There are undoubtedly many good residential property managers out there, offering services and support for your investment. But, there is a clear line of demarcation between the good and the great. The role of the property manager is to manage what is essentially a business relationship between landlords and tenants aiming for a harmonious partnership throughout the leasing period. When this is achieved you can expect stable relationships between all parties which lead to positive investment outcomes. So when reviewing your current property management service, or looking for a new one, here are a few critical observations to help guide your decision.
Excellent communication:
Regular and detailed contact regarding your investment as benchmarks, such as routine inspections, maintenance issues or changes to viability of your investment come to light. Seamless communication is a must in a great property manager, they will be on top of their emails and prompt to return a call.
Proactiveness:
A great property manager will pay attention to small details, catch maintenance issues early and coordinate tradespeople and tenants with ease. They will share their local market knowledge to guide you on critical decisions such as choosing ideal tenants and when and how to approach rental increases.
Relationship building:
Not only with landlords but with the tenants. The property manager is your representative and their interactions will reflect on you as the landlord. Tenants that feel valued and respected are far less likely to vacate the property for avoidable reasons. A great property manager leaves both parties feeling like informed and valued clients.
Innovation:
Whilst it is fantastic if your portfolio manager is a great communicator and relationship builder it is even better if they have access to and are capable of using the latest property tech tools that can make your experience as a landlord even better. Products such as a landlord portal allow a landlord to access financial performance and tax statements in real-time just by logging in, rather than the clunkier method of tracking down your portfolio manager to obtain this information.
As part of our ethos at Harrison Agents, we always strive to offer more value through exceptional customer service, enabling technologies and industry expertise. If you would like to discuss your investment portfolio please reach out to Dani Shields, in our Hobart office or Allison Latham in Launceston.