Perth Property Management is not just limited to collecting rent from the tenant every month – the landlord should consider everything from the knowledge and experience of the manager for a smooth, convenient and glitch free experience. However, if your property manager is falling behind in handling maintenance or seems disinterested or lazy in communication, it may be time to move on and search for a more competent and reliable professional for the job.
Here are some of the warning signs that indicate you need to look for a different property manager.
1. Lack of Communication
One of the most important and essential traits of a property manager is effective communication. If they are not responding to calls promptly or seem distant and disinterested, the better option is to move on to a professional who is more receptive and considerate. You can be sure they are not only letting you down but your tenants as well.
2. Handling of Property Maintenance
A landlord needs to be informed about the condition of the property so they can be given the opportunity to keep it up to standard. A good property manager not only informs the landlord about any repairs needed but also suggests preventativemaintenance and then goes about carrying approved work out in a timely manner. Nothing is more frustrating to a tenant than having maintenance items hanging around for months with no resolution.
3. No Regular Inspection
One of the key responsibilities of a property manager is to thoroughly inspect the property on a regular basis and point out any areas that need improvement or maintenance. Failure to do so may result in minor issues turning into something more drastic, costing you expensive repairs in the future. Ensure that you receive lots of photos so you can be sure your manager has actually gone to the property and you have better documentation that will stand up to scrutiny down the track.
4. No or Low Security Bond
A common mistake amongst private landlords is not taking a bond or holding the bond in their own account when it is now required to be lodged with the bond administrator.
Without a bond, your tenant may leave anytime leaving you stranded with no backup. Always make sure that your property manager increases the bond amount in line with rent increases so that you covered.
5. Un-renewed Leases
To secure your investment and have a consistent stream of income, it is important to have updated leases so you know your tenant is staying for a fixed period. Many insurance companies will not honour claims made if the tenancy is on periodic.
6. Lack of Interest
Landlords like to feel involved in the whole proceedings and property managers who take up the job as a secondary source of income can be a huge turn off. Always go for a property manager who gives you their full time and attention, is passionate about what they do and works closely with you at all times for complete satisfaction.
7. Delay in Collection
If the tenant is not paying rent in time, it is the property manager’s job to be completely on top of the tenants. Best practice in WA is to text the tenants at 1 day late, phone call at 2 days and a breach at 3 daysfollowed by a termination 14 days after. Notices need to be served on time otherwise the insurance company will again not honour your claim.
8. No Rent Review
The market changes with every passing day and naturally the rent has to be reviewed continuously to keep the profits up. As you trust your property manager with the whole deal, it is imperative that they review the rent regularly every 6 months and increase it in line with market rates, rather than making a large increase in one instance which may make it difficult for the tenants to manage the situation.
9. Delay in Dispersing Payment
If the property manager disperses the payment late to you, it gets harder to manage your cash flow. Discuss your issues with them and if the situation persists, the best way forward is to start searching for another property manager – one who understands your requirements and is lets nothing can in the way of clearing out their trust account. Most property managers pay their account out monthly but those on the ball will pay out their account weekly. That way not only are you getting paid quicker but the tradespeople doing work on your property is too, they love that!
Read an article to: “Is it Time to Sack Your Property Manager? 10 Reasons Why You Should Be Looking Else Where!”
