Handing over your home to a Perth property manager means that you want the rent situation to be tackled professionally without any unnecessary hassle or worry on your plate. However, if you make the wrong choice, you may end up losinga lot of money, not only in the form of prospective tenants but also lower rents and deferred maintenance.
Selection of a property manager, therefore, should not be taken lightly. Always consider their experience and expertise, make sure that they have the legal certification for the job and inquire in detail how they are going to handle difficult tenants or what course of action they will follow in case of any issues in rent payment. Here is a brief overview of top things that may go wrong if you choose the wrong person for the job:
1. You’ll be Paying for the Mess Created by theTenants
Propertymanagers that select tenants without conducting an extensive research ontheir past references can cause you BIG problems that can go well beyond just a few months of lost rent. Bad tenants can cause excessive damage to the property that may cost you thousands of dollars in repairs and maintenance. Meanwhile you have to keep paying your mortgage.
A property manager should always screen the tenants before awarding an application, and approve tenants that are able to pay rent regularly without any issues. Your property manager can play a pivotal role in weeding out the black sheep before anything goes wrong with your precious investment.
2. You’ll Be Missing out on Rent Updates
Apart from that, an experienced property manager also keeps a keen eye on the market rates and updates your rent accordingly so you can continue to fetch the rent your property deserves. Remember you are running a business and if this process is discussed with the tenants up front and then handled well, there will be no ill feelings left with the tenants.
3. You’ll be Facing New Excuses
It’s the property manager’s job to find you good, reliable tenants and then keep them on track. A lot of times, property managers find it difficult to take full responsibility and instead of being proactive with solving a small issue quickly they bury their head in the sand letting it become a big costly one. Watch for signs that issues are not getting resolved promptly and all you are hearing is excuses.
4. You’ll be Paying for Excessive Repairs
It’s the property manager’s job to inspect the home regularly and inform you if any maintenance or urgent repairs are required. If your manager chooses to ignore this, you face the prospect of not just hefty renovation in the future but also legal implications if your tenants are injured on the property because of lack of maintenance.
5. You’ll have to Manage Your Manager
If you have to manage your manager and you need to ring them up every month to chase the delay inrent payments, or where they are at with maintenance, this is one of the foremost signs that it’s time to call it quits and start working with someone who is more dedicated, competent and responsible with the job. There is no point paying for someone else if you are basically having to worry about everything and do the job for them.
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