As a property owner, you have a lot on your plate. Managing tenants, maintaining your property, and staying on top of all the legal requirements can be overwhelming. That is why hiring a property manager can be such a relief. However, if your current property manager is not doing their job right, it can cause more problems than it solves. Here are 10 signs that will help you tell if your current property manager isn’t up to par.
Is Your Property Manager Doing the Bare Minimum?
10 Signs to Look Out For
Tenants Are Unhappy
As a landlord, one of your goals is to make sure your tenants are happy staying in your property. If you are getting complaints from tenants about their living conditions or maintenance requests that aren’t being addressed, this could indicate that your property manager isn’t doing their job properly.
A good property manager should respond quickly to tenant concerns and ensure that any necessary repairs or improvements are taken care of promptly.
Bookkeeping can make or break a successful property management business. A good property manager should be able to keep accurate records of rental payments and maintenance costs for each unit in your building. If you notice discrepancies in these records or if they seem disorganized, this is a sign that something is wrong with the way your property manager is managing the finances for your building.
Not Following Rules
Laws and regulations change all the time when it comes to renting out properties, so your property manager needs to stay informed and up-to-date on any new rules or laws that might affect how they do business.
If they don’t seem aware of changes or don’t appear to be following protocol when dealing with tenants, this could mean they are not doing their job and could lead to legal trouble down the line- something you do not want.
Lack of Communication
If you are struggling to get in touch with your property manager or feel like they are not communicating with you regularly about important issues related to running the building, this is another sign that things aren’t going as planned.
A good property manager should be available when needed and keep you informed about important updates on running the building effectively.
High Turnover Rate
If tenants are moving out at an alarming rate, this could mean some underlying issues need to be addressed by your property manager—issues like poor customer service or inadequate maintenance services.
It is also possible that rents are too high for what tenants are receiving in return, which could be driving away potential customers who would otherwise want to stay in the building longer-term.
No Lease Renewals
If leases aren’t being renewed at regular intervals, then it’s likely because there is something wrong with how the building is being managed by its current team. Whether it’s a lack of communication between tenants and management or even a lack of proper upkeep of common areas within the complex, these lapses can affect whether people decide to stay long-term or not renew their lease.
Poor Online Reviews
Today, people look at online reviews before taking the plunge – be it rental property, clothes, courses, Thunderbolt casino bonuses, or any other service.
If your property manager has a lot of negative reviews online, then it’s certainly time to reconsider their services. A good property manager should have a lot of positive feedback from tenants, landlords, and colleagues alike, so make sure to do some research before signing on the dotted line.
One of the things that should be a priority for any property manager is ensuring that rent payments are made on time. If tenants are regularly late in making payments or if there is a lack of consistency when it comes to rental due dates, this could indicate that your property manager isn’t doing their job and needs to be more diligent about staying on top of payment schedules.
In any case, late payments can create friction between tenant/landlord relationships, so make sure everything gets sorted out as soon as possible. A property manager should also be able to advise you on the best course of action if tenants are consistently late in paying their rent.
Property managers can’t do everything themselves, so they need a team of reliable maintenance professionals to help keep the building in good condition.
If you are finding that repairs or improvements take longer than necessary, it could be a sign that your property manager isn’t delegating or that they are using the wrong contractors for the job. Make sure to discuss this with them and ask questions about their maintenance strategy.
Inability to Adapt
The rental market is constantly fluctuating, so your property manager needs to understand new trends and regulations well. If your property manager doesn’t seem to understand the changing landscape or appears stuck in their ways when it comes to leasing, then this could mean that they cannot effectively adapt and adjust as needed. This can have a serious impact on your business if not addressed quickly.
Knowing when your current property manager isn’t doing their job is essential for making sure everything runs smoothly at your rental complex—and avoiding potential legal headaches down the line. Keep an eye out for any warning signs, as highlighted above, so you can make sure everything remains under control.