There are many property managers in every suburban and regional area, however not all property managers are professional in their conduct.
Selecting the right property manager is a minefield and is something that must be done with great care. In the next several weeks we will give you an ‘insider view’ to our industry to help you select the right property manager for your property.
1. Common Mistakes Property Managers Make
Use of Tenancy Internet Databases- Many property managers do not use Tenant Internet Database services to check to see if they have defaulted with another agent anywhere in Australia. Further, after the tenant has defaulted many property managers get into the ‘too busy’ mindset to see that a defaulting tenant has been lodged on the database.
The property manager that carefully checks every tenant application against such a database and also ensures every defaulting tenant is lodged is one that cares for the little details with your property management.
2. Common Mistakes Property Managers Make
‘Too Busy’ Mindset- Many property managers do not pay attention to the little details because they have a ’too busy’ mindset. Ensuring every loose end is tied, every little request is followed up and every problem is solved is what a professional property manager is all about.
Being ‘too busy’ is really a mindset and belief, as even the busiest property managers can make sure that the important things are done in a timely manner. Being organised and using correct priority management will ensure a professional job
3. Common Mistakes Property Managers Make
Rental Arrears- Many Property Managers do not take the issue of rental arrears seriously enough. Waiting until the tenant is over 7 days late before taking action is common. Some just send reminder letters and then take action only after 14 days.
Practising early intervention by contacting the tenant when only a few days behind ensures that the problem is tackled before it gets out of hand. Nearly all evictions and abandonments are caused by the tenant being excessively behind in the rent, so it makes sense to get onto late rent early to greatly reduce the chance of evictions, abandonments and resulting messy cleanups.
4. Common Mistakes Property Managers Make
Bad Habits- Many property managers after a few years of experience develop bad habits with the way they conduct their duties. Things like inspections not being done thoroughly, late intervention with rent arrears, tenancy agreements not constructed or signed properly are just a few examples. They are very difficult to change and usually believe they do not have a problem!
The property manager that has the attitude of constant refinement and improvement, attends regular training and implements what was learned is what makes a professional property manager.
5. Common Mistakes Property Managers Make
Cheap Fees- Some property managers believe that giving cheap fees equals good service. If a company consistently charges cheap fees it means that the property manager must manage more properties to justify their position financially within the real estate company. More properties to manage will eventually mean lower service levels and this can lead to property manager burnout. This assists a large turnover of property management staff. The end result is inexperienced staff and consequently poor service.
Therefore look for property managers that charge quality fees- this is a great indicator that they have a quality service because they can afford to provide this!
Ray White Bunbury Property Management