Property Managers – The Great the Bad and the Average!
Favourite Quote about Property Management:
“I’d Rather Have an Average Property with an Excellent Property Manager than an Excellent Property with an Average Property Manager.”
I can’t emphasize this enough:
We hear those scary stories of homes being trashed and those tenant’s from hell.
It doesn’t have to be this way if you engage the right property manager.
The same old excuses with late rent, noisy neighbours, damage to property, fighting with neighbours, pets that weren’t approved, too
many parties: it only takes one of these issues to turn your investment into a major concern.
Some questions you need to ask your property manager before you embark on their services:
1. What is their tenant application process? Tenant selection can make all the difference when it comes to separating the good from the bad.
2. How often is your property manager talking to you on the phone? Communication is key for a long term successful relationship which goes both ways.
3. Rents – Why have rents remained the same? Demand a current market rental appraisal.
4. Disputes – How is your current property manager handling disputes?
5. Expensive repair bills – Good property managers that have the network will know a multitude of good quality tradespeople and will have a working relationship with them.
6. Lack of routine inspections – How often are your property being inspected? A picture tells a thousand words. Transparency is key.
7. Is the property manager an investor themselves? A property manager who understands the frustrations of owning property will typically be more diligent in caring
for your property.
8. Is your property manager contactable by phone? How often when you call your property manager and leave them a message and yet they do not end up calling you back?
Great property managers give you a feeling of trust, have good communication and can act on things quickly and at short notice. (The can do approach)
Keeping your most valuable asset maintained shouldn’t break the bank. Getting quality long term tenants shouldn’t be too stressful if done right the first time.
With great property managers, you can rest at ease. This is where you can continue to grow your property portfolio. (its not all about the dollars But the sense)