Property Management Education
January 21, 2019
If you’re not getting the services that you want or need from your property management company, it’s a good idea to find a new agency to represent you and your investment properties. However, change can be scary. Change can inspire anxiety and uncertainty.
It doesn’t have to be that way. If you want to find a new property management company, we can help you take the necessary steps to prepare for the switch and then make the change with confidence.
Should You Change Management Companies?
There are a few good and necessary reasons to trade your property manager in for a new one. If your tenants are constantly paying rent late, and it seems your manager is ineffective at collecting payments consistently, you should look elsewhere. You have your own financial obligations to meet, and you want that rent to come in regularly and reliably.
It’s also important that communication is open, honest, and accurate. You should have access to your account information 24 hours a day and seven days a week, from any place in the world. If you leave messages that go unanswered and your property manager doesn’t respond to your emails and questions in a timely manner, you should consider changing management companies. Good property managers are accessible and responsive.
Keeping your property well-maintained is one of the most important functions of a professional property manager. If your manager can’t protect the condition of your home, you aren’t getting your money’s worth. If your manager doesn’t respond to a tenant’s repair requests right away, you’re going to lose that tenant.
There are several reasons to leave your current management arrangement. We talk to owners and investors who leave their management companies because their statements don’t make sense, the properties are never inspected, it takes too long to rent the home out, and many other reasons. If your needs aren’t being met, don’t stay in the contract.
How to Leave your Property Management Company
The good news is that when you decide to make a change, your new property management company will take care of everything. You can leave all of the communication with your former property manager and your tenants to your new agent. It’s not as difficult as you’re worried it will be; and when your new property manager is experienced, communicative, and proactive, you won’t have to worry about any of the details in changing management companies. The timeline and cost will depend on your management contract, so be sure you forward that agreement to your new property manager.
Avoiding Additional Losses: Don’t Wait
Maybe you’ve decided you want to change management companies, but you’re thinking it’s best to wait until your tenant’s lease renews or some other loose end is tied up. Don’t wait. It’s best to do it now; otherwise you’ll continue to put your property at risk. With a poor property management company, you risk losing money and peace of mind. A new beginning can help with tenant disputes, unpaid rent, deferred maintenance, or other problems.
If you need help managing water damage in your rental property, please contact us at Hathaway Real Estate. We’d be happy to show you how we can make a positive difference with your investment property.