ONE DEDICATED PROPERTY MANAGER
I was speaking with a prospective landlord called Mandy this week. She was upset about agencies with multiple team members looking after the same property.
Mandy was originally signed up by a business development manager who was mature minded, confident, and knowledgeable. She felt that her property would be looked after well.
However, she then discovered that the actual property manager was a very young girl who had not been in the business very long, with minimal experience. Mandy also discovered that the property manager did not look after maintenance or leasing, that was handled by different team members.
This is common in large agencies where they use multiple task-based staff instead of one dedicated manager per property. To keep profits high, they employ young staff at low hourly rates (and often a low care factor).
Usually one mature minded, experienced property manager with a partnership mindset can outperform the younger ones easily.
Mandy was told, by her inexperienced property manager, that she feels intimidated by the tenant and therefore was too scared to increase the rent by more than $10, even though the property was already renting below market value.
Your manager should always have your best interest at heart and ensure your rental income is within the market range. Yes, it’s great to look after tenants who take care of your property, but you are an investor who needs to have a good return on your investment.
A property manager should never be intimidated by a tenant. Managing the tenant is part of the process. If they have objections to rent increases they should be advised to do their own research on the current state of the market and if they still feel that the property is not worth the increase then it may be time to look for an alternative. If they feel they have a valid objection, they can take the matter to QCAT.
All Mandy wants is one dedicated property manager that looks after her property, like its their own, finds and keeps the best tenants and always providing clear and reliable communication.
We agree, the standards and service levels accepted by the real estate industry should be held higher.