Top reasons to change your property manager

Limited service offering

Some property management companies provide a limited range of services and whilst they may charge less this isn’t the best service model. Some management companies only manage rental payments and certain maintenance tasks and leave the advertising, tenant screening, inspections and rental appraisals up to the landlord.

Best of breed property management includes the full list of responsibilities detailed above and considering their expenses are often tax deductible, if your current property manager isn’t providing these services it may be time to make a switch.

Breach of contract

The agency agreement you enter into with your property manager is a legal document and therefore they are legally responsible for the management of your property. They must act ethically and in good faith and always act in the best interest of you, the property owner. If your property manager doesn’t comply with this, it may be time to consider a change.

Poor maintenance performance

Management of any maintenance issues is an important element of a property manager’s role. Keeping your investment in good condition is critical to maintaining good tenants, attracting new tenants and preserving your investment.

As a starting point if they are failing to address maintenance requirements as detailed in your rental agreement, or if the property is not maintained to ensure a safe and healthy environment, your tenants may have the right to break the lease without penalty, leaving you out of pocket and in search of new tenants.

Secondly if they fail to address urgent maintenance issues as directed by yourself you could lose thousands of dollars in repair costs because of their lack of action.

If your property manager doesn’t have the experience or tradespeople required to effectively manage the maintenance issues of your property or your finding they are not addressing issues in a timely manner, it may be time to change.

Lack of property management expertise

Does your property manager have the experience to attract and screen potential tenants, do thorough reference checks and review potential tenants’ rental history?

Experienced property managers, like the ones working at LJ Hooker, see hundreds of rental applications and are experienced at attracting and identifying the best tenants. Whilst you have the final say as to who rents your property, if your property manager lacks these important skills and your finding the quality of tenants put forward to you for consideration aren’t appropriate, it may be time to look for a more experienced management team.

Consistently late rental payments

Good property managers work to ensure your tenants pay their rent on time. Consistent rent collection is key to receiving regular rent payments and this directly effects your cash flow and in most cases loan repayments.

Is your current property manager effectively managing this each month? Are they enforcing lease policies if payments aren’t received? If not, then it may be time to find another property manager. LJ Hooker has an excellent track record in ensuring rent is received in full and on time as we know how important this is to our clients.

Unsure of legislative requirements

Is your property manager up to date with the constantly changing legal requirements? Are they attending training and education programs to stay across any legal changes and advising you as to how this may affect you and your property? If they are not up-skilling themselves and communicating with you regularly it may be time to change teams.

We buy houses in Garland

Different ways to buy real estate

There are a number of different methods you can use to purchase a property. The processes may seem a little daunting, but with the help of a real estate agent to guide you, you’ll be just fine.

In America there are four main types of selling methods auction, private treaty, tender and expressions of interest.

Each state has different regulations and laws you need to be aware of. So make sure you read about buying in your state and territory on our site.

Private treaty

Also known as a ‘private sale’, this selling method requires the vendor (or seller) to set a price from the start of their campaign.

This enables them to receive and consider offers from prospective buyers throughout the time the property is listed for sale on the market. Through this method of sale, the owner can choose to extend their campaign.

As a prospective buyer, you can submit an offer through the properties real estate agent to the owner and potentially negotiate the price.

Once the offer has been accepted by the owner, there is a cooling off period. This is where certain conditions must be met in order for the sale to go through, such as obtaining finance or a sound home inspection.

Auction

Auctions are a very popular buying method in America, as there is a chance of snapping up a property quickly at a good price.

Before the auction day, you can make a pre-auction offer to the owner through the real estate agent. This is where you can submit an offer of how much you are willing to pay for the home. However, in order for your offer to be successful, it needs to be an amount that will attract the owner’s attention.

You will need to register your bid on the auction day to begin bidding on the property.

In most instances the owner will have set a minimum reserve price they are willing to accept for the property. If the bids do not meet or exceed this price, the property may be passed in, or ‘withdrawn’. Should this happen, there could be an opportunity for you to negotiate a sale with the owner.

Some sellers allow part of the deposit to be paid at the end of the auction with the rest on a specific date. This will need to be identified in the contract. Sell inherited property

Properties sold by auction are not subject to any conditions, which means you will need to complete an inspection prior to auction day and have your deposit cheque ready to go at the time of sale. Unlike private treaties, auctions do not have a cooling off period. This means you need to be sure this is the property you want to buy.

Tender and expression of interest

These two selling methods are quite similar to private treaty, but they are usually associated with premium properties. They are more formal and both require written offers passed through the agent to the owner.