I recently returned to Canberra after three years away and have found my property looking very neglected and in disrepair, which was not the condition I left it in. Rightly or wrongly I had expected that the fees I have been paying for professional property management services (recently changed names and I wonder why?) would mean that I could be confident my investment would be well maintained and my return on this investment (i.e. rental income) would be efficiently managed. Just to be clear, by ‘efficiently managed’ I mean that only any required repairs would be conducted and in a timely manner, and that value for money would be ensured when sourcing these necessary works and repairs. Again not the case.
With a burgeoning property investment market, how is it that this industry does not yet have standards to be held to account like so many other industries. It seems with very little knowledge or training anyone can be employed in the property management business, I understand you have to start somewhere, alas the unsupervised results can be abysmal. In my example above, the business in question does appear to have a whole lot of cumulative industry knowledge, but this does not seem to translate where it matters, that is with the employees tasked doing the day-to-day services whose poor management skills have the ability to translate into significant negative impact for owners. In all fairness, it is the business managers in these organisations that should really be held accountable, and in turn the business principals, for the apparently inadequate supervision and the lack of leadership and mentoring they provide to their respective teams.
Leaves my question though; where are the Standards that should be holding the industry to account for the services provided by its members? It’s about time the industry be regulated in ways that ensure minimum standards are consistently met, and in the interests of transparency and accountability, that agencies be rated on their property management performance. These ratings should then be made readily and easily accessible to the public. Maybe by taking action in this way the so-called the less scrupulous operators that bring the rest of the industry into disrepute would be forced to lift their game or potentially risk going out of business.
Particularly interested to be enlightened by the thoughts and experiences of others?