When is the best time to change property managers?

property managers

Most property owners believe the time to change is when their tenants move out, however this could not be farther from the truth. A well-managed tenancy is more likely to be renewed; therefore, if your property manager is not exceeding your expectations, now is the time to change.

It’s important for your property manager to have built up relationships with both your current and new tenants. More often than not, a good relationship between tenant and property manager can solve most problems before they arise.

The Risks of Staying with an Underperforming Property Manager

Sticking with an underperforming property manager is a gamble that seldom pays off. The immediate impact is often tenant dissatisfaction. A lacklustre property manager is less likely to respond to tenant complaints in a timely manner or perform necessary maintenance and repairs, causing you to lose credibility with your tenants. This dissatisfaction not only affects your current income but can also lead to frequent vacancies, as dissatisfied tenants are unlikely to renew their leases.

The risks extend to potential financial losses due to property neglect. When regular maintenance takes a back seat, the property’s value could decline, affecting your long-term investment. There’s also a considerable legal risk involved. If your property manager isn’t diligent about compliance with the laws and regulations, you, as the property owner, could face legal consequences.

Signs That It’s Time to Change

One of the most glaring signs that you may need to change your property manager is poor communication. If your property manager is consistently difficult to reach or does not respond to your inquiries and concerns promptly, this is a red flag. Effective communication is the backbone of good property management, and a lack of it could mean other operational aspects are also being neglected.

Frequent tenant complaints are another warning sign. These complaints are often the result of poor property maintenance or a lack of attention to tenant needs, both of which are the responsibilities of the property manager. The fallout is a higher turnover rate as unhappy tenants look for better-managed properties, leaving you with vacant units and a loss of rental income.

A neglected property is another indication that it might be time to switch property managers. Good property management involves regular maintenance checks and prompt repairs. Failing to maintain the property not only leads to tenant dissatisfaction but can also result in higher costs for you in the long term, as minor issues can turn into major repairs.

What to Look for in a New Property Manager

When you’re in the market for a new property manager, it’s important to look for someone with a proven track record. Experience in the industry is a key indicator of reliability and expertise. But it’s not just about the number of years in the business; it’s also about the quality of work during those years.

A thorough tenant screening process is another vital factor. The right property manager will have a comprehensive and effective screening process to ensure you’re getting reliable and responsible tenants. This minimises the risks of late payments or property damage, saving you from future hassles.

Good communication skills are non-negotiable. Your new property manager should be easily reachable and must keep you updated about your property’s status, tenant issues, and other relevant information.

The Transition Process

Changing property managers can seem like a hassle, but in fact it is very simple. All you need to do is discuss with us the date that we will manage your property from, and then contact your current property manager and give them notice that you are moving your business. The notice period is usually 30 days but varies between property management companies (it can be found on your management agreement). Then we take care of everything else for you.

Harbinsons

Our service is professional and personal. We strive to bring high calibre tenants and property owners together with hassle-free residential property management services.

Call us today at Harbinsons if you’re an Auckland property owner who wants the highest level of property management service. We’re a company located in the heart of St Heliers, and we know and love this area.

Would you like to speak to us about what we can do for you? We’d love to chat! Call our team on 09 585 0324 or use our site’s contact page to send us a message today.