3 Warning Signs that You Need a New Property Manager
Managing one property on your own can be difficult enough as it is, and the job becomes infinitely more challenging the more properties are involved. In such scenarios, working with a property manager to handle all day-to-day tasks and tenant concerns is usually the best choice. Not only will they be able to fulfill all the managerial duties for you, but they can also ensure that your business produces revenue on a consistent basis.
That said, not all property managers are great. While some are indeed excellent, others might cause you more headaches and do more harm than good.
Here are a few signs of lousy property management to give you an idea of whether it’s time to switch to a more reliable service.
1. Constant bad tenants
No one ever wants to rent their properties out to lousy tenants. This is because they bring nothing but problems, from unpaid rents to regular property damage. On the other hand, a good tenant will pay on time, help keep the property in good condition, and is overall good business for you.
As such, it is the property manager’s job to ensure that each potential tenant is properly put through the right screening process to separate the good ones from the bad.
If you find that you always have to deal with lousy tenants on your property, it is a sign that the manager is not screening the tenants well enough.
2. Hiring expensive tradespeople
Tradespeople are a vital part of any property. They can provide a myriad of services to install, maintain, repair, and replace parts of the property to keep everything in good condition.
A good property manager will ensure that the tradespeople they hire offer excellent services, show up on time, and are generally pleasant to deal with. They manage this by cultivating strong relationships to benefit both parties. Meanwhile, a lousy property manager will care less about relationships, resulting in hiring tradespeople who are difficult to work with.
If you find that tradespeople either show up late often or are quite expensive to hire, the problem might be with your manager.
3. Piled up property problems
It’s normal for any property to undergo wear and tear and slowly fall into decline. To ensure that it is kept in its best shape for as long as possible, property managers need to implement ways to run maintenance to limit the number of problems.
While good managers will have no problems ensuring your property is kept in good shape, poor managers will usually forget about this. This can cause problems to slowly worsen, forcing you to spend more money on fixes that could have been addressed for much cheaper if tackled earlier on.
If you find yourself excessively spending over repair costs, the reason is possibly your manager being careless in the maintenance aspect of your property.
There are many other signs you can pay attention to determine whether your property managers are lousy, such as a lack of communication and unprofessional behavior. Nevertheless, if you discover any of these signs with your property manager, take it as a warning.
Take the time to talk with the manager about your concerns and see whether any action can be made. If the problem remains unresolved and the manager has not done anything to remedy it, do yourself a favor and work with someone else.
While finding a replacement might take some time and effort, it will be worth it, especially in the long run. Not only will you save more money, but it will also keep your reputation intact!
Quest Real Estate is a property management company in Jacksonville that offers a wide variety of services such as advertising, market analysis, and more. If you require expert and reliable property managers to work with, reach out to us today.