There is a huge difference in the quality of property management services for residential rental properties. One reason for this is that there’s no specific professional license required to become a property manager. Basically, anyone with a real estate license can do property management. They don’t teach a lot about this industry in real estate school, so it’s important you find a manager who has a lot of experience and is professional.
There are a few specific reasons you might want to make a change. Today, we’re sharing four particular problems that might motivate you to find a new management company.
If your property manager doesn’t return calls or emails, that’s a problem. It’s frustrating when you can’t find out what’s going on at your rental property, especially if you’re bleeding financially and you want to know why. Communication is key and you should always be able to track down your property manager.
When a property manager spends your money without authorization or notification, you might want to find someone else to work with. It’s hard to open up your bank statement and find out you haven’t received all the money you expected from your rental investment, or you haven’t received anything at all. This is another communication problem, and there’s no excuse for it.
There is no point in working with a property manager who has not visited the property. If you don’t put boots on the ground, how will you know if the tenant is abiding by the lease terms or if it’s being kept in good condition? You want a property manager who is proactive instead of reactive. The only way to do that successfully is to visit the property.
Finally, too many costly mistakes is a good reason to find a new property manager. There will be occasional mistakes and problems, but your property manager should know what to do and how to fix the situation. A professional with a lot of skill can turn the problem around and use all the legal means available to make things right. Don’t settle for someone who makes one costly mistake after another.
The difference between a successful investment and a total disaster often depends upon having a good property management experience. If you need help or you have questions, please contact us at Sarasota Management & Leasing.