Investing in rental property is a popular method for increasing wealth and creating long-term financial stability. However, just like any other investment strategy, it requires regular management to protect your money. While you could manage your rental property yourself, this takes time and effort. A smart option is to work with a property manager who can handle the day-to-day tasks. However, not all property managers are the same. If you see one or more of these five signs, then it may be time to find a better property manager.
1. Lack of Communication
If you call or email your property manager and they do not respond, you have a problem. You should have open and effective communication with your property manager. If you struggle to get in touch with your property manager, it is likely that your tenants also struggle to get in contact with them. Poor communication delays emergency response and allows issues to develop into bigger problems. Look out for these signs that your property manager has poor communication.
- Rushed or cut-short conversations
- Delayed responses
- Dismissive of concerns
- Places you at a low priority
- Evasive with answers
2. Rising Maintenance Costs
A well-cared-for rental property has its maintenance needs taken care of proactively. This reduces the overall cost of maintenance and repair. A property manager should know what a particular home needs and when it needs it. A property manager that neglects maintenance needs is causing you increased repair costs in the long term. First, neglecting regular maintenance results in more repair needs. Second, ignoring repair needs results in the problem becoming larger and more expensive to repair. Third, opting for a cheap solution or patch instead of full repair costs more when the full repair becomes imminent.
3. Poor Applicant Screening
Thorough applicant screening is crucial for a successful landlord experience. As the property owner, this is an investment. This means you want someone who will take care of the property while also paying their rent on time. Lackluster applicant screening will result in less-than-desirable tenants living in your rental. As a result, you will have increased tenant-caused property damage, late rent payments, and even evictions.
4. High Vacancy Rate
Your rental property needs tenants actively paying rent for it to be a profitable investment. While every landlord hopes their property is never vacant, it does happen. However, there is a difference between a short downtime between tenants and several months of vacancy. If your property manager allows your rental to sit vacant endlessly, there is a problem. Perhaps the property manager is not dedicating the necessary time, attention, and resources. Alternatively, they could be marketing the property and putting in the effort, but they priced the rent incorrectly.
5. Lack of Property Inspection Reports
You hire a property manager to have someone who can keep an eye on your property for you. If they aren’t doing routine property inspections or keeping an eye on the property, they aren’t fulfilling their duties. This leaves you in the dark as to the condition and status of your property. Tenants do not always report issues, so routine property inspections are a must to ensure any maintenance issues get addressed.
Work With a Better Property Manager
If you are experiencing any of these situations with your current property manager, it is time for a change. Your rental property is an investment that should increase your health, not cost you. A high quality property manager will treat your property how you would if you self-manage it.
Talk to one of our experienced property managers and experience the difference we can make in your rental property investment.