4 Signs That Mean It's Probably Time For You To Switch To a Better Property Manager
Hiring a property management company to look after your rental property-related affairs is a great way to make your life hassle and stress-free. Having someone running around on your behalf to get repair work on your rental property done, collect rent, and look for new tenants makes renting out your property a lot less challenging. However, you won’t always find the best property management company to work with.
Getting stuck with a bad property management company completely changes the picture. Now, you don’t just have to worry about the maintenance and upkeep of your property but also have to run after your property management company for regular updates.
We’ve listed down some signs that will help you understand that it’s time for you to bid goodbye to your current property manager and look for a better one!
1. Poor communication from the manager
Communication is something a property management company should be good at. Property managers advertise online so you can find them, hire them to manage your property, and get quick responses to anything you would like to know. If your property management company has been failing to answer your emails or calls within 24 hours, it is time that you cancel your contract with them and look for other options. Poor communication is just not acceptable!
2. Missed Deadlines and Important Details
There is no room for missed deadlines in the field of real estate. Legally, tenants have to be informed that their lease is coming to an end 60 days before it ends. The tenants are supposed to respond at least 45 days before the lease ends if they would like to renew it.
It is the responsibility of the property management company to make sure the tenant is informed on time. It is also their responsibility to follow-up with the tenants for their response. In case the tenant doesn’t respond in due time, the lease is automatically renewed on a monthly basis.
Any irresponsibility on the part of your property management company could mean hassle for you. You may have made plans to move back in, but because your property manager failed to document the tenant’s response on time, the tenant gets the right to stay at your property for another month. You’ll have to keep your plan on hold because your property manager wasn’t responsible enough.
3. Inconsistent rent payment proceeds
One of the major reasons why people opt for property management companies is a timely collection of rent. However, if your property management company has an unreliable payment schedule, you should consider ditching them. Modern property managers should be using property management software that lets tenants pay online quickly and easily without any hassle.
They also should have invested in a modern website that helps both tenants and property owners find the info they need. Tenants should easily be able to pay rent, and owners should easily be able to get their rent payment via direct deposit or another method.
If they fail to either collect the rent on time or transfer you the collected amount immediately, consider it a sign of an unreliable property management company. You, as a homeowner, have the right over the collected rent, and you should not be made to wait for it. If you have to, the property management company isn’t doing their job right.
4. Innacurate cost reporting/statements
Before a property manager can get any repair work done at your property, they need to get approval from you in terms of the cost. If the repair work costs more than what you approved, the property manager should inform you and get your approval first. If your property management company doesn’t have this practice and they quote inaccurate costs in statements, you should look for a new property management company right away!
Property management companies are meant to make life easier for you. If your property management company has made things more stressful for you, you know what you should do – ditch them and look for a better option!