How to Know When It’s Time to Switch Management Companies
It’s common for landlords to break up ties with their property management.
Here are five explanations of why this occurs:
Communication Breakdown: The property manager does not reply to calls, texts, or email messages from the landlord. The landlord could become upset by this as they feel ignored by the manager. One business day is the standard response time for correspondence and landlord questions for many managers
Poor Property Maintenance: One of the property manager’s duties is to make sure that rental property is maintained. If the property is deteriorating and the management has not advised the landlord of the need for repairs, there is a severe concern. It is usually advisable to avoid delaying or ignoring maintenance because it can be rather expensive.
Vacancies: Management needs to rent out the area as soon as a tenant vacates. A thorough marketing and tenant-finding approach will minimize the landlord’s income loss. Long periods of time without a renter and repeated evictions are incredibly expensive situations that make any landlord unhappy.
Accounting Errors and Inaccurate Statements: If your statement contains errors often, there may be underlying issues. Statements must be straightforward, and any modifications must be simply explained and backed up by supporting documentation. Landlords are at the very least entitled to timely and accurate information. Losing faith in any management may result from not receiving those.
Unauthorized Spending: The property management agreement should include a maintenance restriction that requires the landlord’s consent if an expense exceeds a specific level. The connection may suffer if managers fail to obtain the owner’s permission.
When a collaboration with a property management company fails for whatever reason, it is challenging to regain that confidence and faith in them.
Please get in touch if you have any inquiries about property management.