A number of landlords think that handling a property is simply collecting the cash. But this is not true. Your rental property is huge management in terms of money and time. Not handling it to the right hand, can result in a huge loss. On the other hand, if you have an expert by your side, it can be highly profitable and lucrative.
You rely on the professionals to handle your property. They are an integral part of your team. Their expertise will decide the market value of your property. From advertising about your property to opening your property for viewing, screening tenants, managing financial accounts, there are numerous tasks that professionals do. For this reason, it is important to look at the necessary qualities of your property managers.
When to hire a new property manager?
If you are not obtaining the desired income that you expect from your property management, it is a clear sign that you need to replace them. Besides, there are some other indicators too. Read the information below to know that you may require to switch.
High Vacancy Rate:
Finding the tenants is one of the most important responsibilities that a property manager has to do. If you are seeing that your property manager is finding it challenging to maintain the vacancy rates. This is the time to switch. Undoubtedly, finding the right tenants in a tough economy is quite a difficult task. But the experts should be capable of finding the balance and filling the space.
Breach of contract
The agreement that you have with your property manager is legal and he/she is legally responsible for it. As per a spokesperson from a reputed Santa Monica Property Management company, it is property managers’ concern to stand in the best interest of you. If he/she seems least interested in the legal contract, you should start looking for a better manager.
Late Rental Payments
Payment on time or consistent rent collection is directly related to your cash flow. If you are observing any kind of hurdle, it is clear that there is some lacking in the effective management of the cash flow every month. For example, if the payments are not being received on time, the property managers can enforce the lease policies. And, if they are not doing so, you may not avoid looking into this matter.
Unaware about the legislative requirements:
For an expert, having adequate knowledge of the legislative requirements is crucial. It is their duty to stay up to date with the changing legal requirements. For this, they need to attend training programs or educational workshops. And, if they are not doing so replace your team.
Other reason indicating that you need a change are:
- Tenant Complaints
- High rise in the maintenance costs
- No property management expertise
- Not annual inspections
- No collection of the bond when the tenants move in
- Not reviewing and adjusting rent
Being unhappy with your property management services is a big reason in itself to replace them. Also, if you see any of the signs mentioned above do not delay the replacement process. Ensure that your property has a highly skilled professional who has adequate knowledge about the local legal laws.