One of the biggest misconceptions with your rental property is when you are able to change the management of your property from one agent to another and how hard it is. It’s a tough gig, property management, generally it holds the highest turnover in staff in companies and also receives the highest amount of complaints externally. Give some benefit to property managers, from the word go, their days are filled with tackling one challenge to another, servicing both landlords and tenants ensuring everyone is kept happy as quickly as possible. This in itself is testing and at the end of each fire they put out, the lack of recognition from both client and company is astounding.
Now in saying all that, it is not uncommon to come across some pretty average property managers out there and the longer you leave your property with them, the greater the chance that your current problems will grow or even blow out of proportion, when much could be avoided. Over the years, I have found by the time someone finally decides to seek alternative advice, the problems surrounding their properties have become so dire that the new property manager has a lot of cleaning up to do.
The reason it’s left this late is because most landlords do not realise that you can change the management of your property anytime, even while the current lease is in place and without even having to talk to the current agents. All you need to do is speak to a few different property managers, explain the drawbacks you are having with your current property manager and then decide on which agent has proven they will be the best fit for you and will take care of your property. It’s that simple.
The new property manager will do the rest. They will organise the notification for the change of management and then collect all the files, keys and any other information to do with your property. The most important thing to understand is not too wait for problems to blow out that you’re forced to change. If you feel that your agent is incompetent and you want to know that your management fees are going to good use, then make the change immediately. Start enquiring with different property managers and begin the short list.
You biggest asset is too important to leave it under the care of incompetent people. It may cost you a lot more in repair bills or rental arrears than it’s worth.
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