Hiring a Property Manager: What To Look For
When choosing a property manager Auckland, you want someone who will be there to help you with all of your needs throughout the year. Finding one isn't easy, but the rewards can be very satisfying. Hiring a property manager Auckland is a big decision, so be ready to think it over on more than one occasion if required. However, sometimes you have to realize that not every property manager is suitable for every property owner. Your decisions may need to change over time when finding the right person for a particular job. Here's how you can tell if it's time to find a new property manager:
#1 Lack of Communication
Effective communication is one of the most important things that a property manager can do to ensure the smooth running of their portfolio. A great property manager will be on top of your schedule and keep residents updated on any changes – communicating quickly via email and ensuring they regularly update their residents through text or social media. However, if your potential property manager displays poor communication during discussions with you as a client, this could suggest they won't be as proactive when dealing with your residents.
#2 High Tenant Turnover and Vacancy Rate
If a property manager delivers, you should experience relatively low turnover and short vacancy periods. Your property manager should coordinate marketing activities that effectively communicate your properties' value to potential tenants. If your property manager is missing the mark on screening tenants effectively, then you may have more problems with your tenant retention rate. If you find that tenants are breaking their leases early or failing to resign their lease, however, it may be that your property manager isn't providing them with good service. If you find you have a high turnover rate, it may be worth asking about these tenants' interaction with the team (PMs and maintenance) of the building in general.
#3 Limited Hours
One of the tremendous benefits of hiring a property manager for your business is that your tenants will be able to rely on them if they have an emergency and need maintenance services to be done in a timely fashion. Conversely, if your property manager doesn't have availability, service requests are likely delayed.
#4 Poor Follow-Through
It would be best if you had a property manager who is reliable and detail-oriented. For example, if it has been more than a month since you asked them for an update on your profits, went through the terms of your agreement or provided maintenance updates, and nothing has happened, then there's a problem. If you have issues with follow-through, it means that your property managers are not attending to things as they should be.
#5 Limited Services
While your property manager may have agreed to manage all the aspects of your company's real estate, they don't offer a wide enough range of services to keep adding value. For example, they should conduct leasing and give you feedback on the market; advertise properties via social media and things like websites, print ads etc.; clean properties used by clients in between tenants; and manage maintenance requests. As for 2019, 73% of property managers took care of these functions - but if yours does not provide this sort of service, that doesn't mean you can't find one who does! Good places to start would be asking your current property manager to investigate what renters need or doing an internet search - maybe even asking on social media.
#6 Voicing Concerns
It's far too easy to knock down your feelings of concern to avoid conflict. However, what conflict resolution experts suggest is as direct as possible. Negative emotions can make people uncomfortable at times, but avoiding the issues with your property manager will only amplify problems in your community. Instead, set a time to speak directly with your property manager and address the issues you have with their current performance expectations.
Find a Auckland Property Management Company.
If you've decided that repairing the working relationship with your property manager isn't possible, then you'll need to take steps to find their replacement. But first, you may want to examine whether or not they're essential at all based on the results. Contact us for more details.
Source URL : https://wapm.co.nz/