Receiving the best return on your investment is one of the most important aspects of owning a property. What is equally as important is that your property is managed properly. When you’re paying for a property manager, you want to ensure the bases of landlord and tenant care are considered a priority and that their management is helping you meet your investment goals.
If you’re finding yourself frustrated more often than not, perhaps it’s time to consider switching property managers - it’s easier than you may think. Here’s how:
Understand what it is you’re looking for, then find a new agency
It’s important to understand what aspects of your current property management are falling short of your expectations. Knowing these facts will help you find exactly what it is you’re looking for in your new agency. Is it poor communication? Are you frustrated by consistently late rental payments or lack of attention to detail?
These are standard expectations of property managers and if those expectations aren’t being met, it’s time to find an agency that will fulfill your needs. When it’s time to select a new agency, having a clear idea of the expectations you have will help you find the right fit.
Give the required notice period
Before making any moves, be sure to check the termination clause of your contracts. Failing to provide the required termination notice could find you risking a breach of contract and finding yourself in legal trouble. It’s also important to provide this notice in writing with a record of it being provided.
Law regarding notice periods varies per state, so be sure you’re adhering to all agreements and contracts.
Keep personal feelings aside
Despite what occurred between you and your previous property manager, it’s important to consider that this is a business transaction and to keep your personal feelings aside. Rather, use these emotions to look forward to what’s to come for you and your property alongside a different management team.
Consider your tenants
Your tenants definitely won’t appreciate being left in the dark about a change in management, so it’s vital they’re informed properly, with plenty of notice. They should be informed in writing, either by a landlord or the current property manager, about who will be managing their rental deposits from now on. It’s also helpful for your new property management to introduce themselves to your tenants before taking over.
Not sure if you need to make the switch? Here are some of the signs that you need a new property management team:
Emails, texts and phone calls often go unanswered - Communication is a vital aspect of property management, so if this occurs more often than not and is more than just a case of a busy property manager, it’s time to consider a change.
Tenants are constantly in contact with you about problems your property manager should be handling.
When problems aren’t being addressed - including repairs & maintenance
Regular reports aren’t provided
When issues with cash flows are arising
Maybe you’re thinking, “I don’t have time to change” but as outlined above, changing property managers isn’t an overly difficult task and if you’re not happy with current results, making the change now will save you time and stress in the long run.
If your investment property isn’t receiving the attention it rightfully deserves, find a specialised property management team that understands your frustrations and will provide the satisfaction you’re looking for.
If you’re thinking of changing property managers or would like further advice on doing so, contact our team of property manager specialists today or give us a call on (07) 5536 9594.