If your property is doing well financially right now, it doesn’t mean that your property managers aren’t doing a good job. But it’s also quite likely that if your property management company is doing a bad job handling your property, then your financial situation will get worse with time. So, what are the signs that you should look for in order to tell they’re doing a bad job?
So, what are the signs that you should look for in order to tell they’re doing a bad job? Here are some things that you should take note of.
Property managers should know that while they’re doing all the managing, it’s still your property and that they work for you. This means they should regularly update you with the situation of your various properties and keep you in the loop. Worst case scenario, they should respond when you call or email them. If they fail to do so and you’re not aware of what’s happening then maybe it’s time to look for alternatives.
Hiring a property management company or property manager is mostly done to have them take care of tenants and their complaints. If tenants start getting in touch with you because the property management company isn’t answering them or is not fixing their problems, then that’s a sign that they’re doing a very poor job.
Your property manager should know your property inside out. Every little detail is important because it factors into maintenance, repairs, and whether or not a tenant gets part of their security deposit back upon leaving your property. The role of your manager in inspections is particularly important if you don’t live close enough to your properties to inspect them yourself.
You should be getting regular reports on the place and about any changes. If your property management company isn’t providing you with that kind of info, then you should let go of them because they’re simply not up to standards.
Property managers and property management companies are not supposed to lease your property to the first person they find. There should be a screening process in place to guarantee that you have the best tenants who will take care of your place and pay their rent on time. If the screening process is inefficient, or absent altogether, you’ll keep ending up with trouble makers and tenants who make your life very difficult. They’ll trash the place, try to get out of paying rent, and you’ll end up having to evict them.
A property management company that knows what it’s doing would have a good screening process in place. Your tenants aren’t supposed to give you so much trouble. If they are and it keeps happening, then it’s the property management company’s fault.
Hiring property managers to take care of your estate should make your life easier rather than more difficult. If you find yourself repeatedly frustrated and unable to reach them, plus you’re dealing with bad tenants all the time and you’re not getting enough information about your property, then you should probably fire them and hire someone else.