This is probably one of those topics that most experts wouldn’t want to blog about. Nobody wants to search the internet looking for ways to get fired (or at the very least, admit that they were fired).
But of course, it has happened in the past and will happen again in the future. There are numerous reasons why property owners fire their managers. We’re about to shed some light on just some of these qualities and if you find these in your property manager, it’s probably time for you to move on.
- Lack of Trustability
First of all, trust is very important in this relationship. If you can’t seem to trust your property manager, then you’re going to part ways with them sooner or later. Why not do so before things start to go south?
- Lack of Communication
The following are just some examples of ways property managers could be bad at communication:
- They fail to pick up your calls or respond to your texts
- They take too long to reply to your urgent emails
- You don’t receive your monthly statements on time
- You don’t receive your disbursements
All of these are surefire signs of your property manager(s) being incompetent or perhaps even portraying fraudulent behavior.
- Too Much Management Fees
You are an investor and you know just how much the fees of a transaction are important in making a decision. Therefore, you shouldn’t be pressured into paying more than you budgeted for your business. The minute you allow property managers to charge very high fees, you should start looking elsewhere.
Speaking of which, when you’re hiring a property manager, their pricing plans should be transparent and upfront from the get-go.
- Failing to Follow Through
Failure to complete your provided assignments is another very clear sign of incompetence. You see, you hired these property managers to fulfill certain requirements and if they keep failing to follow through, then you’re literally wasting your time and money.
An effective property manager needs to have systems in place to be able to deal with various complaints, requests, and issues that come with the rental business.
- Over-Promising and Under-Delivering
Often, this is the initial intake for most services that require a fee to be paid. Investors call managers or arrange a meeting or talk to them over the phone where the manager will promise them unicorns and rainbows. However, when the owner signs a contract with this company, they will only be met with complaints and empty pockets.
The following are some of the things that are usually over-promised in this industry:
- Overexaggerated prices of rent
- Maintenance costs that are too low
- Unrealistic leasing and turnover time
Typically, you should look for a property manager that underpromises and overdelivers. This is how they prove to their clients that they have exceptional services and that underperformance is out of the question.
Hopefully, after following these tips, you will be able to grow your property management business into new locations or maximize its profits.
If you’re looking forward to trying out any of these tips in your rental property, you can always delegate these tasks to a trusted property manager or hire the right professionals for the task at hand. The only thing you will be responsible for is to offer your potential tenants more affordability, personalization, and authenticity instead of worrying about your safety.
If you haven’t hired a verified and experienced property manager already, click here to learn more about our services and how an expert property manager can share some of your burdens.