5 Property Manager Red Flags You Should be Aware Of
Hiring a property manager to handle your investment properties isn’t an easy task. Whoever it is you’re going to hire will have big shoes to fill. Even if you think you hired the right person, can you still say the same after a few months or years? This is why it’s important to observe and evaluate your property manager’s performance from time to time. When it comes to property management, it’s crucial to observe a couple of red flags that might indicate your manager isn’t doing their best to keep your property in order.
1. Lack of Communication
The very first red flag you should be aware of is a property manager that doesn’t keep you updated on what’s happening in your property. If your property manager seems to be always unreachable, lax with proactive updates and takes a long time to answer your questions, then that’s something questionable already. This level of communication shouldn’t be tolerated since that could also be reflective of their communication with your tenants, which could impact your ability to keep them.
2. High Tenant Turnover and Vacancy Rate
Turnover and vacancy rates could easily affect the income you get from your investment property. If you somehow noticed that your property seems to be experiencing high tenant turnover and is vacant for long periods of time, then there must be something wrong with how your property manager is taking care of your property. A good property manager should market your properties effectively and know how to find reliable and responsible tenants. Otherwise, maybe it’s time to look for a new property manager.
3. Limited Hours
One of the most critical responsibilities of a property manager is being the appointed contact person of your tenants should they have any emergencies or need maintenance requests fulfilled. You expect your property manager to provide this level of service, and your tenants expect the same as well. But if for some reason, your manager has limited availability and is unable to respond timely and process requests, then that’s something worth looking into.
4. Poor Follow-Through
Filing monthly and annual reports of your profits and the number of maintenance requests fulfilled is also part of a property manager’s responsibility. These aren’t just one-off reports they need to submit and forget. They require keen attention to detail and follow-through, which could be worrying once your property manager fails to fulfill those tasks. Having poor follow-through could actually mean that your property manager isn’t staying up-to-date on maintenance and compliance checks.
5. Limited Services
In every owner-property manager relationship, the latter needs to provide services that add value to your business. They’re not there as ‘caretakers’ of your property. They’re there to be a manager who oversees everything that happens on your investment property. This means they need to be capable of carrying out all management functions, including leasing your property, advertising to and screening future tenants, cleaning your property in between tenants, and also managing maintenance requests. Don’t forget property inspections, which are something that should be done every couple of months. If your property manager doesn’t seem to be up to all these tasks, then it’s time to reconsider their employment.
Being a property manager isn’t easy and choosing one for your investment property isn’t as simple as just choosing someone with experience. You need to be able to trust them to do all these things. Otherwise, then these red flags should help you better evaluate your property managers.
Quest Real Estate is the leading property management company in the Jacksonville, Florida, area. With our ever-growing client base, we take pride in the level of service that we provide. If you’re looking for someone who can provide first-rate commercial and residential property management, Quest Real Estate is the one to call. Contact us today to get started!