It’s not easy to manage a property. You need to deal with tenant issues, handle repairs, and be on call when someone needs help. That’s why it’s no surprise that only 45% of property owners manage their own property.
But hiring a management company doesn’t always work as well as you expect. In some cases, you’ll need to rethink the company you hire for the job.
You rely on your property manager to care for your tenants and rentals, so you can’t afford to hire the wrong one for the job. Watch for the signs below to understand when it makes sense to switch property management companies.
1. High Tenant Turnover
High tenant turnover is one of the worst problems for a landlord. You want renters who will stick with you long-term. This is because empty rentals cost money and lead to wasted time trying to find new tenants.
If your property management company does its job right, you should have high tenant satisfaction. That means you shouldn’t see your manager constantly looking for new tenants for your properties.
2. Poor Communication
It’s critical for you to understand what’s happening at your properties. Even if you aren’t involved in the day-to-day operations, you still need to understand the problems and what’s being done about them. This includes bad tenants, property repairs, disputes, and other issues.
Unfortunately, some of your property management options won’t communicate this. They want you to think everything is fine and keep you in the dark about the job they are doing. If you aren’t getting any insights like this about your properties, it might be time to look for other help.
3. Compliance Problems
Property managers can’t do anything they want when managing properties. There are laws that protect tenants to stop landlords from taking advantage of people who need a roof over their heads.
Unfortunately, that doesn’t stop some managers from taking advantage of your tenants’ situations. Make sure you get a guarantee that your property manager will follow the rules. If you don’t have clear guidelines covering how a manager handles things, you may end up in legal trouble if you stay.
4. Bad Reviews
A tell-tell sign that something isn’t right is when you hear directly from your tenants. If you only have the occasional problem, you probably won’t hear much from the people who live in your properties. But when issues are bad, you’ll hear from them directly or start seeing bad reviews.
Keep an eye on a management company’s reviews to see if there is anything you should worry about. If you start seeing lousy feedback, look for a better provider like reedyandcompany.com to get help managing your properties correctly.
Hire the Best Property Management Companies
Property management services play a massive role in the success of your rentals. They help keep your properties in great shape and make sure your tenants have everything they need to live their lives. If your property management company isn’t doing its job, you’ll have a high vacancy rate and be unable to keep your properties rented.
That’s why it’s essential to understand when to change property management companies. Watch for the signs above and take action if you see them.
Are you interested in getting more involved in the real estate world? Check out the blog to learn more about navigating the real estate market.
