by Brenda Ledwith on Friday, 7th of February 2020
Whilst we’re officially into the ‘month of love’ with Valentine's Day just around the corner, love isn’t always in the air when it comes to leasing your most treasured asset with your local property management agency. We’ve seen it countless times within the industry as a result of sub-standard service, poor communication and mismanaged portfolios ultimately leading to the breakdown of key relationships.
Nobody likes a break up, both in a personal and professional sense. However sometimes a new lease on life (pun intended) can be the best strategy if you’re feeling as though the relationship between you and your property management agency just isn't what it used to be.
We explore some of the early warning signs to look out for, as well as ways in which you can ensure you’re getting what you need out of the relationship.
Red Flags and Early Warning Signs
Properties are often the most expensive investments we ever make throughout our adult lives. They require considerable energy, care and attention, just like in personal relationships and are often our the most valuable assets we own.
Entrusting this responsibility with a property management agency is often seen as the best way to ensure your property is given the love and attention it needs - however this isn’t always the case. The key to ensuring a positive experience is being able to spot warning signs early so you can ensure you are getting the very best level of service on your investment.
Some red flag warning signs to look out for include the following;
- Property management is not the core focus of their business
- You don’t have a direct line to the owner of the business
- No proven track record
- Poor communication
- Sub-standard maintenance
- Low quality inspections
- Being lost in the crowd
Property management can be a complicated, stressful and high-pressure industry to operate in, so these are just some examples of warning signs to watch out for. With the right agency behind you, this process can seem effortless, transparent and efficient.
Best Practise for Any Property Management Agency
A fruitful relationship with your property management agency should be one that prioritises growth, prosperity, communication and a premium level of service that makes you feel wanted and appreciated. In our previous blog entitled Why A Responsive Property Investment Agency Is Paramount In Perth we explored the importance of agencies being dynamic and responsive to current market conditions.
Compliance is also a huge factor in the ongoing maintenance of your property. Investors and landlords are often unaware of new legislation and regulation changes, so your property management agency should have their finger on the pulse to proactively suggest changes when needed.
When it comes down to it, most investors and landlords simply want the reassurance that their property is in the right hands, with regular communication and reporting along the way. Getting it right can be as simple as this, but sadly, this is not always the case.
The Perth Property Management (PPM) Difference
Our recent blog explored our success at the 2019 REIWA Excellence Awards with our property management agency picking up two awards for; Residential Property Management Team Of The Year and Residential Property Manager Of The Year. We often come across unhappy customers switching across to our services.
Why? Because we go the extra mile and provide the PPM Difference.
We care about the success of your asset, and perhaps the most important, we listen to your needs as an investor and ensure we communicate with you regularly to keep you posted on updates and progress. We don’t sell real estate and are primarily focused on property management as our sole service, which translates into real value for our investors.
Communication, trust, integrity and being invested in the relationship are all important factors in our social and personal relationships. These values are also essential in business relationships, drawing a close parallel between a happy investor and their property management agency. Without these crucial values, the relationship can break down and the results can be disheartening to say the least.
Our Principal and Director – Kristy Yates
Switching Is Easier Than You Think
The daunting task of ending one relationship to begin another is difficult. Regardless of the initial discomfort, when it comes to the management of your most prized asset, it pays to place your property in the best possible hands.
Making the switch to another agency may seem complex, however we’ve streamlined the process here at Perth Property Management to keep this as straightforward as possible. After a simple appraisal, inspection and discussion with our team, our simple process will speed up the time to list your property and get it on the market as soon as possible.
Handy hint: Before switching over, make sure to acquire a thorough review of your tenant records, inspections, repair jobs and past reports from your previous agency to ensure you have all details to complete a full handover.
Maybe It’s Time to Start A New Relationship
Since it’s the month of love with Valentine’s Day almost upon us, now is the perfect time to begin a new fruitful relationship that prioritises growth, prosperity, communication and a premium service that makes you feel wanted, special and appreciated.
If you’re thinking of switching to Perth’s premier property management agency, we invite you to request a free appraisal or call our leasing manager Kristy today on 0422 008 813 for a no-obligation appraisal of your rental property.