How to Maintain a Great Relationship with Your Property Manager
Whether you have one investment property or large portfolio, chances are you have hired or are looking to hire a property manager to do a lot of the hard work for you. PRDNationwide are the leaders in property management in Canberra and with hundreds of Canberra properties for rent on our books, we are highly experienced at knowing what makes a great property manager – and that includes having a great relationship with both tenants and landlords. Maintaining a healthy relationship with your property manager can seem difficult at times as often you will need to discuss issues and have hard conversations. How do you make sure this relationship remains positive and over the course of your agreement?
Set Your Expectations in the Beginning
It’s important lay down the ground rules in your initial agreement. That way, both parties know their responsibilities and expectations from the beginning. This discussion should include how regular updates will be and the preferred method of communication between you. If you prefer a phone call, email or the occasional face to face meeting, this should be clearly communicated early on. You don’t want your property manager emailing you if you only check your inbox weekly. There are many times you will need to communicate with your property manager, whether it’s ensuring repairs are done promptly or discussing rental increases, having a clear way of communication will ensure all questions are answered and all issues are dealt with promptly by both parties.
Understand What Your Property Manager Should Do
Property managers do more than just collect rent, so it is important to understand exactly the things they should handle for you. While everything should be outlined in your contract, it’s wise to have quick discussion so you are clear on everything they need to do to maintain their end of the agreement. Generally, they should:
Arrange, advertise and supervise any open days for prospective tenants - They will also attend on the day on your behalf, field any enquiries from prospective tenants, and take down the names and numbers of the groups who come through to follow up. They’ll also process all the applications and do background checks, presenting you with the most desirable tenants from which to choose.
Organise maintenance and repairs of your Canberra property – Your contract should include a clause for urgent repairs that the property manager can authorise, without needing to bother at difficult times, such as in the middle of the night. Experienced property managers have many local contacts, and can often get the required work done quickly and affordably by a trusted tradesperson. For bigger jobs, they can organise a few quotes for you, saving you the time of shopping around.
Conduct routine inspections – These are done usually every 12 months, to ensure the tenants are taking good care of your property and to keep an eye on any maintenance issues.
Know when to increase the rent, and by how much - Being an expert in the local market, your manager should know how comparative properties in the area are priced, and give you advice on how much you can realistically increase the rent by when the tenants’ lease is due for renewal.
Of course, there are many other tasks a property manager may perform so it pays to have a thorough discussion so you are clear on what they will and won’t be doing in accordance with your contract.
If you expect your property manager to reply to your enquiries quickly and efficiently, you should also give them the same courtesy. Emails and all written communication should be responded to promptly – even if it is just to request a different line of communication. You should be clear and concise as well as friendly and approachable, just as they should be to you. The grounds on which a great property management relationship is built are just like any other – clear, efficient and transparent communication.
An investment property is one of your biggest assets so having a good relationship with your property manager is key to having great tenants, rent paid on time and your property well looked after. If you have Canberra properties for rent and need the right property manager to handle your portfolio, get in touch with the team at PRDNationwide today on (02) 6262 5232 or send us an enquiry online.