Do you have a good or an amazing property manager? And do you know the difference ?
A good property manager is reactive. They treat their work as a job and they get it done competently.
They get a call regarding maintenance and they contact you to ask if it is ok to arrange
The tenant doesn’t pay rent and they issue notices to get it paid
Routine inspections get done on time and they provide you with a report with photos
They advertise your property and they find you a tenant. They receive an application and process it and ask you to make a decision
There is nothing wrong with the above. It is certainly fine. Is it enough to ensure you are maximising the benefit of having your investment?
Here are some examples of what amazing service looks like.
Your property manager does a routine inspection and suggests future improvements that are required for your property so you can future plan.
Are you getting a call for the maintenance and is your property manager just relaying what the tenant have asked for ? Or has your property manager trouble shooted with the tenant first, and have they provided industry experience with if this work is required to be done sooner rather then later, or can it wait till some more work is required ? If the owners plans to keep the investment property is short term then you may want to advise that the owner deal with the maintenance and quality of parts differently then if they had long term plans.
When an application comes in, are the prospective tenants the right fit for the property or complex. Has this been verbalised to you and have you considered more then just their references ?
If the lease is due to be renewed are you getting a full update on the market and possibly an updated appraisal so you can make an informed decision ? Have you advised the owner on the financial risk if the tenant was to vacate ?
It really comes down to the property manager understanding your reason for having the investment. They should know if you are long term or short term. If you plan to move back in to the property or if it is your retirement fund. We all talk about providing a "personal" service but it is a word that gets thrown around a lot. When I say my team offers a personal service, I really mean that. They know how many children they have, who's mum is sick, who just bought a new car, who is getting divorced and who has just come back from holidays.
What I love even more is when our clients know the same information about us ! Thats when you really start creating raving fans.
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