It’s no secret that an investment property is one of the biggest assets you can have, but are you really getting the results you deserve? A sad reality in the industry is that mediocrity has become the norm for property management. When your property isn’t being leased out, it’s easy to ask ‘whats wrong with my property?’ But really, maybe you should be asking yourself ‘is there something more my property manager should be doing?’
Maybe you’ve already asked the question, and you still aren’t getting the results you deserve; keep in mind that every week your property isn’t leased out, you’re losing money. At this point, it’s okay to walk away and find another property manager. A property manager’s job is to work with you to nurture your investment, and when they’re no longer working with you to do that, there’s no point wasting time and waiting on them to pick up their act.
Before you switch property managers, ask yourself if you’re missing out on the following…
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constant and effective communication
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results (do you have a tenant yet?)
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updates (do you have any enquiries? How have the opens been going?)
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honesty about price (are you priced competitively?)
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marketing (professional photos, accurate and enticing copy ad)
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opens (consistently having opens, and possibly holding private inspection if needed)
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responses to enquiries
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feedback from market
So, why do so many landlords stay with the property manager that isn’t working for them? The answer is unfortunately simple; they think it’s too hard and complicated to change to someone new. Landlords settle with convenience and hope for the best. This may be an appropriate method to use when ordering take-out, but not so much when looking after one of your greatest assets. The truth is, changing property managers is actually incredibly simple. Once your exclusive authority contract has expired, it’s as simple as picking up the phone, calling the agent you want to work with and explaining the situation. Once you’ve signed a new exclusive authority with your preferred property manager, they’ll take care of the rest.
When it comes to property management, it’s best to be upfront and honest. Make sure you have a conversation about expectations, and speak up if promises made by the property manager aren’t being fulfilled.
At the end of the day, you just need to remember the golden rule; your investment property is your greatest asset, and if your property manager isn’t working with you to help you get your maximum return, walk away and find someone who will.
About Aurora Estate Agents
Aurora Estate Agents are a new breed of real estate professionals which are highly focused on their core values: integrity, accountability, transparency, client focussed and process driven. Aurora Estate Agents’ dynamic team is a collaboration of effective marketers, residential sales agents and residential leasing consultants.
South East Melbourne, which includes Berwick, Narre Warren, Beaconsfield, Clyde North, and Cranbourne is the country’s property boom hotspot. Aurora Estate Agents is perfectly positioned with a broad spectrum of property expertise to provide the best advice and skills for homeowners, investors and developers to ensure they continue to maximise growth and take advantage of existing market conditions.
Article by Andrew Nguyen
