5 Signs You Need a New Property Manager
Welcome to 2020! As we usher in the new year and the beginning of a new decade, a lot has changed in the property management industry including rental property owner expectations. If you’re thinking about changing property managers, chances are you have a pretty good reason and the following 5 Signs You Need a New Property Manager may help with that decision.
These signs are compiled from daily conversations with rental property owners just like you who are refusing to settle for average property management.
5 Signs You Need a New Property Manager- Lack of Communication
The truth is that most property managers only contact their clients when they need money: money for repairs, or money for turnovers.
So, when rental property owners don’t hear from their property manager, it’s not always a bad thing.
The problem occurs when the property manager is too quiet, they don’t communicate at all with their clients. Once the property management agreement is signed, they tend to disappear.
They don’t return calls or emails, no email newsletters, and no quarterly updates. Truth be told, if they’re not communicating with owners, they’re most likely not communicating with tenants, nor are they managing the rental property accordingly.
5 Signs You Need a New Property Manager- No Monthly Reports
Transparency is key. All rental proceeds should be accompanied by a monthly report.
Some companies issue written reports (old school) and most have an online portal where owners can review their monthly reports and/or download them if they choose.
An owner should never have to ask for a basic monthly accounting of their property.
Receiving a monthly report or having access to one is considered industry standard and if you have to ask for a basic accounting of your rental property, then you may need a new property manager.
5 Signs You Need a New Property- Consistently Bad Tenants
Finding a tenant can be fairy easy, but finding a “Qualified Tenant” may be a little more challenging.
Property managers that have limited or relaxed tenant qualification procedures will inevitably place tenants that are more problematic then others.
Failing to Qualify all Applicants over 18
Not Verifying Income Sources
Failing to Verify Previous Rental History
Not Taking FICO Scores Into Consideration
When procedures are relaxed, tenants that tend to pay rent late, pay rent short or in the worst case scenario don’t pay at all fall through the cracks.
Lease agreements are breached and properties are damaged from the lack of due diligence.
Owners are left with non performing assets and expensive repairs to return the property to rent ready.
If you’ve experienced any of the issues mentioned above more then once you may need a new property manager.
5 Signs You Need a New Property Manager- Negative Online Reviews
If you have concerns about your property management company, chances are you’re not alone.
A quick check of their Google or Yelp reviews may tell the story of how existing or former clients viewed their business practices.
Related: 85% of consumers trust online reviews as much as personal recommendations
Online reviews are very telling and powerful. Management companies that don’t value or respond accordingly to less than stellar reviews should raise concerns.
If your existing property management company has an online rating of 4 stars or less or a rash of recent negative reviews then you may need a new property manager.
5 Signs You Need a New Property Manager- No Social Media Presence
It’s 2020 is this even possible? Unfortunately, the answer is yes.
The real estate industry as a whole has come a long way when it comes to social media but unfortunately residential property managers have lagged behind.
Having just a website in today’s business environment is equivalent to having a glorified business card.
The top industry leading companies are active on multiple social media platforms such as Facebook, Instagram, & YouTube to mention a few.
Related: How To Lease Rentals Using Social Media
We hope you enjoyed reading the 5 Signs You Need A New Property Manager.
Please take a moment to check out the following
5 Worst Questions to Ask a Property Manager
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Revised 01-2020-Written by Salvatore Friscia, owner of San Diego Premier Property Management a full service residential property management company offering Worry Free property management to the greater San Diego area since 2004.
