The old saying of “no news is good news” is something to avoid when it comes to your rental property. Understandably, you don’t want to be called everyday by your property manager, though you do want to be kept informed on your investment property and know that it’s getting looked after.
Typically, you should have minimum two calls a year, when your routine inspections are being conducted. So, if you’re being communicated less than twice a year, you’ve got a problem. But realistically, twice a year just doesn’t cut it. Your agent should speak to you at least once a quarter, that means they will be in contact, whether it’s phone, text or email, at least four times per year. This should give you the comfort that they have you and your property in mind and are doing regular checks on your tenant, ensuring they have everything they need and making sure your place is being looked after.
Just because your rent hits your bank account every month like clockwork, this doesn’t mean everything is good. If your agent is too busy or too lazy and not performing scheduled routine inspections as well as keeping in contact with tenants to see if there are any problems, then you may find that at the end of a tenancy you may have major repair works to do and it will cost more than it’s worth. This can all be avoided through regular contact between you and your tenant.
On the other hand, if you find yourself calling your property manager more than they call you, then you should be making calls to new rental agents. It’s not your job to follow your agent up, it’s their job to take care of your place and keep you informed. Your investment property is your future and you do not want any nasty surprises that takes away from building your portfolio. Don’t leave anything to chance and always ensure that your agent is doing what you pay them to do.
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.