Have you been having that nagging feeling that your property manager is doing less than the stellar job that you are paying him or her to do? Do you continue to get similar ongoing complaints from various tenants? Maybe, with this new manager, you are not seeing the cash flow that you know this property is capable of producing.
When taking the time to find and interview countless applicants in search of the one who will manage your property well, think again about the hidden and no-so-hidden costs of keeping a poor manager on your staff. Here are some signs that you may need to look into getting a new Property Management company to represent your interests with your properties.
- Expenses for repairs are submitted to you without your prior approval. Good contracts will stipulate that property managers must have your approval prior to moving forward with repairs. Make sure you write into the contract that three bids must be obtained before you will approve the contractor of your choice.
- Receipts and other documentation is not in order or even missing. A good property manager will have accurate and up to date accounts of costs and rents paid.
- Tenants seem to have varying agreements and expectations from the property manager. If your property manager is allowing certain agreements regarding the use of the property to vary from tenant to tenant, you could find yourself in a lawsuit. A good manager will keep agreements clear, consistent and in writing.
- Your manger seems to resist or delay regular property inspections. Regular inspections should be a part of their services and are a critical factor in keeping repair surprise costs down.
- Your manager is resistant or unable to use automated tenant management systems. The use of a quality tool keeps management time efficient and provides output reports for you as the property owner. A good manager knows how to best utilize these and is confident in their use.
- Your manager expects to be paid on rents not yet collected. Know for sure what your percentage is based on and that should only be on actual rents collected.
Remember to do your due diligence in screening for your next property manager so that their efforts keeps your properties performing at maximum level. Keeping your investments in good shape and operating well is the number one job of your property mangers.
Back to Blog