5 Warning Signs it’s Time to Switch to A New Property Manager
An investment property is a valuable asset – so why entrust it to just anyone? Your investment property managers are responsible for finding reliable and trustworthy tenants, making sure rent is paid on time, keeping maintenance issues in check and minimising vacancy periods. If any of these responsibilities are not being cared for adequately, then you’re probably losing money.
So, how do you know when it’s time to switch property management? And when is the best time to make the change? Start by asking yourself these 5 important questions:
- Are your property managers delivering high-class service?
Property management in Sydney may vary in terms of what services are provided. A budget property manager may only handle incoming rent or routine inspections, leaving the bulk of the work in the hands of the property owner. Others may say that they’ll take care of everything, yet inspections aren’t regular and rent payment is sporadic at best. If you feel like your property manager could be doing more, then it’s probably because they should be doing more.
- Is the property management contract being honoured?
The contract initially provided by your investment property managers will have specified certain terms that you both agreed to comply with. This would have included property management fees, what services they would provide and what your responsibilities are as a landlord. If you’re paying the required property management fees but you’re not receiving the listed services in return, then it may be time to look at switching.
- Are they keeping up with routine maintenance?
In New South Wales, landlords or their authorised representatives can legally inspect a rental property up to 4 times per year. Without regular inspections, how will you know if the tenants are taking appropriate care of the property and whether any routine maintenance work is required? If tenants are reporting maintenance problems, are these issues being forwarded to you promptly by your property manager? A minor water leak, if left unchecked, could eventually result in thousands of dollars’ worth of water damage to your asset.
- Does your property manager have relevant industry experience?
Industry experience plays a key role in property management in Sydney. With stiff competition in the housing market, property management rentals typically receive a flood of applications. Without industry experience, how will a property manager screen the applicants? Will they be diligent enough to complete reference checks? Do they know what red flags to look out for? When mishandled due to a lack of experience, property management can cost you significantly in terms of unpaid rent, damages and Tribunal fees.
- Do your investment property managers prioritise ongoing training?
As of the 23rd of March 2020, changes were made to the Residential Tenancies Act 2010 and the new Residential Tenancies Regulation 2019, the regulations governing tenancy laws in NSW. Failure to keep up with changing regulations and real estate industry best practices can result in, at best, sub-par service and at worst, costly mistakes that land you in front of the Tribunal. Make sure that your Sydney property management firm is investing the necessary time in ongoing staff training.
If your current property managers aren’t delivering the service that they should be, then what is involved in switching to a new property manager? Start by checking the terms of your contract, as this should spell out the minimum notice period that you’ll need to provide. It’s best not to wait until the end of a current tenancy before switching property managers, as this could result in extended periods of vacancy.
If you’re looking for a property manager that ticks all the right boxes, then Thank You Real Estate is here to help. Catering to the suburbs but not limited to Parramatta, Westmead, Blacktown, Pendle Hill, Quakers Hill, Marsden Park, Schofield, Epping, North Epping and surroundings, our experienced property managers are committed to delivering the service your property deserves. To discuss switching property management to Thank You Real Estate, give us a call on Ph: 0430 607 866, or fill out the online form to request a callback. Once you’ve decided to switch, the rest of the changeover is simple – because we’ll take care of all the paperwork for you. We can even give notice to your (now former) property manager and arrange for a seamless transition. Minimal hassle and the peace of mind that comes with knowing your property is now in safe and reliable hands.