Here at :Different, we’re all about fusing technology and Australia’s best property management agents to create a better service for our owners. What we’ve found since we started this company, is that a lot of owners (around 70% by our calculations) are quite unhappy with their current property manager, but not sure of a better solution so they’ve stayed unhappy for several years. Sound familiar? Well, our team has put together a list of the top 5 reasons you should immediately look into switching your property managers. If you relate to any of these, then we should talk (and we’re offering a free chat with our agents at the end of this post).
1. You’re paying too much
If you’re like most property owners in Australia, you’re paying between 7% and 10% of your rental income to a property manager. Seems high right? Well it is and that figure is the number one reason you need to switch property managers. If you have an expensive rental property, then 10% essentially adds up to throwing away an entire month’s rental income, every year.
2. They don’t use technology
You use apps in your daily life, so why doesn’t your property manager? It turns out there are a lot of facets to property management that can be streamlined using technology. There’s a lot of paperwork, phone calls and red tape involved in your investment property and all of it can be quite the headache with the traditional PMs out there.
:Different was founded by two execs from the tech world, who were previously at Google and Uber. There they learned what technology can do to make our lives better and they brought those learnings to the property management world, for the first time. What does that mean exactly? That means time-saving apps, patented algorithms that make maintenance a cinch and quick and simple payment collection online.
3. Lack of communication
Technology isn’t the only important part. If your phone calls or emails aren’t returned promptly, or if you learn through a third party that your rental is being advertised for a sublet, it’s time to find a new property manager.
You are the owner and should be treated as such. Communication is the key to a healthy owner/manager relationship and that’s why :Different makes it first priority with 24/7 access via your Owner App. You can reach us any time, any day. It doesn’t get better than that.
4. Tenants have to track you down
You hired a property manager to invest the time that you don’t have (or want to) in managing your property. That’s the core of their job. If you’re getting contacted by tenants, this is a huge red flag that your property manager isn’t doing their job.
5. Too many expensive repair bills
With any home, maintenance and repairs are bound to happen. That’s understandable, but as an owner of an investment property your goal is to turn a profit, so you need to be wary of an abundance of bills, especially from the same company. Could this be an indicator that your property manager is receiving kickbacks from a service provider? We think so!
Make sure to request detailed documentation about all repair bills and if you really think it’s a problem then it’s absolutely time to switch.
If your previous agency agreement requires a notice period, we’ll give that notice on your behalf. This is typically only a 30 day period. We start managing your property once that notice period has ended.
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