Your property manager plays a key part of the success of your investment property. They’ll screen new tenants, oversee maintenance and repairs, collect rent, and communicate effectively with both the landlord and the tenant. But what happens if things don’t go so smoothly when renting your Auckland apartment or Wellington townhouse? Should you switch to a different property manager?
5 Key Signs You Need to Change Your Property Manager
Your rental property is a crucial part of your investment portfolio. It is vital that it is well managed to achieve your financial goals. But how do you know that your property manager is doing a good job? We list 5 key signs that should get you thinking that it is time to switch to a new property manager:
· Poor property maintenance – your property manager should be undertaking regular property inspections to identify repairs needed and complete required maintenance tasks. If not, it is easy for problems to grow, which can result in lower rents, more expensive repairs or low occupancy rates. Your property manager should have trusted tradespeople available who can attend to repairs and maintenance requirements on your behalf too.
· Lack of communication – having good communication between the property manager and both the landlord and tenant is essential to keep everyone in the know. When a property manager fails to inform you about what has occurred at your rental, or ignores requests from the tenant, relations can quickly sour.
· High vacancy rates – if your property manager does not proactively seek tenants towards the end of a tenancy, the likelihood of having long vacancy rates increases, and your income decreases. A good property manager will have a marketing strategy in place, which includes professional photography and a loyal following.
· Poor rent collection – the property manager should have a system in place which allows efficient and regular rent payment from the tenant to the management company, and then onto you. Your property manager also needs to keep abreast of market rates, ensuring that the rental amount is appropriate for the location, amenities and type of property.
· Kept in the dark – as well as clearly communicating with you regarding your property, a property manager should also demonstrate transparency when it comes to financial reporting. A monthly statement should contain details of income and expenses. They also need to clearly disclose their costs.
If you believe your property manager could be doing better, it’s time to talk with us about the benefits of moving to our Auckland and Wellington property management service. We’d love to hear from you!