If you’ve ever ordered from Temu, odds are that the item you received is far from the description on the website. While Temu offers incredibly cheap products with the promise of high quality items matching the description, what you see is rarely what you get. Like Temu, there are hundreds of property management companies who offer empty promises to deceive their clients and provide low quality service.
Scammy property management companies can be hard to identify at first glance, but placing your Orlando rental property in the hands of an unreliable manager can lead to significant consequences. Luckily, there are also hundreds of professional property managers who have your best interest in mind. If you suspect you might have hired a scammy property manager, asking yourself, “Did I get my property manager from Temu?”, here are some telltale signs that you just might have!
No Clear Contract / Property Management Agreement
One of the first steps in hiring a property manager is signing a property management agreement. A property management agreement is the contract that outlines each party’s responsibilities, the terms and conditions, and pricing and fees. The property management agreement serves as the basis to what your Orlando property manager is authorized to do and how funds will be dispersed, along with all aspects of how your property will be managed.
Without a contract, there is no legal document holding your property manager to their responsibilities. Your property manager failing or refusing to provide you with a contract is the biggest red flag and a significant sign of professionalism. In dealing with a highly valuable asset like an Orlando rental property, having a written agreement is essential. If your property manager fails to uphold their responsibilities, withholds funds, or causes damage to your property, a contract allows you to hold them accountable when necessary. A lack of a written framework can increase the risk of fraud, dishonesty, and financial mismanagement.
Lack of Transparency
A lack of transparency from your Orlando property management company is a significant issue. Your rental property investment is a highly valuable asset that should be in the hands of someone trustworthy and reliable. The goal of property management is to gain the help of an experienced professional in generating success and wealth from your Orlando rental property. However, an Orlando property manager who lacks transparency may be less likely to help you, and more likely to eat into your profits and prevent positive rental experiences with your tenants.
A lack of transparency can be identified by vague or inconsistent communication; your property manager should not be dodging questions or unable to provide the information you need. Your Orlando property management company should serve as a resource to you and your tenants and have the ability to provide updated information and reports about your property, services, progress, and issues.
Transparency is crucial for maintaining a trusting relationship between all parties involved, which is an essential part of handing your property over to a property manager.
Do you often find yourself wondering:
- Why am I uncomfortable communicating with my property manager?
- Why am I being charged for this?
- What exactly is my property manager doing for my property?
- Why haven’t I received updates about changes being made to my property?
As a property owner, you must keep in mind that this is YOUR property. You are trusting someone with your investment and you want to be sure that it is in the hands of a trustworthy property manager. With a transparent and ethical property manager your property will thrive and you will reap the benefits of renting it to responsible tenants. If you find your property manager to lack transparency and trustworthiness, I highly recommend you switch property managers and work with a trusted and professional company.
Unrealistic Pricing
If you feel that your property managers’ pricing is too good to be true, you should probably trust your gut. It’s no secret that property management is a paid service — finding the cheapest property manager will probably come with some sort of consequence and end up costing you in the long run. While lower rates come off as a steal, it’s important to evaluate competitor’s pricing and local market standards.
If your Orlando property manager’s pricing is significantly lower than all other competitors, it’s likely they’re cutting corners and providing below average management. While your management will save money upfront, below average service has the ability to negatively impact your property’s success and return on investment. Property managers with unrealistic pricing typically perform lower quality and reduced management, failing to meet property owners’ expectations and even setting them back financially.
While pricing varies from company to company, you can expect to pay a monthly management fee of 8-10% of your rental rate. In addition, if your property manager is constantly tacking on unexpected and undiscussed fees, it may be time to reevaluate and change property managers. Unless there is an unusual or immediate emergency, property owners should be aware of every fee, including one-time fees, regular fees, and maintenance costs.
Marked up Maintenance Fees
Property managers typically handle maintenance and repairs at or below a maintenance threshold. A maintenance threshold is an agreed upon amount of money in which your property manager can authorize maintenance and repairs. If a maintenance or repair goes beyond that amount, your property manager should contact you before proceeding.
In addition, if your maintenance bill is racked up with outrageous fees, your property manager probably cannot be trusted to handle your finances. Examples of unnecessary maintenance fees are:
- Marked-up repair fees: An additional fee your property manager charges for repairs.
- Routine maintenance service fees: Significant fees for simple routine maintenance such as changing a lightbulb or wiping down countertops.
- Charges for unperformed work: Charges for work that was unfinished or unperformed. Your property manager should be vetting all contractors to ensure reliability and efficiency.
- Altering your property without permission: Although some emergency maintenance repairs are necessary, your property manager should not be altering your property or making significant maintenance decisions without your permission. This can include major renovations, exterior appearance changes, or changing security features.
If it happens once, there is no saying it will not happen again. Big decisions regarding large maintenance projects should not be made on your behalf unless it is an emergency— this can significantly impact the status of your property and your finances.
What to Do if I Got My Property Manager from Temu?
If you’ve found yourself in the position where you feel like you got your property manager from Temu, it’s essential that you get out of that situation. Dealing with a scammy or unprofessional Florida property manager can cause harm to your property’s success, condition, tenant satisfaction, and your profits.
If you’ve dealt with a property manager like this, I understand that the idea of finding a new property manager can be off putting. However, working with a professional and reliable property manager can play a pivotal role in turning your Orlando rental property investment into a highly profitable venture.
At The Listing Real Estate Management, our full-service Orlando property management has helped hundreds of rental property owners optimize their income and financial returns, build their portfolios, and earn a passive income. At The Listing, we find value in not only managing your property, but taking the time to educate, align, and guide you on your successful property management journey. What sets us apart from those Temu property managers is our unwavering dedication to excellence. We truly care about our clients and we prioritize delivering best-in-class hospitality & service in every aspect of our property management operations. At The Listing Real Estate Management, we’re dedicated to effectively and efficiently managing all aspects of a rental property. We are a Guide to a successful rental experience.
If you’re looking to leave your Temu property manager behind and work with a company who has your best interest in mind, contact us today at The Listing Real Estate Management, your boutique property management company.
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