Through the course of renting your property out you must have regular routine inspections. It’s a standard job for property managers, though it’s one of those jobs that seems to fall by the wayside when it comes to their day to day duties. The only problem when your manager doesn’t get around to these inspections is that your property may fall victim to a destructive tenant, where the damage outweighs the bond or they missed an unreported problem earlier when it was cheaper and easy to fix, which blows out to major works later.
The idea of having an investment portfolio is to create income and wealth for yourself. Appointing the wrong property manager can undo everything you’re working toward. More often then not we’ve seen investors spend a lot of their rental income on fixing properties that have been forgotten about by the people employed to look after them. This generally leads to their disbelief in expanding the portfolio and most sell up to save themselves the headache.
This is just one area of property management, though it’s important that your manager is keeping things up to scratch. If they physically do the routines regularly, then you can keep updated with how your property is maintained and tend to any problems before they become severe.
If you haven’t been receiving continuous updates on your property, make sure to be in touch with your property manager and go to the next routine inspection, if possible, to see where your property is at and how your agent is managing it. If you’re not happy with the service you’re paying for, then start speaking to other property managers and change immediately.