It’s a truth universally acknowledged that you can’t have successful
property investment without tenants paying you rent regularly.
But too many investors don’t put enough thought into who is the best
person to manage their properties. And of course, that is you, No one else is
going to care about your property or your wealth than you.
Successful property investors understand that they need to treat their
portfolios like a business so they need the tools to do this and use online
property management tools like RealRenta.
But if you are using a property manager. Then Like any industry, not all
property managers are created equally so how can you recognise a bad one?
The following "signs” or behaviours are clear indicators of a potential
problem on the horizon.
The time to deal with these issues is when you notice them because the
longer, they continue unabated, the worse the outcome for your portfolio.
POOR (OR NO) MAINTENANCE
Part of a professional property manager’s role is to look after your
investment property, including organising any required maintenance or repairs
in a timely fashion.
Take some time – even if your property is in another state – to drive by
your investment property unannounced.
Aside from possible tenant clutter, if your property is not looking its
best – such as it has broken shutters, missing tiles, or an overgrown yard,
etc. – then you need to immediately take action to resolve the issue.
If your property manager is regularly displaying any of these traits
then it’s probably time to consider doing it yourself using RealRenta.
Don’t assume your old property manager did their job, so conduct a
thorough review of all your tenant records, checking for collected rents,
inspections, repairs, etc.
As soon as possible, set up an onsite inspection – giving your tenants a
face with the new name, as well as the expectation that you will be more
Implement any necessary action to collect past due rents including, if
necessary, initiation of eviction proceedings.
If your old property manager was a poor performer, it’s highly likely
that your tenants will have a number of frustrations that they’re keen to vent.
Take the time to listen to their concerns but remember that unless any
concerns were in writing, it legally never happened.
All property investors need to remember that the bottom line should
always be to improve their cash flow.
This is why it’s vital to address any poor property management issues as
soon as you become aware of them.
The longer you wait, the more damage can be done, and the longer it will
take to bring your portfolio back up to par.
Right now, at RealRenta Join now and get 50% off the
normal low price:
That’s the cost of 1 cup of coffee a week to manage your rental property
RealRenta also has a free vision, so why
not check it out
Friday, 25 September 2020