When you deal with property investing, you need to work with other people in order to run your business properly. Thus, you need property manager especially when you are involved in rental property investment. You see, handling rental property is not as heavenly as it sounds. You are not just sitting and waiting for rental income every month. Your property is your asset so is your tenant. You need to manage both in order for smooth business. Aside from managing the property and tenants, you also need to keep update with the market. There are many due diligences you need to handle and they can be overwhelming if you don’t hire the right property manager.
Reasons why you should cut down the ties with your property manager
You see, there are lots of property management companies out there ready to give their service to investors however, not all of them are reliable. There are also possibility of something bad happens during your partnership with them. You should know how to read the signs of when you should let go off your current property manager and find the new one which are more reliable and professional. Here are the moments:
- When they suddenly missing without giving you notification ahead of time is when you should immediately check on your properties. When you keep reaching your property manager but they keep giving you cold shoulders for days, you should know that there is something bad going on. There are many possibilities why they disappear. They can be overwhelmed with works, or they just poorly unprofessional. So it is time to do your own investigation and find the problems.
- When your tenants keeps blowing up your phones this is a simple indication that your property manager didn’t do well with their task. You see, when you have property manager, it means your tenants can call them instead of you when they have some complaints. When your tenants reach you, it means they have been ignored by your property manager.
- When your property managers keep making mistakes even a simple task, then you should start investigating. You see, your property manager should give you regular reports of your property. If they didn’t give you the report, ask for update. This can be indication that your property manager didn’t do well with your property maintenance. The reasons may be varied. It can be because they are just plainly unprofessional or lazy to do their works.
- Another reason why you should investigating your property manager works or even go further by firing them is when the cash flow is poor. If your property still vacant for months or you keep receiving compliance issues, it is time for you to let go of your property manager because it means they cannot do their job very well. That is why you should make sure to state the clauses about how you can end the agreement with your property manager so you know the exit when you need it.