Remember the old poem "he loves me, he loves me not"?
All too often we might feel this way with the level of service a property manager provides.
As owners, you want to make sure that your property is managed properly. After all, your property is a significant investment and one that you want to see a return on.
But does your Property Manager (PM) have you and your property’s interest at the forefront of their service.
There are 4 things that a trustworthy, reliable and accountable property management service (PM) will be able to offer to their landlord clients.
The standard agreement in Western Australia locks a property owner in for 2 years with their Property Management agency.
This means that if an owner becomes unhappy with the service they are locked into the agreement or will potentially face a hefty penalty, often contractually obligated to pay 50% of the fees they would have owed on the remainder of the contract.
This can be the case even if the property manager isn’t performing the level of service they initially committed to. You may be able to exit your contract early if the property manager has been in direct breach to the management authority. See our FAQs about this possibility.
Consider a Property Management agency that offers a No Lock-In Contract.
This is a rare find but one that means the agency is confident in their ability and experience for the landlords and properties they look after.
It also means that they are constantly held accountable for what happens with the property – from maintenance to rental income.
Furthermore, when a Property Manager has to work harder for your investment this helps to build a level of trust between owner and manager
In 2020, it’s more important than ever that communications are open, honest and reliable.
It’s also important that Property Managers remain transparent with the owners of the rentals they manage.
Because it helps to build trust between all parties and that means less stress and worry for the owner.
It’s important to have a PM who can validate that:
And that is just the beginning.
The property market particularly in Perth is a risky one and when you make a high investment on a property you want to make sure you are seeing a return.
But there are many factors leading to rent not being paid and that means you the owner can be out-of-pocket. For many (if not all), this provides the finances to pay the mortgage on their properties and if rent is received, then it can lead to the owner being in a bad situation with their lenders.
A PM that offers guaranteed rental income means they will work hard to find the right long-term tenants for your property. Not just one to fill the property at the beginning of your contract or allow for consistent tenant payment issues.
By offering this service, this means the PM now has a vested interest in their tenant succeeding or it falls on the PM to cover the income lost. Either way, rental revenue security isn’t something that the owner has to worry about.
A key element to ensuring a happy long-term paying tenant is to make sure the home remains liveable and as originally committed to in the lease.
A reliable Property Manager will be on top of maintenance issues from the first report. They understand that if it is left too long issues could result in costly repairs or full replacements, leaving you the owner dealing with the hefty costs.
It can also lead to a lack of lease renewals putting your property at risk of vacancy. Or worse, breaking of the lease and having a tenant take you to court.
A proactive property manager will:
If your Property Manager is unable to offer a reliable, trustworthy and accountable service with the above listed, then it’s time to look at a new agency and stop the frustration, mistrust and draining of your hard-earned funds.
Look for a property manager who is transparent, accountable and more importantly understands that these are crucial attributes to have when managing someone's property.
Learn how Akora puts their clients' investment top of mind through innovation, strong relationships and smart management.