Sometimes it’s hard to really know if your investment property is taken care of. You entrust your property to an agent and can only take it on face value whether they’re doing their job or just feeding you what you need to hear. In most cases, they are competent enough to stay on top of things, though with companies that manage bigger rent rolls, sometimes the work just isn’t getting done.
I great way to keep on top of things is to demand to be present when an agent is doing their routine inspections. This way you can see first hand how the tenant is keeping your place and within reason, act immediately if things are getting out of hand. Your property manager won’t like this much, as they prefer your trust from day dot, though this is about one of your biggest assets and you have ever right to take an extra interest in it.
If physically going through yourself is a bit of a logistical problem, then another option is to have another agent perform a health check on your property. This is when you organise a selling agent from another company to perform multiple tasks for you. They will go in and check the place out and report back to you with its current condition. They will also perform a current rental appraisal and sales appraisal so you’re completely up to date with market value from all angles. This would be the most discreet way to ensure your property manager is keeping you informed with your property and current market activity.
You should always take an active interest in your property. If rents have risen in your area, you should be getting market value or close too, your tenant needs to be taking care of your property and your agent needs to be taking the appropriate actions to ensure that your property is being looked after on all accounts. Take action today and prevent the heartache of massive repair bills or missing out on rental income due to not charging market value.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.