If you have a property for which you need a property manager is never made lightly. Finding a good property manager is a great task that involves various things. It is a little difficult to find out and sign on the best property manager according to your needs. Sometimes, it becomes hard if your working relationship runs its course. Here are the issues or reasons when you need to find a new property manager for your property.
Here are a few red flags that you should keep an eye on to confirm issues with your property manager before finding a new property manager.
Communication is an important skill a property manager should possess effectively. If your property manager is not able to communicate effectively with tenants and takes a long time to answer your questions then this is a red flag
If even after hiring a property manager you are suffering from high tenant turnover and vacancy rate. Then, it simply means your property manager is not able to market your property effectively. And, he may also not be able to find reliable and responsible residents. If tenants are breaking their leases then the reason behind it may be that your property manager isn’t providing them with good service.
Landlords or real estate investors hire property managers so that they can handle all calls of tenants whether they have an emergency or do maintenance requests. Because tenants rely on your property manager for these services, and likewise so do you. If your property manager has limited availability, and he/she gets delayed in fulfilling service requests such as repairing and Maintainance services then it may be a red flag.
The property manager’s responsibility is to provide property owners with monthly and annual reports of profits and fulfil maintenance requests. It is a problem if the property manager takes several requests and follow-ups for completing a task. Then, it’s a red flag.
A good property manager offers enough services to add value to your property. The property manager should offer all management-related services such as screening future clients leasing your property, cleaning your property in between tenants and screening future clients, and managing maintenance requests. According to a 2019 report, 73% of property managers handled property inspections and cleaning services.
If your property manager comes in one of the 27% categories where property managers don’t offer these services then it may be time to find someone who does.
If you’re not satisfied with the quality of service you are getting through the property manager. Also, not sure about what are the steps you can take to try and salvage the relationship. Then, below mentioned are some steps you can take to repair the relationship with the property manager-
We generally tamp down our feelings and efforts to avoid conflict. However, it’s necessary to be as direct as possible. Negative emotions cause discomfort. But avoiding addressing your concerns with the manager will make things worse. Instead, set a time to speak directly with your property manager and all the issues you have with the property manager’s current performance.
If you believe your property manager is not able to fulfill all his responsibilities then you can use your contract and back up your case. Reviewing the contract is the best way to reset your working relationship and then move forward.
If the current property manager is able to do work accordingly. Then you can move forward with property management company services. As a property owner, you need to keep an eye to find out whether there are more red flags moving forward. It will be good if you set up monthly meetings, to analyze everything that your needs and expectations are completing or not.
In case, if repairing the working relationship with your property manager isn’t possible, then you may need to do their replacement with a new and efficient property manager.
It becomes frustrating if the property manager isn’t able to meet your needs, above mentioned are the steps you can take to fix the relationship or find the right property management company, London for you and your business. For more tips to find the right solution for your property management needs contact us freely.