Bad property managers cost time and money. Without the right management, a number of awful things will happen to you. For example, your property or properties will remain on the market for so long. Secondly, unscreened tenants will always find their way to your property, which will cause plenty of problems in the long run.
Simply put, you stand to waste plenty of resources when don’t work with the right property manager.
Here are the major indications of a bad property manager:
Manager is ‘incommunicado’
Playing the ‘phone tag’ is certainly one thing … lack of communication is a totally different thing. Actually, lack of communication or poor communication should be a red flag. Have you tried to reach your manager in vain? Then it means you must establish what’s going on with your property or property … and soon!
Manager doesn’t follow through
Lack of following through is a major indication of unprofessionalism. In some instance, it’s a sign of sheer laziness. For instance, he or she doesn’t do repairs in time or in an orderly fashion. The other issue that indicates lack of follow through has to do with tenants complaining and their problems not being addressed. Finally yet importantly, lack of inspections regularly points to the lack of unprofessionalism on the part of the manager.
One of the most important roles of a property manager has to do with inspecting your property for compliance. By doing that, you can rest assured that whenever a regulatory agency comes to inspect, they will find little or no issue with your property. A major sign that your property management company is clueless has to do with consistent write-ups.
Consistent late reports
Is your monthly report late? Again and again? Regardless of the reason, it’s a sign that the management company is either disorganized or overwhelmed …. Or perhaps lazy. One of the attributes that a property manager must do is submit reports always on time.
Inconsistent cash flow
To ensure you maintain a consistent cash flow, your manager must be great at screening tenants, showing them your vacant properties always as well as marketing your property effectively. By doing that, you can rest assured that you’ll always be having a fairly steady cashflow statement. Nonetheless, if the statement is dropping consistently each month, you should consider finding and hiring another management company.
The million-dollar question you should ask yourself is; how reliably and quickly does your management company disburse monthly rent collections? The manager must collect rent from tenants and proceed to deposit all the collections real time. Once the collections clear, the company should transfer it to you. While some companies take roughly 30 days to disburse payments, the best company is the one that effects the collections as soon as possible. By doing that, the company will be able to develop trust and maintain a high level of professionalism.
In conclusion …
Well, today’s life is extremely busy. Many property owners even lack the time to search for a property manager. In order to land the best company, you must take a closer look at the above indications. By following them as a guide, you’ll definitely settle for a good manager to handle your property.