Is Your Property Manager’s Poor Communication Causing You Stress and Costing You Money?
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You may be surprised at just how bad a lot of property managers really are. Is yours one of them?
Investing in a property manager will be inevitable – especially if you plan on taking the phrase “passive investment” to heart.
In the world of rush hour traffic, work deadlines and family commitments it’s easy to forget your investment. But as you’re focusing on the more pressing things in life, how has your investment been fairing?
That’s a question you should be asking your property manager and there are some very easy criteria for deciding if they have been doing a good job or letting your investment plunge into disaster.
Six signs your property manager is doing a bad job.
1. Rents stay put
“It amazes me how often landlords miss out on their full rent… Sometimes when we take over management of a property from other agencies, we find that landlords are receiving 10% to 20% less than the current market rent for their properties,”
One of the most important jobs of a property manager is to negotiate rent. A good property manager will be constantly reviewing the rents in their area. A bad property manager will insist on lower rents or fail to perform rent increases when appropriate.
Prime Property NZ reviews the rent at every periodic inspection, three times annually.
2. Disputes get ugly
The alternative, is to see major problems arise such as non-payment of rent, theft and vandalism. One of the most important aspects of a manager is to ensure their dealings are relationship based.”
Problems that arise with tenants can thus often be the fault of a property manager failing to communicate properly with the tenant. When this is the case, bad property managers continue to ignore the tenant and also fail to communicate properly with the owner.
Prime property NZ excels in communication to both owners and tenants, thus eliminating the risk of any dispute getting out of control.
3. Lacks support
Prime Property NZ is a dedicated property management business.
4. Excessive repair bills
It may seem like one of the more obvious failings that a property manager could have, but you’d be surprised at just how bad some property managers can be at it. In extreme instances, property managers have been known to siphon money from their clients by using fake contractors and then billing the owners for repairs that were never done.
Prime Property NZ has a team of experienced contractors with more than one contractor in each profession, thus we are able to check and compare rates between contractors. Ie we have at least 2 plumbers, 2 electricians etc that we utilise.
5. Lack of repairs, inspections
Prime Property NZ performs periodic inspections three times annually and continually monitors your property for any maintenance requirements.
6. Not a property investor
A great property manager should be a key to helping you create a more profitable future. With property investing, you surround yourself with good people who you know will look after the detail so you can keep focus on the big picture of finding profitable deals, balancing cash flow, loan gearing, borrowing capacity and “enhancing your financial future.”
All of us here at Prime own rental properties that are managed by Prime Property NZ.
Sign up with Prime Property NZ and receive the first 3-months FREE of management FEES
OR
Sign up with Prime Property NZ and receive the 1st year of landlords protection insurance with “Real landlord Insurance” FREE of charge (conditions apply)