Owning an investment property can be stressful, especially if you’re not working with a great property management company. It’s essential to spot bad property management early, so you don’t risk losing money or damaging your investment. A great property manager can optimise your returns, handle your tenants with care, and make your life as an investor much easier.
In this article, we’ll show you the signs of bad property management and explain how you can ensure your investment is well taken care of.
The Role of a Property Manager
A property manager plays a vital role in the success of your investment property. Their responsibilities include everything from finding ideal tenants to keeping your property well-maintained. At Position One Property, we take pride in offering high-quality, personalised service to ensure that your property is managed with the utmost care and attention.
But not all property managers are created equal. Here are the most common signs of bad property management:
1. Rent Stagnation – Is Your Rent Too Low?
A key sign of bad property management is rent stagnation. If your rent has remained unchanged for years, your property manager may not be keeping up with local market conditions. At Position One Property, we regularly review rental rates to ensure that our clients are getting the maximum return on their investment.
A good property manager will adjust rent according to market trends and negotiate with tenants if necessary. If your property manager is reluctant to raise the rent for fear of losing tenants, it might be time to consider switching.
2. Poor Tenant Screening – Are You Getting the Right Tenants?
Another sign of bad property management is frequent issues with tenants. If your property has seen a string of bad tenants, it could be a red flag that your property manager is not properly screening applicants. At Position One Property, we conduct thorough tenant screenings, including reference checks and rental history reviews, to ensure we’re placing high-quality tenants in your property.
Bad tenants can lead to rent arrears, property damage, and other headaches, so a good property manager will prioritise screening and selection to protect your investment.
3. No Relationship with Tenants – Are Tenants Ignoring Your Property Manager?
Communication is key in property management. A property manager who fails to build a good relationship with tenants can lead to frustration and unresolved issues. If your tenants are bypassing the property manager and turning to online forums or the RTA for help, it’s a sign that your property manager may not be doing their job effectively.
At Position One Property, we foster strong relationships with tenants to ensure smooth communication and keep issues from escalating.
4. Poor Communication – Are You Left in the Dark?
If your property manager isn’t responsive to your calls and emails, this is a clear sign of poor management. Good communication is essential, both with clients and tenants. If you’re not getting updates on your property or facing delays in responses, it might be time to seek better management.
At Position One Property, we make communication a top priority and ensure our clients are always kept in the loop about their investment.
5. Inadequate Repairs or Tradespeople – Are Maintenance Issues Being Overlooked?
Property managers are responsible for overseeing repairs and maintenance. A poor property manager may fail to notice maintenance issues during inspections, or they may hire unreliable or overpriced tradespeople. At Position One Property, we perform regular inspections to identify issues early and work with trusted tradespeople who provide quality work at fair prices.
If you’re constantly dealing with unresolved maintenance problems or poor-quality repairs, it could be a sign that your property manager isn’t providing the level of service you deserve.
Avoid Bad Property Management – Choose Position One Property
If you’ve noticed any of these issues with your current property manager, it’s time to take action. Start by having an open conversation with them to address the problems, but sometimes, it’s better to make the switch to a more experienced, reliable property management company.
At Position One Property, we provide a full suite of property management services designed to protect your investment and maximise your return. We believe in proactive management, transparent communication, and a personalised approach to every property.
Contact Position One Property today to discuss how we can help you achieve better results with your investment property.