It’s always a good decision to hire a professional property manager to find you tenants and take care of the daily operations of your investment property. You have certain expectations when you begin working with a property manager, and if there are minor problems or disagreements, those things can usually be handled without terminating the contract entirely. However, there are some very good reasons to fire your property management company. We’re talking about five of those reasons today, and if you are having these problems with your own property manager, consider looking elsewhere.
Everyone communicates differently, and that’s okay. However, if you are leaving messages or sending emails and your property manager is not responding, that’s a big problem. You shouldn’t have to call more than once and you should always be able to reach someone if there is an emergency or you need immediate help. No landlord should tolerate a property manager who doesn’t return calls or answer emails.
A good property manager will send you a monthly statement that details the amount of income you received from rent and the costs that were associated with your property during that time period. You should be aware of every dollar that is spent on maintenance, HOA fees and property management costs. If you don’t receive statements or you have no way to access financial information about your rental property, you have grounds to find a new property manager.
Sometimes, you’ll find yourself in a tough market and your property will be vacant a little bit longer than you’d like. That’s understandable. However, if your property manager is not proactive about marketing your house and advertising in the right places, you’ve got a problem. Vacancies cost you money, and the longer your home sits on the market, the longer it takes to find a good tenant and get your rental income moving. Always ask your property manager about vacancy rates and work with someone who is aggressive about getting your property rented.
Tenant screening is an essential component of property management. If you are routinely getting bad tenants in your property who don’t pay rent or need to be evicted or leave expensive damages, your property manager is not doing a good job of screening.
Preventative maintenance is a great way to keep your property in good shape and to avoid expensive repairs in the long term. Your property manager must do regular inspections and be proactive about fixing those small leaks and other preventative maintenance issues. If things are breaking a lot and you are spending more money than you should on repairs and maintenance, you might need to find a property manager who can take better care of your home.
It’s perfectly acceptable to hold your property manager to high standards. If you would like to learn more about what makes a property manager great and why you might want to fire yours, contact us at Dave Poletti & Associates.