When To Change Your Real Estate Agent.
Making the change to a new real estate agent is simpler than what many investors expect. And with the potential to increase your returns and get a better service, why wouldn’t you ditch that dodgy property manager once and for all?
Sick of forking out for your investment property?
A good property manager can really be the difference between an investment that is eating away at your savings, and an investment that is propelling you to the next stage of your journey.
Many real estate agents have a sales focus, and thus see property management as something they do on the side.
This is why so many of them seem to operate just to keep the tenant happy.
Why Blink is different.
Nathan started Blink because he was sick of losing money on his properties due to poor management. He recently made it national so that investors all over Australia could reap the benefits of having other investors look after their portfolios.
Some of these benefits include a focus on maximising returns through regular rental reviews, and a pro-landlord approach that helps to keep expenses down.
We use ratchet clauses in our leases to keep the rent rising throughout the tenancy, and time them to end at peak season so the tenants will be more likely to stay.
How can you make the switch?
Contrary to popular belief, you don’t necessarily have to wait for the lease to end before switching property managers.
All you need to do is reach out to the new office you would like to go with and sign a couple of pieces of paperwork. They then take care of the rest.
The transfer generally takes about 30 to 60 days to complete, depending on the terms written up in the contract you signed with your existing agency.
The importance of a good property manager.
Having a good property manager is key to your success as an investor. Buying the right properties is only one part of the overall process.
After all, you could have a great mix of properties in your portfolio that are going up in value, but are costing you an arm and a leg to maintain.
A good property manager will work hard to keep your expenses down while aiming for optimum rent that stays in line with the market and rises over time.
What happens if you stay with a bad property manager?
Staying with a bad property manager can cost you heaps in lost opportunities. Even worse, a manager who doesn’t make sure the property is compliant with health and safety regulations could cost you in litigation – and even cost you your tenants or put their lives at risk.
And that is not what good property investing is all about.
Has a property manager ever cost you more money than you thought they were worth? Please share your experiences in the comments section below.