When to Replace Your Property Manager
Updated: Jan 15
We make investments to support ourselves in the long run. Rental ownership is a personal and important business that takes a lot of time and energy. It’s the owners’ source of income and their biggest pride. Therefore, it’s crucial to hire the right people to help with business operations.
You don’t want your business to go down the drain by associating with the wrong management company. You might feel as though your employed property manager is not successful in operating your business - which is a cause for concern. If you think your property management company is not dealing with your issues as it should, it may be time to change the tactic and replace the property manager. Still, you may be unsure if it’s the right call to put your loyalties elsewhere.
There are several clues to look out for so you know that the time has come to replace your property manager.
Incompetence & Irresponsibility
Quite a lot of issues can arise when an incompetent employee has so much responsibility that property managers have. It’s their job and duty to communicate with the tenants, work on maintenance issues, and market the property. Therefore, a property manager has the power to either expand and develop your business or completely fail it.
Incompetence can be expressed in multiple ways. A competent professional will be able to lead the rental business toward success. However, an incompetent employee will cause many problems. They will not make your job easier, but rather complicate things.
A competent property manager must be familiar with the property law of the state. One of the main reasons property owners hire management companies is the complications that follow a misunderstanding of certain policies.
Therefore, if the manager fails to handle the legal system, or has a lack of knowledge in the area, your business might be in danger. In case the contract with the tenants is not created with great care and attention to detail, you might have to deal with attorneys in the future. Wasting a lot of time and money on an issue that could easily be avoided with the right management system.
One of the biggest responsibilities that the property manager has is dealing with the guests and the tenants. Communicating with the customers is key in any business. If your property manager is rude, impolite, or takes a lot of time to respond to the issues, it might be time to let them go.
You must keep an eye on tenant satisfaction. The guest experience is crucial in the rental business. Reviews that your property receives depend on their pleasure, impacting the pricing and the number of applicants you receive.
Are you not pleased with the advertisement results? Maybe the marketing strategy that your manager suggested was not the right one. The property manager has the responsibility to bring in as many clients as possible by marketing the property or properties with an excellent plan.
The property manager must know property marketing platforms well. According to these Long Beach property managers they must be able to present your rental attractively to a large group of potential clients. If you are receiving a small number of applications, if you can’t find your property on the top pages of rental platforms - it might be time to replace the property manager.
Your property manager’s duties include inspecting the property before letting the tenants move in. To satisfy the tenants, you need to present them with a comfortable environment. If your property manager fails to see some maintenance problems that turn into a huge nuisance, it will most definitely create an inconvenience for your guests.
Moreover, the maintenance issues that arise naturally, should be taken care of by the manager. They should be able to find the best company and oversee the mending process by the workers so everything goes smoothly. It’s their job to make sure that you don’t have to spend more money on reconstructing and remodeling your home.
Therefore, if your property manager fails to handle the maintenance tasks, they are not doing the job properly and you have a right to demand better quality.
Anyone can make mistakes, however, repeating these mistakes over and over again is not acceptable, especially when a whole business depends on you. The property manager must take your criticism seriously and listen to your feedback.
It’s time to replace your property manager if they are hard to reach. If they don’t take your feedback into account and don’t respond quickly, they might not be very serious about the job.
Failure to manage finances
The property manager is there to deal with the financial issues. If you have a professional by your side you shouldn’t have to worry about accounting. However, you might find yourself in that position.
Your property manager should keep a track of the finances. They should supervise the rental payments and remind you of bills and fees. They must give notice to the tenants when the rent is due.
If your property manager is responsible for more loss than profit, you should think about either reaching out to the company to replace your manager or hiring a completely different property management company.
Therefore, you shouldn’t be afraid to fire a property manager if they cause a lot of trouble. The property manager is there to manage your property and do it well. They must take responsibilities off your shoulders instead of giving you bigger headaches.
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