Work and family life can be very busy, so when it comes to our investments it’s vital to have the right professional support. Often, investment properties are some of our biggest assets, so we need to be very happy with the service provided by the property managers who manage them for us. It is often useful to stop and reflect on the service we are getting, making sure that our property manager is keeping our investment as stress-free as possible.
When key elements of excellent service are missing or deficient, it can sometimes be time to switch. The good news is, switching is easy and you don’t have to wait for your property to be empty to do it. We outline what excellent property managers do well, and explain how to switch property managers in Queensland – if or when the time comes.
What is Excellent Property Management Service?
Excellent property management often means receiving good advice, thorough and competent service and attention to detail.
An Excellent property manager tends to do the following well:
They Are Proficient.
Property managers have a number of tasks to perform, and numerous responsibilities to take on as part of their appointment. Whether undergoing inspections, completing reports, issuing maintenance or handling complaints – carefulness and competency are crucial to ensuring your obligations as a homeowner are met in the letting process. You should be happy with how these important tasks are being undertaken on your behalf.
They Maintain a Good Relationship With You, And Your Homemakers
An excellent property manager will also offer personalised service. You should feel like more than just a number. An excellent manager develops a good relationship not only with you as the homeowner but with the homemakers living in your home. They take the time to understand you and your needs. This allows them to make better decisions on your behalf, as well as give great advice along the way. There are so many facets of letting your property which can be greatly improved with this approach. If you’re not happy, it’s worth finding someone who understands your needs and works with you to achieve your wider goals.
They Communicate Well
Great property managers keep their homeowners in the loop. This could be as simple as providing a weekly or monthly update via email. Going one better is the use of an online web application or portal. This is a transparent approach to record keeping which allows your property manager to communicate with you in real time. You can see information such as financials, inspection reports, recent images and maintenance bookings in a central location which can be accessed anytime.
Excellent property managers know a transparent record system such as this would never replace the need to communicate personally with the homemaker. What they know, is that it allows for a deeper, more informed conversation to take place around your property.
Once you have found a property manager you like who meets the above criteria, there are a number of simple steps to switching a property management agreement in Queensland that you can follow.
Steps to Switching a Property Management Agreement in Queensland
Contrary to popular belief, you don’t have to wait for your property to be vacant before you change Agents. Your tenancy agreement is between you and your homemakers, so any tenancy agreements which are currently in place can continue under your new management.
Here are the steps to take:
1.Check What You Agreed To
It’s a good idea to dig out your copy of your Agency Agreement (Form 6) and check it over. On many contracts, you or the Agent are required to provide 30 days’ notice to cancel your Agreement. Your current Agreement will state any fees or rules around early exit from your Contract. You should give the minimum notice in writing which can be shorter if both parties agree. If you’re not sure on your obligations, your prospective property manager can look over it for you.
2. Draft a Letter.
You will need to draft a letter giving written notice of cancellation of your agreement. Your prospective Property Manager will be able to help you draft a letter which takes into account all of your requirements.
3. Appoint a New Agent.
You can appoint a new property manager to take over your management once the old Agreement is void. You can do this, by signing a new agreement to come into effect after the date the old Agreement expires.
If you have homemakers currently living in your property, you are required to give them notification that there is a new management agreement in place. Your new property manager will take care of this for you by issuing them the appropriate form. Excellent property managers will probably also take some time to speak one-on-one with your homemakers, to ensure a smooth and friendly transition to new management.
To Wrap Up
An excellent property manager can make a huge difference to your property investment experience.
For more detailed information on your rights and responsibilities, head to the Queensland Government webpage Appointing a Property Agent.
This article is in no way intended to constitute or replace legal advice. You should seek advice from a fully qualified legal practitioner in all legal matters relating to your property.