Here’s How you can tell if you need a new Gold Coast Property Manager
Successful property investor’s deal with their property portfolios like a business and, similar to any great business a good property portfolio needs a good manager.
The quality of your property manager could either easily make your investment successful or wind up costing you. Not all property managers are equal!
Here’s how to tell if you need to switch property managers…
Inexperienced Property Managers
If you’re utilizing an inexperienced property manager, you’re probably passing up a lot of the advantages that an experienced property manager can provide and most likely making property investment stressful opposed to stress-free. If you’re paying someone to take care of a valuable investment, you should expect the individual carrying out that job knows what they’re doing.
Senior staff should be involved in the day-to-day operation of the property management business, and it won’t take you long to make sense of if your property manager isn’t cutting it. Obviously, every property manager was once starting off, yet simply ensure anyone new or in training is working directly with a senior staff member.
Poor Communication and Dishonesty
As the property owner, you should expect to be kept in the loop with all key information that relates to your property – e.g. market fluctuations, maintenance, repairs and the tenancy in general.
No property investor wants to get a call with terrible news yet it’s important as the landlord, you are well informed at all times. In the event that your property manager is vague on details or isn’t getting your property leased and won’t disclose to you why it’s unquestionably an ideal opportunity to re-evaluate your property manager. Investing in property is not roses all the time so if you are never receiving any unfavourable feedback it could be a sign some details are being covered up.
Unpredictable Property Inspections
Certainly, driving around town the entire day and inspecting properties is probably not anyone’s concept of a fun time, yet it’s a significant task that property managers perform. Efficient property managers will have a diary of inspections and map out the most efficient routes.
If you need to request an inspection to be carried out by your property, it means you need to find a more proactive manager.
Charging Too Much for What You Get.
In Queensland, the average property management fee is 7.5%, this does not include the let fees and administrative fees which cover advertising and other business costs. Much of the time, you are getting what you pay for so a higher fee can mean better service. Smart investors know it’s better to pay a bit more and save time, money and headaches.
Be careful about is the real estate agency sneaking in fees they didn’t tell you about – often if an agency offers a lower than average management fee the “add ons” will hit you directly in the wallet. Paul Hill Realty Hope Island are specialists in Residential Property Management that operates without hidden fees and have an open and transparent fee structure. If not us, you should be working with someone who is upfront and only charging you the necessary expenses.
Payment Discrepancies and Inconsistent Reporting
Landlords usually have a pretty low tolerance for being underpaid or not receiving monthly reporting. Managing rental payments and trust accounts is a job that requires precision and it’s another key task that should be performed by property managers.
The best agencies have someone in-house who manages this and ensure you are both paid and sent regular reports and financial statements. Elements of your financials should be available at any times – if you are unable to access this easily and quickly this could be something to look into more closely.
You’re Getting Awful Tenants Over and Over Again
There’s nothing more frustrating than having awful tenants living in your property. With such a valuable investment, you need to guarantee that whoever is living in the property will pay the rent on time and take good care of it. It’s an aspect of the property manager’s job to check rental references to ensure tenants haven’t been blacklisted on state-wide or nation-wide tenancy databases. If you keep striking a bad tenant it could be the property managers poor tenant selection process.
As a property investor, it’s vital your property is being managed well to maximise your cash flow and minimise expensive issues down the track. On the off chance that any of the above behaviours sound familiar to you, it’s likely past time to find a new (and better) property manager.
Your Property Management Solutions.
For those who are looking to engage an experienced Gold Coast Property Manager. Which will save you time, money and headaches, contact Paul Hill Realty Hope Island today!
Paul Hill Realty Gold Coast has built up a reputation in Property Management Gold Coast of giving exceptional service as well as going above and beyond the normal expectations that a property investor can expect.
Paul Hill Realty Hope Island are Specialists in Gold Coast Residential Property Management. Especially on the Northern Gold Coast from Southport to Ormeau and west to Oxenford, Upper Coomera and Wongawallan.