Your relationship with a rental property manager is built on trust. After all, they’re looking after one of your biggest investments. But how can you tell if your current property manager is really pulling their weight? Here are some early warning signs that indicate it might be time to move on.
1. Rental rates don’t change
Smart property managers should know their rental market back to front and understand the fine art of setting rental rates that both maximise returns and attract good tenants. If your property manager isn’t regularly reviewing your rental rate and recommending fair and well-timed increases, then your property could be falling behind the market.
2. Tenant disputes get out of hand
Property management is all about building relationships. This means a great working relationship with landlords as well as tenants. You need to know that your property manager is communicating with tenants and doing everything they can to resolve any issues that might arise. After all, if small tenant issues aren’t handled properly they can quickly grow into major disputes. A property manager with keen interpersonal skills will make sure everyone is happy with the rental arrangement.
3. Infrequent inspections
A big part of every property manager’s job is conducting regular property inspections and updating landlords on the condition of their property. This isn’t something you have to ask for – it’s an essential service. Without regular inspections, property damage goes unnoticed and repairs go unfixed, leading to potential problems (and big repair bills) down the road. Ensure that your property is getting a regular inspection and the TLC it requires.
4. Lack of communication
A property manager who never calls is one of the most obvious signs they may be slipping. Regular updates and responses are a key client service. So if you’re finding you have to constantly chase down your property manager, or they don’t return your calls promptly, it’s very likely that there’s a communication problem and you could be missing out on valuable information about your property.
5. Inconsistent cash flow
With the right marketing, screening and tenant management, your property should rarely go untenanted. Sure, there might be the occasional tenant vacancy, and maybe the odd dip in cash flow, but professional management should run a very tight ship, meaning you rarely experience inconsistent cash flow. If you’re seeing regular fluctuations, it could be time to rethink the management position.
Need help managing your rental property in Sydney?
If you’re considering switching property managers, start with the experts. Contact K.G. Hurst in Sydney today to speak with a rental property specialist.