Great property management: how to ensure your investment is in safe hands

November 4, 2021

If you’re committed to your investment goals, finding a great property manager to support you is a must. Rather than simply just collecting rent, property managers should take an integral role in the financial success of your investment.

Unfortunately, not all property managers are made equal. In some cases, using a property manager who is not up to scratch can lead to a variety of hassles for you and your investment including:

  • High vacancy rates
  • Reduced returns and declining property values
  • Frustrated and angry tenants
  • Maintenance fatigue

It can be tricky to determine the factors that made a property manager a good fit for your property, especially if you don’t have much to compare it to. We’ve put together a handy checklist so you can find the right fit to help you reach your investment goals.

Great property management checklist

Communication skills

One of the key aspects of property management is being the first point of contact for both tenants and landlords. Excellent communication skills are therefore a major factor in creating and maintaining a relationship with them.

Your property manager should be able to deal with any issues that occur in a clear, fast and concise way. This is essential for mitigating problems as they arise. On the other hand, you should be able to easily contact them and feel like you’re being kept in the loop at all times.

Industry experience

Your property manager should have enough industry experience to have developed the necessary knowledge and skills to make informed decisions about your investment. Purchasing a property is one of the most expensive investments you will make in your lifetime. You wouldn’t trust an 18 year old with $500,000 worth of shares so why would you trust one with your investment property? An experienced property manager will have developed all of the necessary knowledge and skills to make informed decisions about your investment.

Low staff turnover

Unfortunately, the property management industry is known for having a high staff turnover. It can be frustrating for you to have a point of contact that is always changing, and furthermore, it can be a red flag if property managers are continuously leaving an agency.

Market knowledge

While your property manager doesn’t need to be a financial expert, having an investor mindset is important if you want to see great returns. They will need to have a good understanding of the market so that they know the value and potential rent of the property. Your property manager should also be focused on continual education and staying up to date with all of the latest market trends.

Requesting a rental appraisal from your current or potential future property manager will help you get a sense of their market knowledge. By providing them with some simple information about your investment, they should be able to tell you:

  • How your property compares to others in the suburb in terms of rental value
  • How your location increases (or decreases) attractiveness to tenants
  • How much your property should rent for.
Proactive approach

If your property manager has an in-depth understanding of the local property market, they should be able to take a proactive approach to your investment. This will allow them to constantly search for ways to improve the returns on your property investment, for example, knowing when to increase rent in line with market demands.

Switching property managers

So what do you do if your property manager isn’t up to scratch? Quite simply, it might be time to start looking for a new one.

If you’re locked into a contract, you will have to wait until it has lapsed to start with a new agency. However, it is usually quite a simple straightforward process to change management.

Once you’re ready, switching your property management is often as simple as giving notice. If you’ve already chosen your new agency, they should manage this process for you, including communicating any changes if you have current tenants.

The Access Property Management Difference

At Access PM, we’re committed to managing your investment property and helping you get maximum returns. If you’d like to find out more about how we can help you reach your financial goals, request your free rental appraisal here and we’ll let you know how much your property could be renting for.

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Shirley Smith

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We are, and have always been, a family-run enterprise. Founded by Shirley Smith in 1995, the idea for Access Property Management was conceived when Shirley realised there was a high level of demand for dedicated property management agencies, a need that was not being met by the existing real estate market. The agency is now headed by Shirley’s daughter, Stacy Whiting, who joined the business in 1996, and her husband, Mark Whiting, who has been at the agency for over 18 years. This focus on longevity extends to Access’ dedicated team of qualified property managers, with most staff having worked at the agency for 9 years or more.

ORIGINAL FOCUS

Shirley’s original objective was to provide a closer link between property owners and high quality tenants provided by relocation companies and the corporate/executive sector. Over time we extended our services to better cater for the needs of all property investors and quality tenants, who were seeking a higher level of service, focus and experience.

27+ YEARS EXPERIENCE

For over 27 years, our family owned business has made an impact within the real estate industry in Perth Metro and based on our results we’ve established a strong reputation for integrity, distinction and innovation in real estate and management services.

Meet our team of dedicated property specialists.

“It is always fantastic to deal with Stacy and the team at Access Property Management. Highly recommend to anyone!”

Anike – Facebook

“Mark, Stacy and the team at Access you are a pleasure to do business with. I highly recommend to anyone that requires high level, professional property management.”

Brett – Facebook

I would like to personally thank Kelly for her professionalism and pleasant manner when we were applying for a rental. My son Jarrod (18yrs) & daughter Nicole (22yrs) had been applying for rentals all of January with no success & I was disappointed that some of the agencies hadn’t even followed up on their good references to allow for a fair assessment of their application. As Kelly would know we were successful in this application but had to decline as we were also successful in purchasing a property in that same week. Kelly was very understanding and a pleasure to deal with. I will highly recommend your agency .

Heather – Prospective Tenant

“I have been using their services as a tenant, and I can say its an amazing experience. They are prompt at everything and quite helpful. Alongside, the property manager carry a great professional work ethics which is wonderful. You, as a tenant always feel accompanied by your property manager. Cheers.”

Rahul – Google

“I have rented through Access twice since 2010 and both times have been great, particularly the last time when I rented in South Perth and my rental agent was Kelly Duncan. What a delight she was and is and nothing was too much trouble. Thanks Kelly for such a great experience. Shame I couldn’t stay with you.”

Vanda – South Perth – Facebook

“I rented a property through Natalie at APM. She was attentive, proactive and professional – everything you could want in a property manager (as a tenant and as a home owner, as I am myself also). I highly recommend APM, their professional staff and convenient services.”

Daniel – Mt Pleasant – Facebook

“Many thanks for your help.  I have a couple of other properties and you guys are by far the easiest to work with and most professional.”

Dean – Owner