When you’re working with a great property management company, you hardly have to think about your investment property. Rent is coming in regularly, you know the home is being well-maintained, and your property managers respond to you promptly and completely when you have a question.
However, if you’re finding there are communication problems, financial issues, or a lack of transparency and accountability, you may want to reconsider the people you’re working with. Change can be difficult, but if your management company is not delivering on what was promised, you should not hesitate to switch companies.
There are three common and justifiable reasons to find a new Tampa property management company.
Communication is Lacking
The complaint we hear most often from people who are switching property managers is that there is no communication. Your property manager is likely busy, but there should always be a few minutes available to take your phone calls or respond to your emails. If you don’t receive updates, accounting statements, or answers to your questions, something is wrong with the flow of communication between property manager and property owner. And, if your manager isn’t communicating with you, chances are he or she isn’t being responsive to your tenants, either. This will create a negative rental experience for everyone, and there’s no reason for it. With technology, communication should be easier and more efficient than ever. Don’t settle for a property manager who cannot or will not communicate.
Your Investment is Losing Money
Is your property manager costing you money? If so, it’s absolutely time to find a new one. Property management should be one of the ways you keep costs down and profits up. There are several ways that we see terrible property management companies cost their clients money, including:
- Longer than necessary vacancy times
- Frequent tenant turnover
- Deferred maintenance
- Late rent
- Security deposit errors
- Poor lease enforcement
If you’re finding that tenants don’t often stay in the property longer than a year or it takes months for a management company to lease your vacant home, you should consider switching. Good property managers will save you money and steer you towards opportunities and ideas that will help you earn more cash flow and ROI.
Not Delivering the Scope of Service
When your property management company doesn’t do what they say they’re going to do, it’s easy to lose trust and become frustrated. Perhaps your property manager promised to maintain your home, but when you drive by the property you notice that the screens are torn and the lawn is overgrown. Before you signed the management agreement, your property manager may have assured you that rent is always collected on time, but your own rental payments are coming later and later every month. If you’re not getting the accounting statements you were promised or the regular inspections, it’s time to find a management company that will actually follow the terms of your contract.
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