required? If a tenant is injured due to the lack of maintenance, you could face legal issues. Regular inspections is also a good way to keep an eye on your tenants to ensure they are looking after the property.
Your property manager never responds to emails or calls
Ongoing communication is vital between tenants and property managers, and landlords and property managers. So, if you find that it takes days or weeks for your property manager to respond or they simply don’t respond at all, it’s a sign that they are not taking your relationship as seriously as they should be.
Your property manager doesn’t seem interested or motivated
If your property manager sounds bored or disinterested whenever you talk to them or they aren’t excited about getting you a better rental return, they may not be the best choice for you.
Your property manager should have your best interests at heart and be motivated to keep your property in top shape and tenanted as much as possible.
The rent is not regularly reviewed
If you have been charging the same rent amount for the past five years, it may be a sign that your property manager is not reviewing and comparing your rent with the current market.
The rent is paid late, constantly
If the tenant has made a habit of paying the rent late, it’s a sign that your property manager isn’t taking initiative to stop this. If it has become a regular occurrence, your property manager should be taking the legal steps to vacate the tenant.
How you can outplay the market
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.