Question: When should you consider changing your Property Manager?
Answer: As soon as you lose trust in their ability to manage your property and not a minute later. Things rarely improve.
Question: Why should you consider changing your Property Manager?
Answer: Because you may be better served by another who is simply better at it and hungrier for your business.
Question: Is it easy to change my property manager?
Answer: VERY. The agency will do all the work once you give them the authority.
So whilst the majority of practitioners in the property management industry are solid operators, the horror stories about property managers are plenty. As well as that, there is good and there is great and given this is your most expensive investment, wouldn’t you want to trust it to someone that will do it justice? It is your hip pocket we are talking about after all!
Let’s face it, if you are reading this blog, it is because you are not exactly thrilled with your current property manager. Is it the poor service? The lack of communication? The loss of trust?
So what could have caused the performance of your property manager to deteriorate?
Well, some agencies simply manage too many properties to do any aspect of the role justice. It is often said that if you try to do too much, you end up doing nothing right!
One of the first signs is that communication starts breaking down and relationships with owners and care in general starts suffering. It starts with agents not returning calls or emails and ends up becoming a general symbiotic relationship rather than a great customer-agency relationship or even a partnership as it should be.
Another common issue is that some owners experience a constant change of property managers. Being a property manager in a large office, isn’t exactly a walk in the park and can be brutal at times. Think of all the conflicts a property manager caught in the middle, has to deal with! The turnover in the industry is high so when a new property manager appears in the picture, owners have to deal with a new person who they have no prior relationship with, a person that does not know the history and issues with the property and probably never met the tenants so that usually results in errors being made.
Other times, repairs and maintenance is neglected. Regular inspections are not done. Small issues don’t get acted on until it is too late and properties fall into disrepair adding to higher costs to rectify down. Let’s not forget the added costs and risks from tenants becoming unhappy and leaving.
Issues with tenants may also arise. Arrears management is probably one of the most uncomfortable tasks for a property manager but one that is most important as far as the owner is concerned. That may happen because the property manager didn’t put as much effort in the selection process as perhaps they should have done or because the tenant’s personal circumstances changed and they didn’t act until weeks had passed!
Whatever the reasons, if the property manager doesn’t action on tasks and issues immediately, trust disappears. IT TAKES YEARS TO BUILD TRUST AND MOMENTS TO DESTROY IT.
My message to owners is simple. If you are unhappy with your property manager, things are not probably going to get any better. The good news is that it is actually easy to change your property manager and in today’s small world where everyone talks, it is not that hard to find the top performers in your area.
My suggestion is to look for local specialists. A google search or your friends and neighbours are a great source of information. Good property management agencies are hard to find but they exist and you should go looking for them. Don’t settle if you are unhappy. You deserve better.
Who we are:
NextGen Property Mgmt is a boutique Real Estate licensed agency that specialises in property management. NextGen Property Mgmt does NOT has a sales team unlike most other agencies that specialise in Sales and have Property Management as a side business.
Our area of focus is residential property and we operate exclusively in South West Sydney. That is St George, Sutherland and Canterbury.
NextGen was created from its infancy to cater for investors as it was founded by investors who quickly realised that in a highly regulated industry like Real Estate – competence, expertise, care and service by property managers varies greatly.
As an investor, you need to have trust for and feel valued by your property manager. You need to know that your property is being looked after with minimal disruption. At NextGen we understand that because we are investors living busy lives ourselves, so our promise to you is that you will no longer have to worry about your most valued asset because we will make sure to take care of it as if it is our own.