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In the Melbourne property investing market, there’s a growing sentiment that “property managers are useless” these days. But what's really happening with property managers right now? Why aren't they as reliable as they used to be?
As someone who has been in the property market for a long time, I have personally seen the changes that have led to this perception. Here’s my perspective on the current state of property management and what you can do to ensure your investment property is in good hands.
One of the primary issues is the lack of experience among property managers. Many are young and inexperienced, which means they often don’t have the necessary skills to optimise your investment property. Property management isn’t just about collecting rent and addressing tenant complaints; it requires a strategic way to maximise returns and maintain property value. Experienced property managers know the intricacies of the market. With this, they can anticipate potential issues, and take real-time measures to protect your investment.
Another significant problem is the lack of care factor. Many property managers haven't owned property themselves and thus don’t understand the stress and challenges faced by property investors. They might not fully grasp the effect that delayed maintenance or tenant issues can have on your investment and personal life. This lack of empathy often translates into a lack of urgency and importance when handling your property.
We’re living in a digital age where there's a societal shift away from picking up the phone and having a chat. This is particularly evident in property management. Property managers are increasingly reluctant to call their clients, opting instead for email communications. However, many issues can be resolved much faster with a quick phone call, avoiding the back-and-forth of endless email chains. A proactive property manager should be willing to pick up the phone and address concerns directly, ensuring swift resolutions and peace of mind for the property owner.
If you own an investment property in Melbourne’s northern suburbs and want to find a reliable property manager, here are some crucial questions to ask:
Consumer Affairs Victoria has this to say regarding the role of a good property manager, “Property managers must act in the best interests of the property owner, and comply with all relevant laws and regulations.” This means that finding a manager who understands and adheres to these obligations is crucial for the smooth running of your investment.
I understand these challenges and are committed to providing a consistent, trusting, and collaborative journey for our clients. I prioritise your best interests, ensuring that every transaction aligns with your goals. I, together with my team, are ensuring that we are updated on market trends to serve you better. We also foster a culture of communication and transparency especially in our services.
