How frequently do you receive communication from your property manager?

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When it comes to entrusting someone with the management of an investment property, it is crucial to establish a relationship based on effective communication.

An ideal property manager will not only comprehend your objectives and priorities for the property but also collaborate with you to achieve them.

This raises the question: how frequently do you receive updates from your property manager?

A competent manager will ensure regular and proactive communication, rather than solely reaching out when issues arise.

The Role of a Property Manager A property manager's primary responsibility is to safeguard the value of one of your most significant financial assets. Their duties include:

• Providing advice on appropriate rental pricing.

• Advertising the property for rent.

• Finding suitable tenants.

• Ensuring timely rent payments.

• Handling all legal documentation associated with renting the property, such as drafting rental agreements and lodging rental bonds.

• Managing maintenance and repair tasks.

• Conducting routine inspections.

• Safeguarding the rights of both the property owner and the resident.

• Navigating relevant rental laws.

Qualities of Effective Property Management A proficient property manager makes the aforementioned tasks appear effortless. In addition, they are proactive in property upkeep and maintain regular communication with both you and the tenants.

Their communication should go beyond merely reporting problems. It should involve understanding your property goals while effectively liaising with the renters to ensure a positive rental experience.

Appropriate Times for Communication So, when should you expect to hear from your property manager?

As mentioned earlier, communication should be regular, proactive, and responsive. At the very least, you should receive updates in the following situations:

• When repairs are required at the property.

• When maintenance is necessary to preserve the property's value.

• After conducting routine inspections, including any identified issues, suggested improvements, or renter requests.

• Well in advance of the rental agreement's end to discuss future options, including information about the local market and the appropriate rental price.

• In the event of rent arrears, informing you of the property manager's plan to resolve the situation.

Furthermore, an exceptional property manager will also provide proactive communication regarding:

• The current state of the rental and property market in the region.

• Any changes in rental laws that may affect you, along with recommendations on how to navigate them.

• Suggestions for future property improvements or maintenance.

• General feedback on the renter's experience, including potential issues, the property's condition, and the renter's satisfaction.

• Reminders for upcoming payment deadlines, such as rates or body corporate fees.

• A courtesy call to check in and gauge your satisfaction with the rental process.

In Conclusion Effective communication is crucial for a positive rental experience for all parties involved. It is an expectation when someone is entrusted with managing a significant asset like a property.

If your property manager only reaches out when problems arise or if you feel that the level of communication is lacking, it may be time to consider whether they are the right person to manage your asset.