Navigating a change in property management can be intimidating, especially when your investment property is at stake. But, if your current management isn't providing the service and value you deserve, it might be time to explore new options. A solid relationship with your property management team should be built on trust, transparency, and tangible results. Don’t hesitate to make a switch if your needs aren't being met.
Here are some significant indicators that you should consider a new property management partner.
Unsatisfactory Communication
Has your property manager been consistently unresponsive? While busyness is a common reason, it’s no excuse for poor communication. It’s a fundamental aspect of customer service.
A pattern of unreturned calls or ignored messages indicates a problem with your management company's priority setting. If they’re not responsive to you, how can you trust they’re promptly addressing your tenants' concerns or emergencies?
A property management company that values communication and accessibility should be high on your list.
Excessive Maintenance Costs with Little to No Return
Investment naturally involves increasing maintenance costs. However, you should partner with property managers adept at preventive maintenance and minimizing the cost and disruption of emergency repairs.
While maintenance and repairs are inevitable, you shouldn't be paying for the same issue repeatedly. A competent property manager ensures you're getting value for your money. They should have strong relationships with reliable vendors who provide quality work at competitive prices.
Inconsistent or Non-existent Rent Collection
A systematic rent collection process is a basic expectation from your property management team. If rent collection is irregular or non-existent, you need to investigate. Enquire about their rent collection process, late payment repercussions, and the allocation of late fees.
Your property manager should facilitate an online payment system for your tenants to reduce late payments. If late fees are collected, you should know where they're going.
Persistent rental payment issues indicate that it's time to seek a new property management solution.
Inaccurate Accounting Statements
Regular and accurate accounting statements detailing your earnings and expenditures on your property are crucial. If your statements are confusing, inaccurate, or missing altogether, you need a more efficient property management solution. It's your investment; knowing how it's managed financially is vital.
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