Is your property manager doing all they can to maximise the profits of your investment property? If not, it could be time to switch management.
Your property manager should be more than a rent collector. From ensuring your tenants are always on a lease, to keeping you informed you about new legislation that may affect your property, your property manager should be an investment partner who not only saves you time and stress but also helps to maximise your profits.
However, not all property managers are created equal, and some may be neglecting their duties as the number of properties they manage increases. If your investment property has become a set-and-forget proposition in the eyes of your property manager, it could be time to switch management for a fresh start with a motivated manager.
When to make the switch
It’s not always easy for investors to tell when their property manager is dropping the ball, and some may even be unsure of exactly what a property manager should be doing for you. Here are five signs that it could be time to make a management switch…
- Is your tenant currently on a lease? If not, it could be time to switch property managers. Your property manager should ensure your tenant signs a new lease when their current one expires to keep your investment income stable. Leaving your tenant off lease and able to move out on short notice is the sign of a lazy property manager.
- Your property manager should give you regular advice about when to increase the rent you charge to keep it in line with market demand. If you haven’t been advised to put your rent up within the last 12 months, it could be time to move on.
- Do you receive regular inspection reports from your property manager? You should be kept aware of the condition of your investment property at all times so any maintenance issues can be resolved before they become expensive problems.
- Your property manager should be keeping a close eye on late rental payments and taking action against unreliable tenants. If you consistently receive late payments, it’s time for a frank discussion with your property manager.
- Are you aware of new legislation that may affect your investment property? Your property manager should keep you informed about changing laws and what they mean for you.
How to change management
The good news is that changing management is easy with Pavilion Property. All it takes is one phone call and we’ll handle the transition. You don’t even need to inform your current property manager. Simply sign an authority agreement and we’ll deal with your agent on your behalf, ensure all the lease conditions remain the same, seamlessly take over your property management, and address any areas that need prompt attention to maximise your profits.
The small print
Some property managers build a notice period into their agreements, and may apply a penalty fee if you switch management within the first 12 months. If this is the case for you, we’ll review your current property management agreement and advise you on the best course to take.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.