Think You May Need A New Property Manager? Here Is 5 Signs You May Be Right.
When you own rental property, we realize you want the best property management company in charge of your properties. However, if you fail to pay attention to the details when selecting a property management firm, you will quickly realize this was a huge mistake. Before you know it, you will have more problems to deal with than you ever expected. If you're having one hassle after another regarding your properties, it may be time to hire a new property manager. To decide if you're right, here are five telltale signs that mean it's time for a change.
Lack of Communication If you hire a property management firm and then hear nothing but crickets afterward, chances are you've got the wrong folks in charge of your properties. While you don't necessarily want to hear from your property manager on a daily basis regarding money needed for repairs or turnovers, we have come to realize that a failure to communicate is often a big red flag that needs to be looked into immediately. Thus, if your phone calls, emails, and text messages are not being answered, it's time to find out why. Where are the Monthly Reports? Once you have a property manager in charge of your properties, we have found it is vital they send you monthly reports when they send you the rental proceeds. While it's nice to have the money in your hand, it's also nice to have access to reports that show key details about just how your property is being managed. Therefore, if you have to keep asking for monthly reports, we suggest you begin the hunt for a new property manager. Bad Tenant after Bad Tenant If there is one thing we have disliked more than anything over the years, it is having a property that goes from having great tenants to terrible tenants. When this happens, chances are the first place you should look is the property manager's office. In our experiences, we can virtually guarantee you've got a property manager who is falling down on the job in various areas. In most situations, bad tenants are due to a property manager failing to verify income, previous rental histories, credit scores, and other important details. If this continues, the result is late rental payments, damaged properties, and tenants skipping out on leases. Should you experience one of or a combination of these issues, drop what you're doing and make finding a new property manager your highest priority. Negative Online Reviews In today's digital age, we have found that more and more people rely on online reviews for almost everything, and that includes property management companies. Having learned a few hard lessons along the way over the years, we can definitely recommend you make good use of Google and Yelp to look at reviews of any property management company you have under consideration for your properties. On these sites, former tenants and clients often take a no-holds-barred approach to offering their opinions, which we think is very helpful prior to making a final decision. In our years of dealing with rental properties, it has become clear to us that if any property management company you are considering has an online rating of fewer than four stars, you're asking for trouble if you ignore this and give them the job. No Facebook or Twitter? Believe it or not, there are still some people in today's world who apparently have either not heard of social media or have decided in their infinite wisdom that they don't need a social media presence to be successful in business. If you're like us, you realize this is a recipe for disaster when it comes to property management. While most real estate professionals discovered the value of social media years ago, property managers have lagged well behind in this area. If you want to guarantee the property manager you select is not living in the Stone Age, make sure they have a social media presence that makes good use of video to market your properties, help with finding excellent tenants, and offers a few behind-the scenes glimpses, tips, and fun facts and happenings along the way. Since you are in the business of making money, don't leave your properties in the hands of unqualified property managers. By using the tips we've provided, you'll have fewer hassles, more money, and greater peace of mind at the end of the day.