Owning an investment property can be stressful if you don’t have a good real estate property management company handling it for you. So, it pays to instantly recognise bad property management when you see it. Because, on the flip side, a great property manager can actually optimise your investment property return. The right property manager even makes your role as in investment property owner a delight!
At Position One Property, as your property manager, our role is to ensure everything runs smoothly. Our role includes (but is not limited to!) finding ideal tenants, through to ensuring your property is well maintained.
The role of the property manager is a vital one, so it is important to look out for signs of bad property management. At Position One Property, we always ensure that our work is of the highest standard. We also have many happy clients who have made the switch from property managers who were letting them down. There will be benefit in reading about some of those case studies in our article: Examples of Better Real Estate Property Management in Brisbane.
Bad Property Management is Easy to Spot
Here are the tell-tale signs that your property manager isn’t up to scratch:
1. Rent stagnation
At Position One, we ensure that our clients are getting the most out of their investment properties. This requires being familiar with local housing prices and negotiating rent with tenants. Poor property management will result in the rent remaining the same over two or three years. This is often because the property manager doesn’t want an increase in rent to result in a change of tenants. Why? Because a change in tenants would create more work for them. A property manager should always want a property to be as profitable as possible for the investor. Furthermore, a good property manager is willing to work harder to make it happen.
2. Poor quality tenants
At Position One we have so many years of leasing experience, we know how to handle the screening of tenants. Right from reference checks to rental history reviews, we do a thorough job. A good property manager will be able to sort the good tenants from the less desirable tenants. Our Position One Brisbane property managers ensure that only high quality tenants step foot in your investment property. If your investment property has had bad tenant after bad tenant, chances are your property manager is letting you down with the way they screen tenants.
3. No relationship with tenants
A tenant should always feel that they can contact their property manager with any issues that arise. One of the hallmarks of our success is the relationship we build with our tenants. If a tenant is going over the head of the property manager and contacting online forums or the RTA, it’s a sign that their manager may not be performing their duties adequately. A happy tenant results in a well looked after investment.
4. Poor communication
Everyone is busy, but if a property manager isn’t making the time to return phone calls and emails, whether to a client or tenants, they probably aren’t very good at their job. Communication channels should always be open. Most importantly, investors should never be left in the dark about anything to do with their property. At Position One we strive to manager your property proactively when it comes to communication. We will ensure that property owners are kept in the loop at all times.
5. Inadequate repairs or tradespeople
One of the key responsibilities of a property manager is handling the organisation of repairs and tradespeople. A poor property manager may not perform regular inspections, therefore missing potential maintenance issues that could get worse if not addressed. It is also an issue if your property manager hires overly expensive tradespeople or tradespeople whose work isn’t of a high standard. At Position One as your experienced property manager we perform regular inspections and pick up on maintenance issues in a timely manner. In addition, we also have a selection of quality tradespeople that we have used in the past. Having a prior relationship with our preferred trades and services people, we know they will do a good job for a fair price.
Avoid Bad Property Management – Choose Position One Property
If you feel that your property manager isn’t doing a good job, take action. You can start by having an open conversation with them to see if you can resolve any issues. It is vital that your property manager is performing well and that you can trust them with your investment. Sometimes you will be better off making the call and finding someone who can look after your property adequately.
Contact Position One Property today to discuss how we can assist you with the management of your investment property.