![]() When it’s a challenge to know whom to contact at an agency, or if the agency is unresponsive to queries or concerns, the poor or lack of communication can create a negative experience. 6) Poor communication and not easy to work withĪ property management company should be communicative, accessible, and easy to work with. It makes sense a landlord or property investor will want assurance of stability and will look to reduce high turnover in the management of their property. Worse, high turnover might indicate deeper problems within the company. This may result in unfamiliarity with the property and the local market. It can be challenging to foster a trusted relationship with a property management company if there is a high turnover of staff. It makes sense that a landlord or property investor would want to change property managers to ensure they are teaming up with a property management company with local market expertise. If a property management company doesn’t understand or have specific expertise in a local market, they may not know all the intricacies surrounding this environment, the regulations or potential tenant needs. These additional solutions could include property finance and landlord insurance solutions. They will be looking for a property manager who can deliver more comprehensive services, as well as provide access to a wider range of solutions that can positively affect investment strategies. If a property management company has a limited service offering, this can adversely affect outcomes and result in landlords and property investors look to change property managers. This means that changing property managers on price alone can potentially mean losing out on the value of the service offering if the new property manager delivers a more limited service offering at a lower price point. This perception though can sometimes be erroneous if the value of a service isn’t completely understood. ![]() If there is a perception that the value delivered no longer lives up to the fees being charged, it makes sense for a landlord or property investor to reconsider property managers. The best property management company for your property delivers service excellence at a price point that represents and correlates with the value being provided. 2) No correlation between management fees and value for service If that trust is compromised or eroded over time due to a range of adverse incidents or outcomes, with some possible scenario examples listed below, then it makes sense why a landlord or property investor might start considering changing property managers. Trust is one of, if not, the most important factor underpinning the relationship between a landlord or property investor and a property manager. Here are the top 10 reasons why landlords and property investors change property managers. Why do landlords and property investors change property managers? In fact, when you choose HERE Property to take over the proactive management of your investment property, we take care of the entire changeover process for you.įrom liaising with the outgoing property manager to engaging with your tenant to ensure a seamless transition, we’re here for you. While a switch can seem like a challenging process, the reality is that changing property managers is incredibly easy. Often, it may not even be a single reason but a combination of reasons over time. There are a range of reasons why a landlord or property investor might start considering whether the property manager they appointed might not be achieving this. When landlords and property investors appoint a property management company to manage their property, they expect that property manager to preserve their property’s capital value while maximising return on investment. The core duties of a property manager are to market a property, screen suitable tenants, handle rental income and maintenance expenditure, as well as a wide range of other functions. ![]() OctoLauren Swinfield Everything you need to know about changing property managers
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