Switching property management companies can be a daunting decision. If you have been with a certain property manager for multiple years, it can be difficult to leave and look elsewhere. There are, however, several signs to look for that will tell you it is time to make a change. If any of these things sound like something you’re going through, consider finding a property manager who can be more responsive to your needs and the needs of your property.
Infrequent or Inaccessible Communication
The most common issue that we hear about from owners looking for new property management is that communication is bad or non-existent. If you are not able to get in contact with your property manager or your emails are going unanswered, this might be a great time to think about making a switch. Communication is essential, and one of the most basic functions of professional management. You need to know that your property is being cared for expertly, and you should have a point of contact at all times if you need to reach someone. Your tenants deserve excellent communication as well. You don’t want them to be left feeling alone and helpless when there’s a maintenance emergency or a habitability issue.
Loss of Revenue or High Expenses
Another complaint we often hear from owners is that their profits are going down. You own rental property in order to earn income and to increase your ROI. So, if you’re seeing a lot of unnecessary charges like excess maintenance fees, lease renewal fees, marketing start-up costs, and other expenses that don’t make sense or weren’t explained to you, it’s natural to be concerned. These things will cut into an owner’s rental property income, and it should be a cause for concern.
Vacancy Times and Costs are Excessive
Owners who are considering a change in management may also be frustrated with their property manager’s vacancy rate. If your property is left vacant for an extended period of time and your property manager is unable to rent it, there is clearly something about their marketing and leasing process that is not working. Or, perhaps your property manager has priced your home too high. You don’t want your investment property to be on the market for 30, 45, or even 60 days without anyone showing an interest. This costs you money, and it’s an excellent reason to seek new management.
Poor Marketing Efforts
If you see your property manager at your home taking photos with a phone, they are not taking the time to market your home properly. We believe marketing requires an investment and a commitment. We know how crucial it is to find a good tenant quickly. You need detailed video tours and professional photography to showcase your home in the best way across all platforms. Switching property management companies can be a stressful and tricky thing to do, but if you are experiencing some of these telltale signs, then it might be a good time to look elsewhere. We are here to help, and if you have any further questions about how to find a better property manager, please contact us at The Listing Real Estate Management.