|Posted on 24 October, 2019 at 23:00|
1. Ever heard the saying “no news is good news?" That’s not always the case in Property Management! There’s a multitude of reasons why you may not hear from your Property Manager, such as –
• Ceased employment, (yes it’s a high turnover industry sadly!).
• They've reached a point where they’re so overloaded they just haven’t had the time to let you know the hot water system has been leaking.
• Tenant requests have been disappearing into a ‘black hole’.
• Lack of care to proactively work with your tenant to keep up to date with what’s happening at your property.
Unless you trust your Property Manager 100%, no news is not always good news.
2. It’s very common in the real estate industry for an unhappy Vendor or Landlord to give notice to cease management, or, to enter into an open listing to sell. For Property Management, you’re never ‘stuck’ with your agent. Management Agency Agreements provide a clause where you can give notice to cease management – this is usually 30 x days. Whether you have an existing fixed term Residential Tenancy Agreement in place has no impact on your right to cease management.
The Residential Tenancy Agreement is a legally binding agreement between the tenant and landlord, not the tenant and agency, therefore it can be transferred to new management easily.
3. I’ve leased properties to a wide demographic of both low-socioeconomic, and, high end of the market tenants. In my experience, there are good quality tenants in every demographic and price range. Having an experienced Property Manager with stringent application processes in place, and a high level of service to offer, will dictate the quality of tenant.
The quality of tenant is never dictated by your asking price.
4. When making service comparisons between agencies on the regularity of the routine inspections of your property, ensure you base your decision on the experience of the Property Manager carrying out these inspections. Ask yourself -
• If the maximum of four inspections being offered per year is simply a marketing plan to secure your business?
• Will the Property Manager appointed to do these be highly qualified, and, genuinely concerned your property is being cared for?
The regularity of routine inspections are best customised to suit; location of the property, tenant in residence and the age of the property in relation to repairs and maintenance.