{"id":21954,"date":"2018-08-07T01:00:53","date_gmt":"2018-08-06T15:00:53","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21954"},"modified":"2018-08-07T01:00:53","modified_gmt":"2018-08-06T15:00:53","slug":"time-to-sack-your-property-manager-sarah-megginson","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/time-to-sack-your-property-manager-sarah-megginson\/","title":{"rendered":"Time to sack your property manager? \u2013 Sarah Megginson"},"content":{"rendered":"

When to fire your property manager?\u00a0\u00a0 That is a question posed in the latest Your Investment Property magazine and we quiz editor Sarah Megginson<\/strong> about it and why she says property investing cannot be set and forget.<\/p>\n

Transcript:<\/strong><\/p>\n

Kevin:<\/strong>\u00a0 As you would no doubt be aware, issue number 134 of\u00a0Your Investment Property<\/em>\u00a0is out on the streets now. There is a separate podcast coming out as well that will give you a lot more detail about that. But there\u2019s a story inside this edition that I wanted to talk about specifically with Sarah Megginson who is the editor for\u00a0Your Investment Property<\/em>\u00a0magazine.<\/p>\n

Sarah, thanks very much for your time.<\/p>\n

Sarah:<\/strong>\u00a0 Thanks for having me, Kev.<\/p>\n

Kevin:<\/strong>\u00a0 I\u2019m just curious about this article about knowing when it\u2019s time to fire your property manager. What are the signs? What are the signals?<\/p>\n

Sarah:<\/strong>\u00a0 We put this story together based on some feedback from readers. We often have stories about how to build your portfolio, but once you\u2019ve got your properties, you also need to be able to manage them \u2013 and that\u2019s what this story was kind of born from.<\/p>\n

It\u2019s the idea that once you pass your property over to your property manager, you can\u2019t just set and forget; you do need to stay quite actively involved because some of them can be less experienced than others. They can be \u2013 how would you put it politely? \u2013 less proficient than others, and it can really end up costing you thousands of dollars if you don\u2019t get them into line.<\/p>\n

Kevin:<\/strong>\u00a0 That can happen after a period of time too. There might be an initial flurry where a BDM or business development manager has brought your property on to the rent roll, therefore they\u2019ll be paying particular care and attention to it in the first month or two, and then the service starts to fall away.<\/p>\n

What are you recommending in terms of someone monitoring it? Should there be something in the clause to say if they\u2019re not happy, they can terminate?<\/p>\n

Sarah:<\/strong>\u00a0 Yes, absolutely. This is often part of the standard contracts that you fill out. You\u2019ll have a clause in there or a period in there that you can give them notice to not be your property manager any more. But it\u2019s really about being clear about your expectations up front.<\/p>\n

And I know, personally, some of the issues have come about when there\u2019s been a change of property manager. The person who I was dealing with was giving a great level of service and that changed when we got the new property manager who just didn\u2019t approach things in the same way, didn\u2019t keep me in the loop, they did repairs without approvals and that type of thing.<\/p>\n

I think if there\u2019s a change of property manager within the agency you\u2019re using, then make sure you have a conversation with them so that they\u2019re on the same page as you.<\/p>\n

And then in the article, we go through a number of different scenarios of \u201cIf this is happening then it\u2019s a bit of a red flag and it\u2019s time to either have a conversation with them or consider moving to someone else.\u201d<\/p>\n

Kevin:<\/strong>\u00a0 Yes, and therein lies the problem because when you give notice to an agent you\u2019re going to make the move, one, you have to know the time period, but then you\u2019re in that land of never-never. When you give them the notice, they\u2019re not going to take really good care of you, unfortunately.<\/p>\n

But you know, there is a solution to this and I\u2019ve recommended this to a number of people. And that is that when you give notice, you can actually take the property away immediately, give it to the new property manager as long as the original property manager is paid their fee.<\/p>\n

Let\u2019s say, for instance, that you\u2019ve got a 30-day notice period. Then make sure they get the commission for that 30-day period, and you\u2019ll find that the agency you\u2019re taking it too will agree to that because they\u2019re getting a new management.<\/p>\n

Sarah:<\/strong>\u00a0 Yes, exactly. It\u2019s not always about the actual dollar value. It can cost you a lot more in problems down the track if you haven\u2019t got this all sorted out. There\u2019s so much emotion involved in investing. It\u2019s a very people-driven business, so you have to address these things on a case-by-case basis.<\/p>\n

Kevin:<\/strong>\u00a0 Yes, you do. Remember there\u2019s always a solution. It\u2019s a great article. It\u2019s inside the current edition of\u00a0Your Investment Property<\/em>. It\u2019s out right now. It is actually the September edition even though it\u2019s coming out in August. It just shows how far ahead of the game you guys are. Issue number 134: \u201cHow to fire your PM and to know what the signs and signals are\u201d.<\/p>\n

Sarah, thanks for your time.<\/p>\n

Sarah:<\/strong>\u00a0 You\u2019re welcome. Thanks, Kev.<\/p>\n","protected":false},"excerpt":{"rendered":"

When to fire your property manager?\u00a0\u00a0 That is a question posed in the latest Your Investment Property magazine and we quiz editor Sarah Megginson about it and why she says property investing cannot be set and forget. 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