Anyone who owns a rental property is well aware of the significance of the investment. Making the most out of it requires time and dedication. As the owner, you might not have time to follow up on every little detail. That is why a property manager is hired so that you don’t have to worry about some things. If everything is not going to plan and there is a property manager in place, it might be time to seriously consider replacing him or her. There are some signs that will be hard to ignore. Here are some signs that you need a new property manager.
Low Rent Income
This should be a worrying sign. At the end of the month, you’ll be aware of how much you’re supposed to have in the bank after all the expenses. It can be hard to get tenants to rent the premises, especially when the economy is not doing well. A good property manager should do their best to ensure that the property is filled whenever possible. If your space is vacant for a long time, there could be an underlying problem and it will usually have to do with the management of the property.
Issues With Qualifying Tenants
It can be hard to maintain consistency with the collection of rent when there are tenants that are always delaying their payment. There should be a screening process that will ensure only qualifying tenants are being allowed to rent the property. A bad tenant could also be potentially more dangerous than a late tenant. They can cause chaos, damage property, and scare away potential tenants. It is the work of the property manager to ensure that the screening process is thorough. If you’re constantly having issues with tenants, then it could be time to consider replacing the property manager.
Pattern With Complaints
If you notice a pattern with the complaints coming from the tenants, then there is a high probability that the issue could be the property manager. The manager should be the one handling the problems experienced by the tenants. If the complaints have reached the owner, then it means that the situation was not handled well. A single disgruntled tenant shouldn’t be a cause of concern. The issue will start when the complaints start piling up. For your best interest and that of the tenants, there will be no other solution than to get rid of the property manager and look for another one.
Increase in Maintenance Expenses
If there is proper maintenance for a property, there should only be a few issues. If you start noticing an increase in maintenance costs, there could be something that is not adding up. It is the work of the property manager to handle the maintenance and they should be responsible as far as costs are concerned. A shoddy manager might go for a cheap solution while still charging the same rates. You only get to find out the hard way when the maintenance costs become unrealistic.
You Don’t Get Property Inspection Reports
If you live around the area, you might be frequenting the property just to make sure that everything is working fine. For someone that lives far away, they will completely be relying on the manager to provide details of the property. The updates should not only be regular, but thorough as well so that you’re always aware of whatever is happening on your property. If you don’t receive the reports or they are unclear, there could be something that is wrong. You don’t want to travel all the way to the property every time there is a problem.
The property manager is the bridge between you and the tenants. You want to know the issues that are affecting those that are renting the property. If there is a breakdown in communication, you will always need to ask for updates which shouldn’t be the case.
The property manager should be truly transparent in their interactions. They should be able to tell you whenever there is a development on your property. The fact that you’re considering a new property manager is already a warning sign on its own.
Having gone through the trouble of finding Property Advocates on the Gold Coast, the last thing you should be worried about is a property manager. There are signs that have been present from the onset, however, you chose to ignore hoping things would improve. It is important to draw a line so that the property manager is well aware of what is not acceptable.