Life as a landlord can be challenging (and we’ve all heard the self-management horror stories) but if you choose a proactive property management company you will likely find being a landlord more enjoyable and attract a better quality of tenants.
Here are five qualities that great property management companies have in common – how many traits does your current company possess?
1. Property managers are inquisitive. The best of them know exactly the right questions to ask potential tenants. Highly inquisitive, with sharp minds, they genuinely enjoy getting to know people and have developed great intuition. At LJ Hooker Mandurah we do this through having a dedicated Leasing Manager and experienced office staff who have detective like minds when it comes to checking applicants and their previous rental history. Selecting reliable tenants is a skill and the more experienced you are at it the better. As a self-managing landlord you might check tenants once a year when you find someone new. We do it every day and we’re not afraid to ask the tough questions – although our team always do this with the utmost respect and courtesy for all applicants.
2. Good property managers know that relationships are critical, they know how to build relationships and a mutual trust between landlords and tenants. At first glance you might think, hang on a minute – aren’t tenants meant to be the reliable and trustworthy ones? But landlords have a role to play too because renting a property is a two-way street. There needs to be mutual trust between both parties. The more your tenant trusts your property management company (and vice versa), the healthier the professional relationship will be, and the longer it will last. Finding tenants can be time-consuming and costly, so make sure your property management company develops solid relationship with your current occupants. This will minimise the risk of conflict, your tenant moving on, or of your tenants paying you late!
3. Good property managers are proactive when it comes to property, there’s always the risk that something might go wrong unexpectedly. A pipe could burst, a window could break, the shower could stop working. Whatever the trouble, it’s important that your tenants can trust that you, as the landlord will fix the problem quickly and to your best ability. If you take too long to respond, this could lead to resentment, conflict and ultimately to the tenant leaving or potentially even taking legal action. If for some reason you can’t respond to the problem quickly things can quickly escalate. That’s why it’s vital that the property management you choose are proactive. At LJ Hooker Mandurah we have a list of preferred contractors and will always endeavour to resolve issues in the shortest time possible for you and your tenant. It’s all about showing the tenant that you care and keeping them happy to minimise vacancy time. A happy tenant stays for longer, giving you less stress and expense.
4. Good property managers are excellent communicators. When landlords choose to self-manage, major problems can arise if landlords and tenants stop communicating regularly. Good property managers keep the lines of communication open throughout the entirety of the tenancy, not just in the beginning of the agreement. They check in regularly to make sure the property is in good condition, there are no issues that need to be fixed, and that the tenant is comfortable and content. This helps to foster a sense of trust (as per point two) and has the added bonus of helping you stay on top of maintenance.
5. Good property managers are highly organised. After all, a property managers job requires a fair amount of paperwork. The best property managers have online systems that ensures nothing get missed. They aim to stay one step ahead of the game at all times. For example, things are scheduled in advance like rent reviews, lease renewals and property check-ups, so nothing is sprung on their tenants unexpectedly. Good time management skills are a must, and will reduce your chances of experiencing stress or conflict.
At the end of the day you want a property management company who give their property managers time to focus on the job they do best…managing your property. That’s why at LJ Hooker Mandurah we have a large team including Relationship Managers who carry out appraisals and look after our owners until the property is leased. We have a Leasing Manager who conducts all our viewings and gets to know tenants well, helping them find the perfect property and ensuring they’re perfectly suited to your property. Plus we have Assistants for our Property Managers so that our Property Managers ensure they focus on looking after you and your property to the highest standard possible.
To learn more about property investment contact Jo Lockwood-Hall on 0413 076 165 or Mark Labrow on 0431 025 449.
LJ Hooker Real Estate Mandurah 