5 signs it's time to switch your property manager
One of the most important factors to the long-term success and capital growth of your Inner West investment property is an excellent property manager who communicates effectively and ensures your home and lease remain compliant. Here are five signs it’s time to switch your property manager.
5 signs it’s time to make the switch
1. Lack of communication
One of the biggest signs it’s time to switch property managers is a lack of communication. If your current property manager isn’t proactive and doesn’t get in touch with you regularly to provide property updates, you might want to look at an alternative, preferably someone who comes highly recommended.
A lack of communication might also relate to your property manager not answering your phone calls or emails, not providing monthly statements, not completing inspections as required and not renewing lease agreements. These are all warning signs that your property manager doesn’t care for you or your investment property.
2. Poor maintenance
Keeping your investment property in good condition is one of your property manager’s principal responsibilities. If they’re failing to address maintenance issues according to your lease agreement, your tenants can break the lease and leave you out of pocket. You could also lose money if they aren’t proactive and fix urgent maintenance issues in a timely manner.
On the other hand, if you suspect your investment property is needing repairs too frequently, ask your property manager for receipts and an explanation so you can ensure the repairs aren’t the tenant’s fault. You want them to focus on quality repairs as required, so you know your property and tenants are both in safe hands.
3. Unhappy or not ideal tenants
If your property manager isn’t communicating with you, you can expect they might not be effectively communicating with your tenants as well. You always want happy tenants in your investment property, as this is another key to its long-term success. Every time you need to advertise for a new tenant, it costs money and eats into your cash flow.
If your investment property is going through a high turnover of tenants, a series of bad tenants or not ideal tenants who aren’t willing to take care of your investment, your property manager is clearly not doing their job efficiently.
4. Stagnant rental rates
Over the years, rental rates should rise according to the local property market. One of your property manager’s responsibilities is to suggest appropriate rent increases. If your rental and bond rates remain stagnant for years, your property manager probably doesn’t have your best interests in mind.
5. Compliance issues
An effective property manager will always stay on top of legislation changes, so your investment property remains compliant. Areas of concern include smoke alarms and swimming pools, which have specific government regulations. If your property manager isn’t ensuring both your property and lease are compliant at all times, it’s time to make a change.
When should you switch property managers?
There’s a common misconception that you have to wait until the end of our lease to switch property managers, but there’s actually no perfect time. So if the aforementioned signs are ringing alarm bells, make the switch now.
If you wait to see if your current property manager improves, this will inevitably cost you money and stress. All you need to do is provide notice according to your agreement and then your new property manager can handle the changeover with ease.
Looking for Inner West and Eastern suburbs property management?
Why not make the switch and give us a call at Vogue Property? As Inner West property management experts, we understand what renters are looking for and can help you with tenants and everyday management so you have peace of mind.
Free Property Management Advice, talk to an expert now!
Are you a landlord looking for advice? Do you have questions about these uncertain times? Changes to the rental market or anything specific to Property Management? Book a one-on-one, obligation-free, consultation with Jaime Pratt, Head of Property Management at Vogue Property Managers.
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With over 20 years of property management experience, Jaime will openly provide advice on improving rental return, enhancing your property, attracting quality tenants, and finding ways to alleviate your expenses.