What your relationship with a property manager should be like
If you’re a seasoned rental owner, you can probably appreciate that there’s a vast difference between good and bad property management.
Good property management will see you working with a proactive property manager who has the best interests of all parties at heart and bad property management is the type where the only time the phone rings it’s to report bad news about your investment.
If you’re not sure which relationship you’re in with your property manager, let’s take some time to explore what your relationship with a property manager should be like…
Your property manager should be working with you to not only look after your investment but enhance it.
That means providing advice on what improvements might be needed to increase its appeal to rental occupiers or improve its value as an investment.
This advice should be proactive, not just reactive, so occasionally you should be hearing from your property manager to provide an update on improvements which could be made in the form of either routine maintenance or a general spruce up.
As an expert professional, the right property manager will have a deep insight into rental demand and market conditions. They will understand trends occurring in the rental market.
This should then translate into solid advice on what rental price your property should command, and the length of rental agreement that’s appropriate for your property.
In addition, the right property manager will also be abreast of all legislation, such as smoke alarm compliance, pool fencing laws, and changes to the relevant tenancy act.
You should be hearing from your property manager on a regular basis via communication that goes beyond rental statements, routine inspections, and rental agreement renewals.
They should be negotiating with you and the rental occupier regarding rental agreements long in advance of the agreement end date.
They should be reporting any issues and organising maintenance and repairs in a timely manner, and then proactively updating both the rental owner and rental occupier on the progress made.
Appreciative that good rental occupiers matter
Good rental occupiers protect the financial asset that is your property.
This involves paying rent on time, advising of potential issues before they become major problems, and generally looking after the condition of your asset by keeping it tidy and reporting of any maintenance issues.
A property manager should have a reputation for securing good rental occupiers who are screened and come with a solid previous rental history.
A big-picture perspective
Finally, your relationship with a property manager should involve a big picture perspective. They should be acting as a trusted advisor who is seeking to understand your goals as a rental owner, and then provide the advice that you need to meet those aims.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own, working with rental owners and occupiers to protect and enhance the value of an asset.
You can learn more about our property management services here.