Changing property managers can be stressful, but if the professional you are currently working with is not providing the type of outstanding service that you and your property deserve, you might want to consider making a switch. Today we are going to give you four very good reasons for why you should fire your property manager.
Lack of Communication
If you never hear from your property manager, you probably have no idea what’s going on with your rental property. You don’t want to stick with a property manager who isn’t returning phone calls, answering emails or providing you with the information you need. There should be ongoing communication and you should always receive regular reporting. At the very least, you should get a monthly statement that shows you how your investment is performing.
When your rental property sits vacant on the market, you’re losing money. A property manager who cannot get the house rented needs to be fired. Find out what the problem is; you might have it priced too high, or perhaps there isn’t enough advertising and marketing being done. In today’s rental market, you shouldn’t have to wait months to get your rental income started. If your property manager cannot find you a tenant, you need to find a new property manager.
There should be no question at all about where your money is going. A good property manager will keep detailed accounting that shows you how much you’re earning in rental income and how much you’re spending on maintenance, fees and other costs. Everything should be transparent. There is no excuse for accounting problems with all the advanced technology and property management software that’s available today.
Poor Maintenance and Inspections
Regular inspections are critical to ensuring your property is cared for and your tenants are happy. Find out how often your property manager inspects your property and ask for a copy of the inspection reports. Routine maintenance is a big deal because it keeps your house in good shape and avoids expensive repairs and replacements that deferred maintenance can cause. If your property manager isn’t responding to repair requests from tenants in a timely fashion, your property will suffer and you’ll find you’re unable to hold onto tenants.
No one likes to fire anybody. However, if your property manager is unable or unwilling to communicate, cannot do an effective job and leaves you with more questions than answers, it’s time to find someone new. We would be happy to tell you about the high quality services we provide, so please feel free to contact us at PRS Property Management.