Why You Should Change Property Management Companies

It’s not uncommon for landlords to regret their choice of property manager, but it’s never too late to make a change. Here are the warning signs of a low-service property management company and why you should change agencies.

The Australian property management industry is growing and changing all the time, so of course there’s a lot of variation in the quality of service you’ll be given by different agencies. It’s not uncommon for landlords to realise they’ve made the wrong choice by selecting an agency that falls short of expectations. Here are five warning signs you are being looked after by a of a low-service property management company and why you should change agencies.  

Warning Sign #1: Bad Communication 

Your property manager will act as the communication channel between you and your tenants, so it’s essential that this communication always meets a high standard. In our opinion, it’s not even enough for property managers to meet their minimum obligations; we strongly believe in proactive, transparent communication to keep you informed on your most important investment. 

You should leave your property management company when: 

• It takes a long time to get answers to your emails or calls
• Responses aren’t thorough and informative 
• Property managers don’t communicate professionally and respectfully
• You only hear from your property manager when there’s a problem or when you call them

Warning Sign #2: Unhappy Tenants 

If your tenants are unhappy, it’s often a sign that your property manager isn’t staying on top of their needs. A great property manager knows that your tenants are key to keeping your property in great condition and maintaining its value, so it’s just as important to prioritise them as it is to focus on the landlord. 

You should leave your property management company when: 

• Your tenants often have complaints that your property manager wasn’t aware of 
• There is high turnover of tenants in your property
• The tenants aren’t taking care of the home

Warning Sign #3: No Holistic Advice From The Property Manager

While it’s true that property managers have a key list of responsibilities, such as finding great tenants, conducting inspections and collecting rent payments, a quality property manager will always look for other ways to add value to your investment. Experienced property managers have a wealth of knowledge that applies to all aspects of real estate, so they should be able to provide good information or referrals for insurance, sales, mortgage broking and more. 

You should leave your property management company when: 

• Your property managers don’t proactively provide helpful advice on other services that will benefit your investment 
• The company can’t provide trusted referrals to other specialists 

Warning sign #4: Inexperienced Property Managers Or Overworked Staff

With new people entering the profession every day, it’s natural for a property management company to employ and train less experienced staff. However, some agencies take it too far by allowing your investment to be entirely managed by junior staff, or by overloading their experienced team members so there’s not enough time to dedicate to you and your property. This can lead to more mistakes and a revolving door of staff. 

You should leave your property management company when: 

• All dealings for your property are managed by inexperienced staff
• You don’t know the senior property managers responsible for your property 

Warning Sign #5: A Poorly Managed Property 

There are many factors that go into successfully managing a property, so you should prioritise finding a property manager who knows how to keep everything running smoothly. This includes knowing how to market and advertise your property, suggesting appropriate rent increases or decreases, understanding the current market, being aware of legislation changes, conducting inspections regularly and staying on top of maintenance issues. 

You should leave your property management company when: 

• Large maintenance issues arise that your property manager didn’t know about 
• Your property is vacant for a long time without strategies suggested by your property manager
• Inspections are conducted infrequently
• Tenant issues like late payments are managed ineffectively 

If You’re Ready To Change Property Management Companies, It’s Easier Than You Think

Read our article about how to change and contact our team of specialists today.