Things I wish I’d known about property managers

Things I wish I’d known about property managers

Over many years in the industry, I’ve come across plenty of Bad property managers and that is why I built RealRenta to replace the need for them.

The first problem is that many novice investors don’t recognise that you don’t need a property manager, you just need the tools they use which can make their investment journey much easier.

Here is what you should be looking at if you do want to go with a property manager

Big is not necessarily best

Now I’m not saying that agencies that have large rent rolls are all the same

That’s because it doesn’t really matter the number of listings an agency has – it’s whether they have enough staff to manage them professionally.

When investigating whether an agency is the best one for you, make sure you ask how many properties each property manager, well, manages.

And it’s not just about how many properties they look after, it’s also about how many in their team.

For example, a good property manager who works together with an administrative assistant and a leasing manager can look after 180 or more properties

On the other hand, if they do it all themselves, somewhere around 80 to 100 properties per person is probably about the right number to ensure that your property will be professionally managed on your behalf.

But again, that’s not any guarantee

Don’t know the market

Professional property managers understand the rental market where your property is located.

Unprofessional ones do not.

And the difference could be a big hole in your back pocket.

Why is that?

Well, a good property manager will assess what the market rent should be for your property and advise whether you should adjust the asking rent at the end of a lease or during a break lease situation.

An unprofessional property manager, on the other hand, will not do either of these so you could be missing out on more rent or, worse still, have an overpriced property sitting on the market vacant.

But this is also very easy to do yourself by just going onto realestate.com.au and looking at the current rentals in your area with the same bedroom, bathroom, and car.
This will show you what the current rents are in the area and more

Management churn

Far too many agencies employ junior or inexperienced staff as property managers.

Property management requires staff who have the ability to mediate between owners and tenants.

Property managers are also usually the ones that feel the heat from tenants and owners so it takes a wise head to keep their cool in emotional situations.

That’s why when inexperienced staff are employed as property managers, they usually don’t last long.

Look for an agency that has a long-standing property managers with ample experience as well as those who recognise it as a career rather than a stepping stone to sales.

But no one is going to care about your property as much as you will, so why would you let them look after your biggest investment.

RealRenta gives you the power and tools to look after your own investment property

Lack of inspections

A professional property manager will inspect your property at least every six or 12 months and provide you with a written report about its condition with lots of photos.

They’ll also suggest any proactive repairs or cosmetic renovations that they believe should be undertaken to ensure the property is in tip-top shape.

By keeping the property looking its best, will not only help to keep your tenants longer, but it will also assist with attracting new tenants far more quickly.

Bad property managers don’t conduct regular inspections, which could result in major repairs once the tenant has shifted out and you learn there are holes in the wall or even window panes missing.

Let me be clear: most property managers are professional and do their best for both tenants and their landlord clients.

However, this is a difference between average and superior service.

That’s why it’s vital that you understand the difference between the two.

When property management companies get busy or lose staff, the 1st thing then happens is they don’t do the inspections as this is a very time-consuming job for them

Now is the time to take action


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

Jason Gwerder
Friday, 22 January 2021

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