Switching to us
There are many reasons why someone would want to switch property managers. Those who have had bad experiences with unsatisfactory tenants and careless property managers understand just how important it is to take good care of a property – without good care, the value of your property could decrease significantly.
Are you allowed to change property managers during the lease?
Yes, you can switch to a different property manager mid lease.
This change is generally free of any fees, and relatively simple. All that needs to be done is to sign a new managing authority, and the new property manager will handle the rest of the transition. This includes contacting and meeting with the previous property manager to collect documentation and keys, informing your tenant of the changes and notifying the Residential Tenancy Bond Authority of the change in property manager.
When should you consider changing property managers?
It’s a common saying: communication is key. This is an essential characteristic of a good property manager. High quality service includes keeping you informed of what’s going on in your property – are there any issues? Any repairs required? Are the tenants keeping the house in good standard? At Property Managers Footscray, we conduct regular inspections of the property every few months and provide a video of the property to report back to you – so you know exactly how the home is faring. We believe in keeping the landlord notified and well-informed on the status of their property.
Slow advertisement campaign
Within the market, a successful leasing campaign should expect to see a high-standard tenant in the home within the span of a few weeks. If the property extends beyond this time frame, it can begin to cost the landlord money. A good property manager will understand the best strategies to ensure this doesn’t happen. In the case that the property has a slow leasing campaign, the property manager will analyse the current strategy and identify weaknesses to better structure the advertisement.
Frequent changing of property managers within the company
A company that frequently changes the property manager can signal deeper issues. There isn’t usually a good reason for such a high employee turnover rate. Having one property manager to rely on over a longer period of time is beneficial – they are able to build a relationship with the landlord and a genuine understanding of the property.
Not consulting the landlord
It’s a landlord’s worst nightmare – receiving an expensive repair bill for an issue they weren’t even informed on.
This is where communication is essential. The property manager with high quality communication skills will notify the landlord of any damages that may arise and give them the opportunity to decide, instead of making the decision for them and handing over the bill. Along with this, the substandard property manager is not invested in the property themselves, so there is no effort to find a well-priced quote – and tradesmen can sense this. Keeping you in the loop and in charge ensures that you understand the issues going on and have the final say in what happens with your property and your money.
Receiving late rent can sometimes be unavoidable when we factor in personal and environmental situations. This is normal and it’s important to keep in mind that, as a landlord, this may happen. However, when late rent turns into a regular occurrence, problems will start to arise and you may consider changing to a different property manager.
If the property manager is not communicating with the landlord or the tenant on the issue of late rent, this is when it’s time to reconsider. The property manager may not have a good strategy on how to handle rental arrears, or they may even have a poor relationship with the tenant.
Rental increase without consultation
When a quality tenant has been found, it’s important for the property manager to ensure this tenant is well-looked after in the property and well-informed. Many agencies will raise the rental price without a comprehensive analysis of the price and a consultation with both the landlord and the tenant. At Property Mangers Footscray, we will conduct a thorough rental appraisal to see whether raising the rent would be beneficial at that time, and consult you all the way through.
The first, most alarming sign of a bad property manager is poor tenant selection. Without correct due diligence, a tenant of poor-quality could be chosen. The type of tenant in the home can make or break the entire lease. A tenant who is destructive, always pays their rent late and doesn’t keep the home to a correct standard can decrease the value of the property immensely. A good property manager will understand the best strategies to use when finding the correct tenant for you. If, as a landlord, you are finding that your property is seeing an endless parade of poor tenancy, perhaps it’s time to find a property manager that can find you exactly what you need.