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6 Common Mistakes Aussie Landlords Often Make When Choosing Property Managers

By Property Management Accounts

Investing in rental properties in Australia can lead to attractive financial returns, but it also means juggling a bunch of responsibilities. One of the most critical aspects of this is picking the right property manager. Unfortunately, many landlords make some pretty avoidable mistakes during this process that can end up being a real headache. In this article, we’re going to dive into six common blunders landlords make when hunting for property managers, and we’ll chat about how to steer clear of these slip-ups. 

Not doing your homework

Picture this: you’re in a rush to find a property manager, so you just go with the first one you stumble upon. Big mistake! Not doing your homework is a classic blunder. Take the time to research potential property managers thoroughly. Check their track record, read reviews, and ask for references from other landlords they’ve worked with. Make sure they’re legit with the right qualifications and licences.

Focusing Solely on Cost

While cost is an important factor, choosing the cheapest property manager can be a mistake. Low fees may indicate subpar service or lack of experience. With 30% of property managers leaving the industry during and after COVID, real estate offices have struggled to find experienced staff and they also don’t have the resources to train their staff. This has resulted in many inexperienced property managers looking after millions of dollars worth of property and no support to do so. It’s essential to balance cost with the quality of service and reputation of the property manager. Sometimes it comes down to the old saying that you get what you pay for and the difference in fees from one agency to the next can be as little as a cup of coffee –  You can not walk into a Ferrari dealership and expect to pay Holden prices.

Forgetting to Nail Down the Details

It’s like going to a restaurant and not checking the menu or the bill. Many landlords forget to clearly understand the fees and services a property manager offers. Don’t assume all property management companies are the same. Before you sign on the dotted line, make sure you know what you’re paying for and what services are included. Ask about any extra charges, and get all of this in writing so there won’t be any nasty surprises later on.

Not Clarifying Responsibilities

Miscommunication or a lack of clarity regarding the property manager’s responsibilities can lead to problems down the line. Ensure that both parties have a clear understanding of the property manager’s duties, including maintenance, tenant screening, rent collection, and reporting.

Ignoring Local Savvy

Another common misstep is hiring property managers who don’t know the local scene, including rental trends and the local laws. To get the most bang for your buck and stay on the right side of the law, go for a property manager who knows your specific area like the back of their hand.

Skimming Over the Management Agreement

Having a solid management agreement is a must when you’re hiring a property manager. Your agreement should spell out what your property manager is responsible for, their fees, how you can end the agreement, and how you’ll handle any disputes. Neglecting this document can lead to all sorts of drama down the road.

Forget About Regular Check-Ins

Once you’ve got a property manager onboard, it’s not a set-and-forget situation. Some landlords make the mistake of thinking they can just kick back and relax. Nope! Keep tabs on your property manager’s performance. Regular reviews will help you ensure they’re meeting your expectations and sticking to the terms of your agreement. If you’ve got concerns, bring them up pronto to stop any problems from getting worse.

Choosing the right property manager is a big deal. By sidestepping these common blunders, you can up your chances of finding a property manager who’ll rock your rental property world. At Ray White Surfers Paradise Property Management, customer service is our number one priority. Our close-knit team works in harmony with the sales team to ensure the needs of all stakeholders are fully met and exceeded – you truly do come first. We listen, follow your instructions and act accordingly.

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