Home News Is it worth keeping your property manager?

Is it worth keeping your property manager?

Font size :

Many property investors find hiring a property manager extremely beneficial as they are able to purchase investment properties, but have a professional handle the landlord responsibilities.

But do you know if your property manager is doing their job properly? After engaging a manager, many investors make the mistake of not consistently checking up on their investment properties to ensure they are being taken care of. If you are not regularly assessing the property manager’s performance, how will you know if they are doing their job?

1. Adjusting the Rental Price

A property manager is responsible for managing and collecting the rent. Although it is not always a possibility to adjust the rental price, there are some circumstances when it is plausible to do so and your property manager should know when this. If your rental fee has not changed in a number of years or other properties in the same area have a higher rent, then it is possible that your property manager is not regularly monitoring the rental market.

2. Managing Tenants

This is one of the most important responsibilities for a property manager. They are not only responsible for finding a tenant, but also ensuring the tenants are happy whilst living in the property. A good property manager will know where to advertise for tenants and what should be included in the advertisement to appeal to the right people. This is where having an experienced manager might be an advantage as they will have a better idea if how to find a suitable tenant for a certain property.

If you find that you are only receiving minimal applications or they are all unsuitable tenants, your property manager may not be doing their job.

3. Repairs

When it comes to repairs and maintenance, a good property manager will make the effort to find the best price for a repairer. If you find that your bill amounts are excessive, it may be that your property manager did not compare different quotes to find the best option. A quality property manager will usually have a network of companies they frequently use.

4. Regular Contact

When was the last time you heard from your property manager? Do they inform you every time they make a decision? This is one of the most important responsibilities as they should keep you informed about all of the decisions listed above. If your property manager is contacting you frequently, it shows that they are making an effort to look at your file and keep you up to date. It is also important to establish a more personal relationship with your property manager as it will help ease the tension if disputes or problems arise.

If you do not hear from your property manager on a regular basis, you have no way of knowing what decisions they are making or how often they check up on your property.

Although you may be paying a property manager to manage the landlord responsibilities for you, it doesn’t mean you should forget about your investment property altogether. It is important to regularly evaluate your property manager’s performance to ensure they are still worth the money.  

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Anouska Linz

Anouska Linz is Manager, Online Sales at State Custodians and has over 10 years’ experience in financial services, both in broking and banking. Holding a bachelors degree in accounting, Anouska quickly discovered a love for mortgage lending and assisting people to achieve their home ownership goals. She leads a team of highly experienced lending specialists who are passionate about finding lending solutions which result in real wins for the customer. She is also a massive netball fan.

For more information on our home loans, visit www.statecustodians.com.au or call 13 72 62.

Mortgage News and Articles

House prices return to more affordable levels in mining towns House prices return to more affordable levels in mining towns

While the end of the mining boom caused property prices to collapse, on the plus side, homes are more affordable again Read more

Borrowers should anticipate a possible rate hike Borrowers should anticipate a possible rate hike Some experts advise borrowers to look for a fixed loan that allows extra repayments so that they can whittle down the balance sooner ... Read more

Why choosing the right mortgage is hard for first-home buyers Why choosing the right mortgage is hard for first-home buyers Many feel overwhelmed by the sheer range of products and interest rates on offer, a new survey reveals ... Read more

Mortgage applications drop in second quarter Mortgage applications drop in second quarter This marks the “beginning” of a downward trend, says Equifax executive ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Jul 26, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Whether you're a first homebuyer, looking to refinance, or investing, it's important to have the right loan for your needs. Just fill in a few details below and one of our trusted mortgage advisers will contact you.

A quick & easy way to find the right home loan
  • Purpose of mortgage
  • Household Income
  • How much do you want to borrow?
  • How much deposit do you have?
  • How much is your house worth?
  • How much do you still owe on your mortgage?
  • What type of mortgage do you have?

  • How much is your new home?
  • How much do you want to borrow?
  • How soon do you want a mortgage?
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords