“What are the main reasons my property manager will need to communicate with me and what form will that typically take?” Owner, WA
Feature agent: Jarrad Mahon, Managing Director/Licensee at Investors Edge Real Estate.
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We asked managing director/licensee at Investors Edge Real Estate, Jarrad Mahon for his advice.
“If things are running smoothly, you should have minimal contact with your property manager,” Jarrad said.
“However there are certain times when you should definitely be hearing from them. A good property manager will find out your preferred communication method and tailor how they work with you.”
In order of importance, firstly you should be receiving regular updates when your property is being marketed for lease. “This should include updates after each viewing and weekly feedback reports on how the leasing campaign is progressing,” Jarrad said.
“In this market, you need to make adjustments quickly if you are not attracting enough tenant interest, so your manager should be giving you all the info and making recommendations.”
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Secondly, you should be kept in the loop if your rent is unpaid and any action taken to breach your tenant. “If rent remains unpaid, they will need your input on whether to terminate the tenant’s lease,” Jarrad said.
Thirdly, your managing agent should provide a written routine inspection every 3-6 months. “This should include photos of all the main areas inspected, any maintenance and tenant items requiring attention,” he said.
“They should then keep you updated on the progress of any maintenance and where items are likely to cost more than $400, you should expect 2-3 quotes to know that your cost is being minimised.”
Finally, you should hear from your manager whenever they review the rental price or are looking to renew the lease with your current tenants. “In this market, these two things need to be carefully managed to ensure the best outcome for you,” Jarrad concluded.