Often, clients come to us after working with a different property management company, and we always ask about their previous experiences. These are the things that many property owners have had trouble with, so we thought we’d share them. These are the five signs that you might have picked the wrong property management company for your rental home.
Financial Statements
The complaint we hear the most is that property managers are not providing accurate and timely financial statements. The accounting done by your management company has to be professional. If they are not providing you with updated statements that are done by a professional accountant, you might want to consider finding someone else to work with.
Professional Website
With so many tenants looking for properties online, it’s essential that a property management company has a website that’s up to date. A lot of our tenants find rentals from our website, so an online presence is an important part of the process.
Long Vacancies
Property managers should not be taking too long between tenants. The longer your property sits vacant, the less money you’re making. If you have a rental home that brings in $1,000 per month, you lose $44 for every day it’s vacant. Your property manager needs to be organized when a tenant moves out so it’s ready to re-rent quickly.
Feedback from Showings
Your property manager should give you feedback from potential tenants after showing your property. You need to know what people are saying when your vacant property is shown. You don’t want it to stay vacant, so if people think the price is too high or the appliances are outdated, we share that feedback so we can make adjustments and get it rented. You want a property manager who is willing to communicate.
Organization
Finally, it’s a problem if your property manager isn’t organized and systematic. There should be a system and a process for everything. You’ll notice very quickly if your property manager isn’t organized, and you’ll need to find out what’s going on.
