While owning a rental property is primarily all upside, dealing with tenants isn’t for the faint of heart. That’s why smart property owners outsource that job to a property manager who can find tenants, keep them happy, and make sure they pay rent on time.They can oversee upkeep and repairs, and make sure your property stays well-maintained so it doesn’t lose value.
You rely heavily on your property managers or property management firm, and you probably pay handsomely for their services. If you’re not 100 percent satisfied with the job they’re doing, it’s time to find someone who can provide total satisfaction. Here are six signs it may be time to replace your property manager.
6. Tenants Track You Down
You hired a property manager because you don’t want to or have the time to be involved with finding tenants, handling maintenance or repair requests, tracking down overdue rent payments, negotiating the terms of breaking or extending a lease, discussing your pet policy and so on. Anyone who’s remotely computer savvy can find a property owner’s name, address, and phone number. If a tenant bypasses your property manager to communicate with you directly, that’s a big red flag that your property manager isn’t doing his job and needs to be replaced.
5. Neighbors Complain to You
Along the same lines as tenants tracking you down, consider it an ominous sign when neighbors of your rental property call you to complain. Especially if your property is located in an upscale community, fellow homeowners won't tolerate renters who are noisy or don't maintain your property. The moment you hear complaints from neighbors about issues with your rental that threaten to negatively affect property values, you should find a new property manager.
4. Desire to Check Up On Your Property
If you’re an owner who lives in the vicinity of your property, do you find yourself driving by to check up on your rental? If you don’t live nearby, have you asked friends or relatives in the area to surveil you rental? If so, this indicates a lack of confidence in your property manager.
3. Onslaught of Pricey Repair Bills
With any home, maintenance and repairs arise. Be wary of an abundance of bills, especially from the same company. That could be an indicator that your property manager is receiving kickbacks from a service provider. Make sure to request detailed documentation about all repair bills.
2. Lack of Communication
If your phone calls or emails aren’t returned promptly, or if you learn through a third party that your rental is being advertised for a sublet, it’s time to find a new property manager. You are the boss and should be treated as such.
1. You’re Even Considering Switching
The number-one sign it’s time to find a new property manager? The fact that you’re even considering making a change is usually a big red flag. If you’re happy with the service your current property manager is providing, there’s really no reason to shake things up.
Your rental property represents one of your greatest assets. If you’re not completely confident that you can trust the individual or company you’ve retained to oversee it, it’s time to find a property manager you can trust. If you’ve got nagging doubts or worries, trust your instincts.
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