Being on the front line working for ASTORB I’ve literally heard thousands of sad stories from our clients in relation to poor property management. I’ve battled constantly in my mind how investors could put up with such bad practices from property agents and real estate agencies who they pay to look after their affairs for them.
I realize being in another state so far from their investment is difficult and I sympathise. Over the years some of the stories have shocked me, but mostly they disappoint me. I was so sure that I would never put up with some of the situations which our clients have faced should I ever be in a position to acquire an investment portfolio of my own. No, I’m empowered and knowledgeable in this area. I know my rights and entitlements. I would never pay someone to manage my investment and not get the results I expected. Until it happened to me that is.
Once I’d secured my investment house I set about finding the best property manager available. Being in the industry I had a pretty good local knowledge about what I should expect and what I would accept in a property manager.
After perusing several management portfolios I chose a property manager within an agency close to my investment with a good, solid reputation. The most important factor for my choosing was that I wanted the agent I chose to protect my asset, keep my rent up to market level, have my property well cared for, rent paid on time and demonstrate loyalty to be to me as I’m the one paying them.
Unfortunately, as agents see the tenants more often than they see their client, they often establish a relationship with the tenant and become friendly with them.