There are several factors that can help indicate when the time has come to change your property manager.
On a recent LJ Hooker blog post, Sarah Lefebvre explored the top reasons to change property managers. According to Ms Lefebvre there are six questions to consider which will help you realise the value, or lack thereof, they’re providing.
1. Is their service offering what it should be?
The first sign that it’s time to make a switch to a different property manager is when you question their service offering, Ms Lefebvre explained.
“Some property management companies provide a limited range of services and while they may charge less this isn’t the best service model,” she said.
“Some management companies only manage rental payments and certain maintenance tasks and leave the advertising, tenant screening, inspections and rental appraisals up to the landlord.”
2. Have they breached your contract?
“The agency agreement you enter into with your property manager is a legal document and therefore they are legally responsible for the management of your property. They must act ethically and in good faith and always act in the best interest of you, the property owner,” Ms Lefebvre said.
“If your property manager doesn’t comply with this, it may be time to consider a change.”
3. Have they let maintenance slip?
Poor maintenance performance is another sign your current property manager needs to go.
“If they are failing to address maintenance requirements as detailed in your rental agreement, or if the property is not maintained to ensure a safe and healthy environment, your tenants may have the right to break the lease without penalty, leaving you out of pocket and in search of new tenants,” Ms Lefebvre said.
“Secondly if they fail to address urgent maintenance issues as directed by yourself you could lose thousands of dollars in repair costs because of their lack of action.”
4. Do they lack expertise?
A sign of a good property manager is one that has the experience to attract and screen potential tenants, do reference checks and review potential tenants’ rental history, according to Ms Lefebvre.
“Experienced property managers, like the ones working at LJ Hooker, see hundreds of rental applications and are experienced in attracting and identifying the best tenants,” she said.
“While you have the final say as to who rents your property, if your property manager lacks these important skills and your finding the quality of tenants put forward to you for consideration aren’t appropriate, it may be time to look for a more experienced management team.”
5. Are they consistently missing the mark?
Upholding tenant requirements, such as ensuring they pay rent on time, is integral for a good property manager.
If they aren’t consistent in rent collection, or in enforcing lease polices if payments aren’t received, then it may be time to find another property manager, Ms Lefebvre said.
6. Do they regularly upskill themselves?
With legal requirements constantly changing, its essential for property managers to keep up, according to Ms Lefebvre.
“Are they attending training and education programs to stay across any legal changes and advising you as to how this may affect you and your property? If they are not upskilling themselves and communicating with you regularly it may be time to change teams,” she said.