One or two texts that don\u2019t receive a reply may not be a cause for concern yet. But when you\u2019re blowing up your property manager\u2019s phone and you never hear back, it\u2019s time to check on your properties ASAP, because something may be wrong. There\u2019s a chance that your property manager is overwhelmed, has taken on too many listings, or is just poorly organised. Regardless of their reasoning, it\u2019s time to investigate further.<\/p>\n
2 When your tenants are blowing up your phone<\/strong><\/p>\n Getting enquiries from tenants about problems your property manager is supposed to handle is another serious indicator that they may not be doing their job. One of the major reasons why you hire a property manager is so that renters don\u2019t (and shouldn\u2019t even need to) know who the property owner is. When your tenant actually looks you up, this suggests that your property manager may have been ignoring their complaints.<\/p>\n 3 When your property manager fails to address problems<\/strong><\/p>\n Has your property manager been maintaining the property regularly? Are broken fixtures and malfunctioning appliances being repaired? If the answer to these questions is a big fat no, then you may have a lazy and unprofessional property manager on your hands. Your property manager should be providing you with regular reports (at least every six months), so if you haven\u2019t heard from them in a while, consider reaching out for an update.<\/p>\n 4 When your property manager doesn\u2019t update you<\/strong><\/p>\n If your property manager isn\u2019t giving you regular reports on your tenants, their intentions to stay\/move, and updates on repairs and maintenance, then they\u2019re doing something wrong. Alternatively, your property manager may be providing the necessary reports, but they\u2019re always light on detail. Your property manager is there to act as a conduit between you and your property, so they need to be on the ball about even the smallest issues (before these snowball into big ones).<\/p>\n 5 When you have compliance issues<\/strong><\/p>\n Regulatory changes can impact your investment, and it\u2019s your property manager\u2019s role to ensure that you are abreast of the latest changes, while also keeping your properties above the law. Particular areas of concern can be smoke alarms, window-covering cords and swimming pools, as they are often governed by specific regulations. As the property owner, the buck ultimately stops with you, but you should be able to rely on your property manager for advice and guidance along the way.<\/p>\n 6 When your cash flow is poor<\/strong><\/p>\n Is your property staying vacant for months on end, with no prospects of gaining a tenant in the near future, thereby causing you major cash flow issues? This may be a sign that your property manager is doing a terrible job at marketing it effectively to potential tenants. Even in the slowest property markets, an effective property manager or leasing agent can guide you towards a tenant \u2013 even if that means reducing your asking rent.<\/p>\n If any of the above red flags ring true for you, then don\u2019t wait to boot out a bad property manager, otherwise the impact on your portfolio could be disastrous.<\/p>\n When you sign a contract, it\u2019s important to include the clauses specifying how you can end your arrangement with a property manager, as this can help you manage a graceful exit.<\/p>\n Once the partnership has been terminated, you need to ensure that you get all the tenant records from the property manager so you can contact tenants to let them know of the change and clear up any residual issues. Make sure all uncollected rent is paid, check for anything that needs repair, and conduct a thorough inspection to settle any compliance issues.<\/p>\n Ideally, you will have lined up a new (and betterquality) property manager to help you with all of this! When finding a new property manager, be clear about your expectations. It wouldn\u2019t hurt to schedule an on-site meeting and inspection, and be sure to put everything in writing.<\/p>\n HOW TO GIVE YOUR PROPERTY MANAGER THE BOOT<\/strong><\/p>\n Leanne Jopson, Metropole\u2019s national director of property management, shares these tips for landlords who want to end their agreement with their property manager.<\/p>\n Victoria<\/strong><\/p>\n There is currently no minimum notice period for a landlord wishing to cease the arrangement with the current managing agent for their property (for leasing you need to refer to your managing authority). Once you have engaged a new managing agent, they will send the relevant notice to your old agent and handle the necessary paperwork. Your former agent will need time to prepare the file, though, so we recommend that you allow three clear business days.<\/p>\n NSW\u00a0<\/strong><\/p>\n The notice period for ceasing a management arrangement in NSW is dependent on your management agency agreement but is typically 30 days\u2019 written notice, and can be as much as 60 or even 90 days\u2019 notice.<\/p>\n Queensland<\/strong><\/p>\n The Property Occupations Form 6 or agent appointments for leasing and managing typically allow for continuing appointments, therefore you must give your current agent a minimum of 30 days\u2019 notice in writing.<\/p>\n Tasmania<\/strong><\/p>\n Unless otherwise stipulated in your management agreement, the notice period is a minimum of 30 days in writing.<\/p>\n South Australia<\/strong><\/p>\n The notice period will be stipulated in the property agreement. Typically, a notice period of 60 to 90 days is required, and cancellation fees may also apply.<\/p>\n Western Australia<\/strong><\/p>\n Most management agreements are for a fixed term, which means you can\u2019t appoint a new managing agent without paying a penalty (50% of the management fee for the remainder of the period) unless done so by agreement. If you are approaching the end of your fixed management period or it has lapsed, and the agreement has changed to periodic, you will need to give your agent a minimum of 28 days\u2019 notice.<\/p>\n Australian Capital Territory<\/strong><\/p>\n The system is very similar to Western Australia\u2019s, except that where there is a fixed term agreement the penalty is the full management fee for the remainder of the period. If the period has lapsed, you need to give 30, 60 or 90 days\u2019 notice, depending upon the termination agreement in the managing authority.<\/p>\n Northern Territory<\/strong><\/p>\n Details of notice of termination will be set out in the Residential Property Management Agreement, but otherwise 30 days\u2019 written notice is required from either party. However, in the case of the landlord giving notice, they may be required to pay an early cancellation fee to the agent, which is equal to 50% of the agent\u2019s remuneration, payable for the balance of the term of the current tenancy. If there has been a breach of the agreement though, this notice can be reduced to seven days.<\/p>\n Man investors get into real estate initially because they are excited about the potential to grow their wealth. They study the market, do their due diligence and aim to invest in the right places so they can sit back and wait for the returns to…<\/p>\n","protected":false},"author":176692473,"featured_media":23867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[13,25,31],"tags":[70],"class_list":["post-23866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-sponsored-channels","category-your-investment-property","tag-featured"],"yoast_head":"\n
\n– Knows the fair rental rate to charge tenants
\n– Screens tenants carefully through background checks
\n– Conducts regular inspections of the property and gives reports
\n– Addresses issues with the property in short order, using the most cost-effective method
\n– Ensures that tenants pay rent on time
\n– Aware of governmental regulations that may affect rentals<\/div>\n![\"\"](\"https:\/\/i0.wp.com\/au.res.keymedia.com\/files\/image\/YIP%20134_44-47_1.JPG?w=1060&ssl=1\")
<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"